The Senate is preparing a draft budget document, alongside one in the House, that puts a new focus on President Joe Biden’s big legislative proposal and shows the scope of what Democrats would hope to accomplish with a go-it-alone approach, separate from any possible bipartisan deal.
Back from his overseas trip, Biden is reengaging with Congress as the administration and its allies on Capitol Hill embark on a two-pronged strategy: reviewing a nearly $1 trillion plan from a group of 21 senators, including 11 Republicans, while pursuing their own priorities in a more substantial package.
Half of the total in the $6 trillion plan is expected to be paid for, largely with Biden’s proposed taxes on corporations and those earning more than $400,000. Details emerging Thursday were confirmed by aides who were not authorized to publicly discuss private deliberations and spoke on condition of anonymity. Initial Senate votes are expected in July.
Two problems here. The first is that our entire 2021 budget is less that 5 trillion dollars, and that already hands us a deficit of almost a cool trillion. To think that we could add another 6 trillion to that (even over the course of a few years) is ludicrous.
The second is that there is no way that a tax on corporations and "the rich" will pay for it. Time and time again Democrats have offered the pie in the sky idea that the evil corporations and the evil rich will pay for things. Never happens. There simply isn't enough money in those coffers to cover the costs of these plans.
More to the point, we have never, ever gave witness to the idea of any plan even remotely this big. The time has come and gone to use Covid as an excuse. Many businesses are go busy that they cannot keep up. Yet, there seems to be a lack of consumer confidence that things will be getting better. The "downturn" to the economy is been the buzz for some time. Most blaming the Feds and inflation.
