A critical week for President Joe Biden, Democrats, Senate rules and the future of the United States. The Senate is voting tonight on a law raising the public debt ceiling. But the proposal is unlikely to pass after Senate Minority Leader Mitch McConnell imposed a stable order on all GOP senators by rejecting it, and also suspended two Democratic senators: Joe Manchin and Kirsten Senema. Congress must pass the new budget bill by Thursday to avoid a shutdown and must also find a deal to increase or suspend the spending cap, to avoid what could be a US default on its debt. This is a maneuver by Republicans to force cuts to the social plan that the House of Representatives will vote on Thursday.
The “Government Spending” Law that raises the spending ceiling to avoid hypothetical, it needs a majority of 60 votes to pass broken, a brake on the opposition reopens the debate on whether it is appropriate to change the voting rules and repeal this rule disabled. This is because if an agreement is not reached, there is a risk of default, the consequences of which are very dire for the country’s economy. A serious problem has already been revealed in recent days by US Treasury Secretary Janet Yellen, who has called on Congress to raise the debt ceiling. “Once all available measures and available liquidity are exhausted, the United States will fail to meet its obligations for the first time in our history,” Yellen said, warning that “based on our most recent information, the most likely outcome will be that the extraordinary funds and actions will run out in October.”
Everything revolves around the tax increase proposed by the Biden administration to fund the infrastructure plan and the social plan of about 4000 and 500 billion dollars. Biden to cover infrastructure spending and the social plan specifically aims to amend Trump’s tax reform for 2017. The proposal would be to raise the rate from the current 37 to 39.6 percent. To force the rich to contribute more, the dividend tax will increase from 20 to 25 percent. These changes will apply to singles earning $400,000 a year or families earning $450,000. Moreover, the Democrats’ plan would include an additional 3 percent increase in the tax rate for individuals earning 5 million or more, at a rate of 42.6. For these individuals, capital gains will also increase to 28 percent.
according to Politico 56 percent of Americans support Biden’s infrastructure plan. 85 percent of Democratic voters favor a $400,000 income tax increase. Up to 60 percent of individuals with assets of $1 million or more support an additional wealth tax of at least $10 million, according to CNBC Survey.
In this climate of uncertainty, the House of Representatives on Thursday will vote on a bipartisan trillion-dollar bill to modernize infrastructure. This was stated by House Speaker Nancy Pelosi in a letter to members of the Democratic Party sent Sunday. Pelosi preferred to delay the vote to make sure she received maximum support from the party after the Democratic Progressive wing threatened to abstain unless the social plan providing for $3.5 trillion in holiday investment was also approved. Education, green energy and healthcare.
The first plan, worth a trillion dollars, is bipartisan and with this we intend to modernize the infrastructure and is one of two anti-crisis plans prepared by the Biden administration to revive the economy. If the Chamber approves the infrastructure package, the ruling will go directly to Biden for final signature. The social plan, which the Senate already approved in August, instead sees nine Democratic members of Congress skeptical due to the massive fiscal commitment raising public debt to levels never seen before. But not only. To fund the infrastructure plan and social plan, the new budget law must be passed to avoid shutdown.
The bipartisan bill aimed at modernizing infrastructure is one of two anti-crisis plans the Biden administration has prepared to revive the post-Covid economy. The other is the Social Plan, whose fortunes are intertwined with the Infrastructure Plan, in the need to provide maximum support for post-pandemic recovery that Republicans vehemently oppose.
So Pelosi preferred to allow four more days to approve the infrastructure plan, which should have been put to a vote today, to secure maximum support from Democrats in Congress.
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