HomePersonal Finance$3.5 Trillion Social Spending Package by Democrats Pushes Forward

$3.5 Trillion Social Spending Package by Democrats Pushes Forward

Democrats push forward a $3.5 trillion social spending package endorsed by President Joe Biden, which specifically aims for the advancement of environmental and social programs, taxing the rich, and tackling global warming. 

The $3.5 trillion packages will include the closely-watched Infrastructure Investment and Jobs Act, approved by the Senate in August 2021.

The bill would also make permanent expansions of the earned income tax credit and the child and dependent care tax credit. Those two credits and the child tax credit had been expanded as part of the $1.9 trillion coronavirus relief law that Biden signed in March.

Another provision that the bill aims to create is the country’s first federal leave program. They are proposing up to 12 weeks of universal paid family and medical leave to workers nationwide.

The program rollout would include 12 weeks’ leave for those who suffer a personal illness. The program would expand upon requirements for employers under the Family and Medical Leave Act.

Democrats also want to make the retirement savings contribution credit for low-income Americans who don’t make enough to pay taxes, known as the “saver’s credit,” refundable.

It also includes plans for immigration which allows 8 million undocumented “Dreamers” who came to the country as children, undocumented essential workers, and those in the Temporary Protected Status program to apply for permanent residency.

Recommended Read: Congress’ Long Break is Over: Stimulus Checks Coming Back?

The package also aims to address several problems related to climate change. The spending package is meant to have the United States generate 80% of its power from clean energy sources and cut carbon emissions in half by 2030.

It also provides $150 billion for the Clean Electricity Performance Program. The program requires electric providers to increase the percentage of clean energy given to customers by 4% year over year. 

It allocates $27.5 billion to local, state, and nonprofit climate institutions that support developing low-emission and zero-emission technology. At least 40% is planned for investments in disadvantaged communities, among others.

However, the New York Times warns, “the size of the package could be shaped by the success or failure of the bipartisan infrastructure plan, which would devote nearly $600 billion in spending to roads, bridges, tunnels, transit, and broadband. The group of lawmakers negotiating that package has yet to release details as they haggle over the structure and how to pay for the plan.”

“This budget agreement is a victory for the American people, making historic, once-in-a-generation progress for families across the nation,” said Speaker Nancy Pelosi in a letter to Democrat lawmakers. 

Stay updated on the Democrats’ multi-trillion spending package here with us at The East County Gazette. 

Celine German Lagundi
Celine German Lagundihttps://theeastcountygazette.com/
Celine is an experienced news writer, artist, and advocate based in Cebu. She is passionate about pop culture and current affairs.
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2 COMMENTS

  1. We here that we are getting another stimulus payment, we have been hearing about this since the 1,400 payment is this for real true are we really getting a check?

  2. What happens when we cannot repay this tremendous debt? Does this entire country close down? Where exactly is all this money going to come from? We’re printing money so fast that soon the dollar will be worth about ten cents. Happened in Russia. Research that.

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