Deadline Late, But Pelosi Says Biden’s Deal Is “Very Possible”

Texas News Today

Washington – The deal was closed and President Joe Biden and top Democrats in Congress approached the seal of a massive domestic bill on Friday, but as they worked to shrink the bill and decide to pay it, it It was informal that day. Looks like the deadline has been delayed.

Negotiations are expected to continue through the weekend, and a radical package of social welfare and climate change strategies suggests only some issues remain unresolved.

Biden met with Speaker of the House Nancy Pelosi at the White House, and Speaker of the House Chuck Schumer participated in a video call from New York in an attempt to reinforce the details. The leaders, in collaboration with party moderates and progressives, have slashed the former $3.5 trillion, 10-year package to nearly $2 trillion in childcare, health care and clean energy programs.

Pelosi said the deal was “very likely.”

He told reporters returning to the Capitol that more than 90% of the packages had been agreed. The climate change component of the bill has been “resolved,” but the medical rules remain unresolved.

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Biden wants to do business before leaving for the World Summit in Europe next week.

Pelosi said she hoped the House of Representatives could start voting as soon as next week, but no schedule had been set. The Democratic Party had set a deadline of at least Friday on the strike deal, but the deal was not announced until evening.

“A lot of what we have to do is written down. Now it’s just a small decision,” Pelosi said.

The proposed corporate tax increase appears to be the focus of efforts to help fund the plan, and to reduce the cost of drugs causing concern from the pharmaceutical industry. Democrats are calling for a broad agreement between party progressives and moderates on the bill’s price tag, sources of income and basic elements.

At the White House, the president “rolls up his sleeves and is deeply involved in spreadsheet and number description,” said spokeswoman Jen Psaki.

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Psaki compared this work with launching Social Security and other major federal programs decades ago and building on them in the years to come.

“Progress here is a landmark package that introduces systems and programs that never existed in our society,” she said, expanding childcare and providing free kindergarten to all young people. Efforts mentioned.

The talks are on as Biden appeals more strongly to Americans, including the televised City Hall, which he says values ​​a middle class at the center of his proposal.

In the Senate, which is split evenly between Democrats and Republicans who strongly oppose it, Biden cannot afford to lose a vote. He is navigating factions in his party – progressives who want a bigger investment in social welfare and centrists who prefer a lower overall price tag.

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“When you’re president of the United States, you have 50 Democrats — everyone’s president. Each. So you have to sort things out,” he said Thursday at the CNN town hall.

Still, he was hopeful about the process. “Agreement is everything. Compromise has become a dirty word, but transparency and compromise should still be possible,” he said.

Biden said the debate “has moved on to four or five issues.”

On one issue: the tax paid on the package, the idea of ​​the White House moving forward with a new strategy of abandoning plans to repeal tax cuts in the Trump era and supporting the approach of imposing a 15% corporate minimum tax. I saw. It also taxes the returns on investments of millionaires to help finance the transaction.

Biden faces resistance from prominent supporters, notably Senator Kirsten Cinema, who did not participate in the party’s plan to repeal President Donald Trump’s tax cuts on large corporations and individuals with annual incomes of $400,000 or more. have taken. There is.

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The president was unusually close to the cinema and the difficulty of negotiating Thursday night with West Virginia conservative Senator Joe Manchin.

The president said he opposed raising a “money tax” on cinema rich people and businesses, but White House officials later said the president would “limit the tax bills supported by senator cinema.” Instead, it refers to raising the maximum tax rate. “..”

If so, it could unlock a significant portion of the transaction. With a better understanding of available income, Democrats can create top-line spending on packages and adjust the duration and totals of various programs accordingly.

Mr Biden said Manchin does not want to “rush” the move to clean energy as soon as possible, leading to huge unemployment in coal-producing countries.

Still, Biden acknowledged a significant shortcoming in his original vision.

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He suggested that the final plan would no longer offer free community colleges, but said he expected an increase in the number of Pell grants to make up for the loss of the policy.

He also said the federal government would pay only four weeks for a multi-month family leave program.

Another work in progress — the idea of ​​expanding Medicare to include dental, vision and hearing aid benefits for the elderly is a priority for Senator Bernie Sanders, who is independent from Vermont.

Biden said he liked the idea, but Munchkin and Cinema disagree, so the proposal is “reachable.”

Instead, Democrats said they were considering offering the elderly an $800 voucher to access dental care and another program of hearing aids that could support cinema. However, according to Biden, the vision care component is difficult to resolve and no consensus has yet been reached.

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Overall, Biden and his party are trying to support middle-class families, tackle climate change, and get the wealthiest Americans and businesses to pay their “fair share” for the country. Growth.

The mix includes at least $500 billion in clean energy tax credits and other efforts to tackle climate change, $350 billion in child care subsidies and free kindergartens, and 300 per month during the COVID-19 crisis. Includes expansion of the Dollar Child Tax Credit. Funding for health care delivered through affordable care methods.

However, the new proposed tax system replaced Democrats who have long campaigned to eliminate Republican-backed tax cuts. Many are furious that perhaps a senator might interfere with that goal.

Under the fluctuating changes, the 21% corporate tax rate remains unchanged, as does the maximum individual tax rate of 39.6% for those earning $400,000 or $450,000 for couples.

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But the White House is reviving the idea of ​​a minimum tax rate for companies that also hit companies that say they don’t have taxable income. It’s a frequent target of Biden to complain about taxes as “zero.”

The new tax on the wealthiest individuals would be based on legislation from Senator Ron Wyden (D-Ore.), chairman of the Senate Finance Committee. He proposed that Americans impose a tax on the acquisition of shares by less than 1,000 people with assets of more than $1 billion.

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Associated Press writers Alex Jaffe, Kevin Freking and Zeke Miller contributed to this report.

Copyright 2021 AP Communications. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

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