Home / Business / U.S. Senate approves budget resolution to materialize $ 3.5 trillion spending plan

U.S. Senate approves budget resolution to materialize $ 3.5 trillion spending plan

Spread the love

U.S. Senate approves budget resolution to materialize $ 3.5 trillion spending plan

The US Senate passed a budget resolution that outlines the budget for the 2022 fiscal year (October 2009 to September 2010). If it is passed by the House of Representatives, the Biden administration’s fiscal spending plan, which will invest 3.5 trillion dollars (about 385 trillion yen) in 10 years to support child-rearing, will be materialized, and an environment will be created in which the ruling party and the Democratic Party can pass it independently.

The Senate Democratic Party will put together a concrete bill for spending and revenue by September 15, based on the resolution. The bill uses a special mechanism called “fiscal adjustment measures” and can be passed by a simple majority if all Democrats agree.

The fiscal spending plan envisions increased opportunities for early childhood education and tax cuts for the child-rearing generation. Includes climate change measures such as increased investment in renewable energy and the spread of electric vehicles (EVs).

Consider raising taxes on businesses and the wealthy as financial resources. A candidate is the “border carbon tax,” which imposes de facto tariffs on imports from countries with loose environmental regulations.

The Biden administration has set up a “US Employment Plan” that focuses on infrastructure investment and climate change measures, and a “US Family Plan” that includes child-rearing support. Some infrastructure investments were bipartisan and the Senate passed the bill on the 10th. The rest of the policies are opposed by the Republicans, and the Democrats alone seek to realize them.

It is expected that there will be some twists and turns in future deliberations. There is opposition to tax increases within the Democratic Party, and there are temperature differences in climate change. President Biden told reporters yesterday that “most, if not all, could be achieved,” and optimistic about the $ 3.5 trillion plan.

About Vijendra

Vijendra
Vijendra has a master’s degree in Marketing and editor with passion. Exploring economic policies of different economies and analyzing geo-politics policies is of keen interest. In his free time he is a hardcore metal-rock and punk music fanatic.

Check Also

Microsoft to globally split Teams and Office in response to antitrust scrutiny

Microsoft to globally split Teams and Office in response to antitrust scrutiny

Spread the love Microsoft announced on Monday that it will be selling its chat and ...