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Biden ‘positive’ on budget deal; Manchin OK with wealth tax – The Denver Post – Denver, Colorado

Denver, Colorado 2021-10-25 11:13:53 –

By LISAMAS CARO and HOPEYEN

Washington (AP) — Senator Joe Manchin, a key Democrat, whites on new taxes on billionaires and certain companies to help President Joe Biden pay for reduced social welfare and climate change packages. It seems that he is in favor of the house proposal.

Mr Biden said on Monday that he was “very positive” about reaching an agreement on his big domestic policy bill and is aiming to vote in parliament soon this week.

“That’s my hope,” the president said before leaving his home state of Delaware for a trip to New Jersey to highlight the childcare proposals in the package and his infrastructure measures.

The Democratic Party has shrunk what was a massive $ 3.5 trillion plan, allowing the president to spotlight world leaders on the outcome of his administration at two upcoming overseas summits on economics and climate change. This week, we are working hard to try again to conclude the negotiations.

Biden flocked with conservative West Virginia Democratic Party leader Joe Manchin and Senate leader Chuck Schumer at President Delaware’s home on Sunday to resolve the dispute between Centrist and Progressive, which stagnated the Democratic Party’s widespread bill. We are working. Those who claimed anonymity to discuss Manchin’s position told The Associated Press that Senators agreed with the White House’s new approach to tax proposals.

It is currently attracting attention as a package of at least $ 1.75 trillion. According to a second person who claimed anonymity and discussed personal discussions, that is still within the range that can be quite high.

Speaker of the House Nancy Pelosi said that even the originally proposed $ 3.5 trillion “half”, Biden’s signed domestic initiative would make a significant investment in health care, child care and climate change strategies. He said it would be bigger than the legislative package.

“It’s less than originally expected, but bigger than I’ve ever been to, in meeting the needs of working families in the United States,” Pelosi said in a CNN State of the Union address on Sunday. Stated.

Biden, Manchin and Schumer, DN.Y at Wilmington’s presidential residence after the Democratic Party missed the dispute resolution deadline last week. I met. Biden wants to see a $ 2 trillion package and they are trying to reach an agreement again this week.

Revenue issues are important because the Democrats claim that new spending will be paid in full with various taxes.

Manchin and another Democrat, Senator Kyrsten Sinema of Arizona, almost stopped Biden’s proposal from proceeding. In a 50-50 senator evenly divided with the Republican opposition, Biden does not have a generous vote, two Democratic senators insist on reducing the size of the huge package, and other changes I asked for.

Cinema cancels Republican-led 2017 tax cuts, rejecting previous plans to raise tax rates for companies earning more than $ 5 million a year and wealthy Americans earning more than $ 400,000 a year After that, there was one of the important discussions about package payments. The couple is $ 450,000.

Instead, the White House is considering taxing millionaires’ investment income — less than 1,000 of the wealthiest Americans with at least $ 1 billion in assets. It also fluctuates a 15% corporate minimum tax designed to ensure that all businesses pay what Biden calls “fair share,” ending the practice of some well-known businesses that do not pay taxes. bottom.

It’s unclear what level of new tax Manchin will support, but he generally supports the White House proposal, according to a person who claimed anonymity to discuss Manchin’s position. Neither of the anonymity claimants was allowed to discuss the negotiations by name.

The White House said the breakfast party was a “productive debate” on the president’s agenda. The talks seemed to last for hours, but no decision was announced. The White House said in a post-meeting statement that the Democratic Party “continued to make progress.”

The Democratic Party initially planned that Biden’s package would include $ 3.5 trillion worth of spending and tax initiatives over a 10-year period. However, the demand for cost control by moderates led by Manchin and Cinema means that the final price tag can be less than $ 2 trillion.

Controversy continues over a wide range of investments, including plans to expand Medicare’s reach with dentistry, vision, and hearing aid benefits for the elderly. Childcare support; and free kindergarten.

Pelosi, CA, told CNN that Democrats are preparing for four weeks of paid family vacation, but other proposals, such as expanding Medicare to include dental insurance, are difficult to save due to costs. Admitted that could be found.

Pelosi said he hopes to reach an agreement by the weekend, repeating about 90% of the deal, and by the next Sunday, October 31, when a series of transportation programs expire, $ 1 trillion in bipartisan infrastructure. It paved the way for the House of Representatives to vote on the Structure Bill. .. The Senate approved road, broadband, and other public works packages during the summer, but the bill stalled in the House during the broader Biden bill.

Manchin, which has a major coal industry in the state, opposed Biden’s first climate change proposal, including plans to penalize utilities that do not switch quickly to clean energy. The Democratic Party is currently compiling other climate change strategies to meet Biden’s goal of reducing US greenhouse gas emissions by at least 50% by 2030.

Democrats hope to be able to cite great results when Biden attends the World Conference on Climate Change in Scotland in early November after attending the World Leaders’ Summit in Rome. bottom.

Senator Angus King, who attends the Democratic rally at the Independence Caucus in Maine, said the expected reduction in clean energy supply under the spending bill was particularly disappointing.

“To get the rest of the world to take serious steps to solve this problem, we have to do it ourselves,” King told NBC’s “Meet the Press.”

The Democrats also want to make progress that could help Democrat Terry McAuliffe strangle in the November 2 governor’s election in Virginia.

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Associated Press writers Alan Fram and Darlene Superville contributed to this report.

Biden ‘positive’ on budget deal; Manchin OK with wealth tax – The Denver Post Source link Biden ‘positive’ on budget deal; Manchin OK with wealth tax – The Denver Post

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