Senate Democrats said late Tuesday that they had achieved an agreement on a $3.5 trillion budget package that includes financing for Medicare expansion and climate change mitigation.
The law is in addition to President Joe Biden’s bipartisan $600 million infrastructure package, and the total amount is close to what he asked to support his $4 trillion economic plan.
Sen. Chuck Schumer, D-N.Y., told reporters during a press conference that Biden will join them for the Democrats’ Wednesday luncheon to lead them toward enacting “this wonderful plan.”
“We are very proud of this plan,” Schumer said. “We know we have a long road to go. We’re going to get this done for the sake of making average Americans’ lives a whole lot better.”
It is unclear exactly what is included in the agreement, but Sen. Bernie Sanders, I-Vt., hinted that it will include tax increases on the nation’s richest people and corporations.
“This is, in our view, a pivotal moment in American history,” Sanders, the budget committee chairman, said. “The wealthy and large corporations are going to start paying their fair share of taxes, so that we can protect the working families of this country.”
The Democrats also stated that Medicare will be expanded significantly to cover money for dental, eye, and hearing care. Monies appear to have been given to overhaul the nation’s outdated energy system in order to move away from fossil fuels, as well as funds for education, family programmes, climate change, and other Biden administration objectives.
“There are moments when you should go all out. This is one of those instances “Senator Mark Warner (D-VA) said.
Warner, a moderate member of the Democratic caucus, said that the proposal is fully funded, but he did not provide details.
“I have been in this job for now, about 12 years. I can’t think of a more meaningful effort than what we’re taking on, than what we’re doing right now, probably more meaningful than anything I have done in my public service record,” he said.
For the bill to pass, the Democrats will need the support of their entire party in the divided Senate.
Schumer told reporters earlier Tuesday that they must have unity behind the bill “if we’re going to help the American people with the boldest, biggest legislation in a very, very long time that helps the middle class.”