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The Senate Passed a $3.5 Trillion Budget Blueprint. What’s Next?

Beyond the Infrastructure Bill

President Joe Biden’s bipartisan infrastructure bill got closer to becoming a reality this week after the Senate passed the $1 trillion package. The bill still needs to pass in the House, which could be more complicated given Democrats want to tie a more ambitious $3.5 trillion bill to it.

Senate Passes Budget Blueprint for $3.5 Trillion Bill

In addition to passing President Biden’s infrastructure bill, the Senate also took the first step to push through a bigger $3.5 trillion package. On Wednesday, the Senate passed the budget blueprint for the proposal via a party line vote.

The legislation includes paid family and medical leave, an extension of the expanded child-tax credit, universal pre-k, and tuition-free college. It would also expand Affordable Care Act subsidies put in place during the pandemic and broaden Medicare benefits. There are also tax incentives for clean energy companies and a pollution tax.

The Bills Face a Tough Battle in the House

The Senate passed the infrastructure bill, but this may not happen in the House. That is because many House Democrats have said the infrastructure package has to be attached to the broader $3.5 trillion bill to be passed.

The budget blueprint for the $3.5 trillion bill has been passed in the Senate, and now Senate lawmakers are working to turn their new budget framework into a comprehensive bill. The Democrats have set September 15 as the target date for a bill to be submitted. Until then, expect a lot of wrangling and negotiations on both sides as Democrats try to push through this ambitious legislation.

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ABOUT Meg Richardson Meg Richardson is a writer specializing in markets, technology, and personal finance. She loves breaking down seemingly complex ideas and making them readable and interesting for everyone. She holds an MFA in writing from Columbia University. When she is not writing about finance, she enjoys running in Central Park and drawing cartoons.

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