{"id":359293,"date":"2021-10-28T19:21:17","date_gmt":"2021-10-28T16:21:17","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/biden-touts-historic-economic-framework-after-spending-compromise\/"},"modified":"2021-10-28T19:21:17","modified_gmt":"2021-10-28T16:21:17","slug":"biden-touts-historic-economic-framework-after-spending-compromise","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/biden-touts-historic-economic-framework-after-spending-compromise\/","title":{"rendered":"#Biden touts &#8216;historic economic framework&#8217; after spending compromise"},"content":{"rendered":"<p>&#8220;<strong>#Biden touts &#8216;historic economic framework&#8217; after spending compromise<\/strong>&#8221;<\/p>\n<div>\n<aside class=\"single__inline-module alignleft\">\n        <\/aside>\n<p>WASHINGTON \u2014 President Biden on Thursday said he brokered a \u201chistoric economic framework\u201d after he and Democratic leaders on Capitol Hill settled on a blueprint for nearly $2 trillion in new <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social<\/a> and environmental spending \u2014 despite some Democratic members, including progressives, still withholding their support.<\/p>\n<p>\u201cI think we have a historic \u2014 I know we have a historic economic framework,\u201d Biden said at the White House after an early morning visit with House Democrats, where he pleaded with them to go along with the compromise.<\/p>\n<p>\u201cWe spent hours and hours and hours over months and months working on this. No one got everything they wanted, including me,\u201d he said.<\/p>\n<p>The deal sets the stage for passage as early as Thursday of a $1.2 trillion, Senate-passed bipartisan infrastructure plan. The social spending and environmental bill likely will take days to write after Biden departs DC on Thursday afternoon for a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">trip<\/a> to Europe.<\/p>\n<p>\u201cI don\u2019t think it\u2019s hyperbole to say that the House and Senate majorities and my presidency will be determined by what h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ens in the next week,\u201d Biden told House Democrats behind closed doors Thursday morning.<\/p>\n<p>According to the White House, the framework for an intra-Democratic deal will cost $1.75 trillion and will be financed through $1.995 trillion in new revenue through new taxes and increased IRS enforcement.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/biden-infrastructure-1.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"President Joe Biden announced on October 28, 2021 that he and other Democrats have finally reached a compromise on a  nearly $2T new social and environmental spending plan.\" class=\"wp-image-19952783\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/biden-infrastructure-1.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/biden-infrastructure-1.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/biden-infrastructure-1.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>President Biden announced on October 28, 2021, that he and other Democrats have finally reached a compromise on a nearly $2 trillion social and environmental spending plan.<\/figcaption><figcaption><span class=\"credit\">Jonathan Ernst\/REUTERS<\/span><\/figcaption><\/figure>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/suozzi-161-1.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"Despite reaching the &quot;compromise&quot; some Democrats like Sen. Tom Suozzi have said they still plan to vote against it. \" class=\"wp-image-19952645\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/suozzi-161-1.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/suozzi-161-1.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/suozzi-161-1.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Despite reaching the \u201ccompromise,\u201d some Democrats like Rep. Tom Suozzi have said they still plan to vote against it. <\/figcaption><figcaption><span class=\"credit\">Lev Radin\/Sipa USA<\/span><\/figcaption><\/figure>\n<p>The package, which Democrats can pass with no Republican support using special budget reconciliation rules, contains significant elements of Biden\u2019s original plan, but significantly doesn\u2019t include free community college or paid parental and family leave for private-sector workers due to opposition from centrists including Sen. Joe Manchin (D-WV).<\/p>\n<p>The compromise contains $555 billion in environmental spending and $400 billion for universal preschool and child care subsidies that cap the expenses of most families at 7 percent of income. <\/p>\n<p>The deal has $150 billion for low-income housing, $150 billion for home health care, $130 billion in ObamaCare tax credits and $35 billion for Medicare to cover the cost of hearing treatment. It would put $200 billion toward extending for one year a bump in the annual child tax credit for families that earn up to $150,000 \u2014 from $2,000 to $3,000 per kid, or $3,600 for those under 6.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/biden-infrastructure-3.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"US President Joe Biden and Speaker of the House Nancy Pelosi depart following a meeting with the Democratic caucus at the US Capitol.\" class=\"wp-image-19952776\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/biden-infrastructure-3.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/biden-infrastructure-3.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/biden-infrastructure-3.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>President Biden and House Speaker Nancy Pelosi depart following a meeting with the Democratic caucus at the US Capitol.<\/figcaption><figcaption><span class=\"credit\">MANDEL NGAN\/AFP via Getty Images<\/span><\/figcaption><\/figure>\n<p>The spending is offset by a raft of delicately negotiated tax hikes on wealthier people and businesses, as well as $400 billion in projected gains from heightened IRS enforcement. <\/p>\n<p>Proposed tax hikes include a new 15 percent minimum tax on large corporation profits and new taxes on corporate stock buybacks and offshoring of work. A new income surcharge of 5 percent on annual income above $10 million and an extra 3 percent on income above $25 million.<\/p>\n<p>The framework would close a loophole that Biden himself exploited to avoid Medicare taxes on about $13 million of his income in 2017 and 2018 \u2014 a policy the White House projects will raise $250 billion. Critics say Biden should reimburse the IRS for $500,000 he avoided paying.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"alignleft size-nypost-inline-default\"><img decoding=\"async\" loading=\"lazy\" width=\"300\" height=\"425\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/jill-biden.jpg?quality=90&amp;strip=all&amp;w=300\" alt=\"US First Lady Jill Biden looks on as US President Joe Biden speaks about his administration's social spending plans.\" class=\"wp-image-19952978\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/jill-biden.jpg?quality=90&amp;strip=all&amp;w=600 600w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/jill-biden.jpg?quality=90&amp;strip=all&amp;w=450 450w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/jill-biden.jpg?quality=90&amp;strip=all&amp;w=300 300w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/jill-biden.jpg?quality=90&amp;strip=all&amp;w=150 150w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/jill-biden.jpg?quality=90&amp;strip=all 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\"\/><figcaption>First lady Jill Biden looks on as President Biden speaks about his administration\u2019s social spending plans.<\/figcaption><figcaption><span class=\"credit\">Nicholas Kamm\/AFP \/etty Images<\/span><\/figcaption><\/figure>\n<\/div>\n<p>The White House framework doesn\u2019t include repeal of the 2017 \u201cSALT cap\u201d of $10,000 on state and local taxes that residents of high-tax jurisdictions like New York can deduct from federal taxes.<\/p>\n<p>But a source close to Senate Majority Leader Chuck Schumer (D-NY) said the SALT cap repeal \u2014 estimated to cost about $160 billion over two years \u2014 will be in the final deal. House Ways and Means Committee Chairman Richard Neal (D-Mass.) also said that.<\/p>\n<p>Reps. Josh Gottheimer (D-NJ), Bill Pascrell (D-NJ) and Tom Suozzi (D-NY) have vowed to oppose the package that doesn\u2019t address the SALT cap, potentially tanking a deal due to the extremely narrow Democratic majority in the House.<\/p>\n<p>Rep. Rashida Tlaib (D-Mich.), meanwhile, told reporters Thursday that she\u2019s a \u201chell no\u201d on proceeding to a vote on the infrastructure bill if the social spending package isn\u2019t passed at the same time. <\/p>\n<p>Although 19 Senate Republicans supported the infrastructure bill, House Republicans are whipping against it, meaning that Biden and House Speaker Nancy Pelosi (D-Calif.) must keep most Democrats in line and likely win over a handful of GOP votes.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2021\/10\/28\/biden-touts-historic-economic-framework-after-spending-compromise\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#Biden touts &#8216;historic economic framework&#8217; after spending compromise&#8221; WASHINGTON \u2014 President Biden on Thursday said he brokered a \u201chistoric economic framework\u201d after he and Democratic leaders on Capitol Hill settled on a blueprint for nearly $2 trillion in new social and environmental spending \u2014 despite some Democratic members, including progressives, still withholding their support. \u201cI&#8230;<\/p>\n","protected":false},"author":1,"featured_media":359294,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/Biden-30.jpg?quality=90&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[118144,991],"class_list":["post-359293","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-10-28-21","tag-joe-biden"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/359293","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=359293"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/359293\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/359294"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=359293"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=359293"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=359293"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}