WASHINGTON - President Biden begins a five day foreign trip without the feather in his cap he'd hoped for as House Democrats failed to pass his signature infrastructure bill despite a personal visit from the Commander-in-Chief.
Thursday the president released the framework of his social spending bill which progressives in the House demanded before passing the infrastructure bill already approved in the Senate.
According to Bloomberg, the president told House Democrats during a private meeting, "I don't think it's hyperbole to say that the House and Senate majorities and my presidency will be determined by what happens in the next week."
House Speaker Nancy Pelosi (D-CA) has also been working to rally her troops behind the president whose approval rating has plummeted.
"Do not embarrass the president by - when I put this on the House floor, basically it's gotta pass. We don't want to embarrass the president when he's overseas. That's about what it's come down to. It's a clown car kind of all over the place right now," said CBN News Chief Political Analyst David Brody appearing on Faith Nation Thursday.
Following demands from Senators Joe Manchin (D-WV) and Kyrsten Sinema (D-AZ) the president's spending plan is basically cut in half from $3.5 trillion to $1.75 trillion.
"This framework includes historic investments in our nation and in our people," Biden contends.
It includes $500 billion to fight climate change, creates universal Pre-K, and extends the child tax credit for a year. Democrats also think it will reduce health care premiums.
On the chopping block: major programs like free community college and paid family leave which left progressives shell-shocked.
"We put paid leave in. It's in, it's in, it's in. And then all of a sudden at the last minute somebody said, it's out," said Sen. Patty Murray (D-WA).
"It has some major gaps in it," said Sen. Bernie Sanders (D-VT).
"I feel a little bamboozled because this is not what I thought was coming," said Rep. Cori Bush (D-MO) who was also devastated about the omission of paid family leave which she says would have helped her tremendously as a working mother.
Meanwhile, Democrats are still working out how to pay for the $1.75 trillion in new spending as the U.S. national debt is now almost $29 trillion.
https://www.usdebtclock.org/
There are proposed new taxes on businesses including a 15 percent minimum for many large corporations and on profits earned by U.S. companies abroad. Americans making more than $10 million annually will be hit with a 5 percent tax, an additional 3 percent will be levied on incomes greater than $25 million. IRS enforcement will also be increased.
However, critics wonder if those tax increases will be enough.
Brian Riedl with the Manhattan Institute tweeted:
"Calling today's framework 'paid for' is so dishonest." He estimates, "$2 trillion in hidden costs."
The White House revenue estimates are likely far above the coming official JCT score. And Washington would "save" $145 billion by having HHS propose an expensive regulation & then this bill canceling it. This gimmick is stolen from the infrastructure bill.https://t.co/h6fmver1Tp
— Brian Riedl (@Brian_Riedl) October 28, 2021
The big question: Will the new government programs cost more than advertised? And will tax hikes bring in as much money as Washington needs? If not, federal deficits could rise even higher in the years ahead.
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