President Biden is planning to accept any proposal-price-tag leading into this week as Democratic negotiators look to close in on the spending deal this week.
“I’m tired of ‘trickle-down’; whatever the final price tag ends up being, the legislation will be paid for,” Biden stated at his speech in Kearny, New Jersey.
Biden is preparing for two significant summits: a G20 gathering of world leaders in Rome on Saturday and a climate summit in Glasgow, Scotland, on Sunday.
Biden expressed a desire for a deal before he leaves on Thursday, telling reporters, “That’s my hope.”
Biden’s urgency to come to resolve for the deal put Democratic leaders in a frenzy over the next 72-hours to secure a framework deal on their social benefits plans. At the same time, they were trying to fine-tune how they would pay for their bill, putting a growing momentum around the idea of a so-called “billionaire tax,” which would place an annual tax on unrealized capital gains.
Thankfully, Sen. Joe Manchin, a primary figure, is resisting the high cost of the spending bill that Biden is all too willing to spend, opposing spending any more than $1.5 trillion of the taxpayer’s dollars on. Going as far as to say he would support the idea of a tax on the nation’s roughly 700 billionaires to fund the programs.
As we move closer to the Thursday deadline, we will anticipate seeing a lot of cuts to the bill to satisfy moderates, including Manchin, while also needing to pass muster with House and Senate progressives. A bill that was initially $6 trillion packages is simmered down to $3.5 trillion, and an estimated reduction is expected but is still up in the air. Especially with the consensus that everyone thinks people will “tax the rich” to pay for these multiple trillion-dollar bills.