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IPFS News Link • Economic Stimulus

Senate Dems Release Text Of $3.5 Trillion "Stimulus" Budget Resolution

• Zero Hedge

With markets distracted by various crypto amendments in the 'bipartisan' infrastructure bill currently working its way through the sausage-making machine in Washington, Senate Majority Leader Chuck Schumer on Monday released the full text of Democrats' $3.5 trillion budget resolution, which the Senate is expected to pass without any Republican votes as early as this week.

"Please remember that the resolution only includes 'top-line' reconciliation instructions to the committees, and that every Senator will have opportunities to shape and influence the final reconciliation bill after adoption of the Budget Resolution," Schumer wrote to the caucus.

Passing this massive bill will accelerate Democrats' plans to overhaul the country's climate, child care, and health care laws through the budget reconciliation process, via huge increases in taxation.

Notably absent from the text is any language that would lift the debt limit.

FY2022 Budget Resolution Toplines

FAMILIES: the major families plan programs proposed by Biden are funded in the HELP and Finance instructions.

Establishes Universal Pre-K for 3 and 4 year olds and a new child care benefit for working families

Makes Community College tuition-free for 2 years

Extends the largest tax cut for families with children ever (CTC/EITC/CDCTC)

Increases the Pell grant award and makes investments in HBCUs, MSIs, HSIs, TCUs, and ANNHIs

Creates the first ever federal Paid Family and Medical Leave benefit

CLIMATE: puts US on track to meet President Biden's 80% electricity and 50% economy-wide carbon reductions through the Agriculture, Banking, ENR, EPW, Finance, Commerce, HSGAC, and Indian Affairs instructions.

Creates a new Clean Electricity Payment Program

Provides clean energy, manufacturing, and transportation tax incentives and grants

Imposes new polluter fees (methane and carbon imports)

Invests in climate smart agriculture and forest management investments for farmers and rural communities

Creates coastal and ocean resiliency programs

Makes drought, wildfire, and Interior Department investments

Provides new consumer rebates for home electrification and weatherization

Provides Environmental justice and climate resilience

Electrifies the federal vehicle fleet and buildings


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