Sanders budget plan would spend more, tax less than Biden – By Paul M. Krawzak and Peter Cohn (Roll Call) / June 21 2021
Senate Budget chairman is just beginning to sound out other Democrats on the ambitious package
A preliminary Senate Democratic budget outline envisions a smaller net tax increase on businesses and upper-income households than President Joe Biden proposed and sizable prescription drug cost savings to go along with more spending on health care, immigration benefits, tuition aid, broadband access and other items.
According to a summary circulating on and off Capitol Hill, the plan under development by Senate Budget Chairman Bernie Sanders would overshoot Biden’s proposed spending by nearly $1.6 trillion over a decade, for a hair under $6 trillion. The summary is dubbed a “discussion draft” for an eventual fiscal 2022 budget resolution, with reconciliation instructions for a filibuster-proof package.
The proposed revenue increases would drop by $1.2 trillion, to $2.4 trillion, supplemented by over $600 billion in potential drug pricing savings that weren’t outlined in Biden’s budget. The tax proposals aren’t specified in the Senate document and would be up to the Finance Committee to decide.
The result would be a roughly $6 trillion package of gross spending increases that on net would add $3 trillion to deficits over the next decade. That’s far more than the roughly $850 billion in bigger deficits over 10 years in Biden’s plans, though the White House says his over $4.4 trillion in new spending would be fully offset after year 15.
CONTINUE > https://www.rollcall.com/2021/06/21/sanders-budget-plan-would-spend-more-tax-less-than-biden/
