$1.7 trillion spending bill moves forward
Republicans taunted, “Hey, hey, goodbye,” and Democrats chanted, “Build back better,” as the U.S. House of Representatives passed President Joe Biden’s spending bill on Friday morning. They had scheduled a Thursday vote, but House Minority Leader Kevin McCarthy, R-Calif., delayed it with an 8 ½ hour filibuster, the longest in House history. All but one Democrat voted for the massive social and climate bill. The legislation will now slog through the Senate, which will start debate on it in two weeks. Senate Republicans expect to strip some programs such as immigration reform or paid family leave.
How are they going to pay for it? Treasury Secretary Janet Yellen insisted that reviews show the bill will be largely funded through tax hikes on the rich and on corporations. But a Congressional Budget Office report released Thursday found it might worsen the budget deficit by at least $160 billion over the next decade. Democrats expect to rake in $207 billion in extra tax collection and IRS audits on the rich. Biden said he is optimistic that the bill will land on his desk for a signature soon. The measure took eight months of negotiation to reach a House vote.
Dig deeper: Read Esther Eaton’s breakdown of the bill in The Stew.
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