Democrats’ reconciliation bill poses ‘existential threat’ to US economy: Chamber of Commerce

320
SHARES
2.5k
VIEWS

You Might Also Like


– Advertisement –


Chamber of Commerce: Reconciliation bill could reverse US economic recovery

– Advertisement –

The powerful US Chamber of Commerce on Wednesday launched a six-figure advertising campaign under moderate pressure House Democrats To vote against a comprehensive $3.5 trillion reconciliation package, warning that the bill poses an “existential threat” to the economy’s recovery from the pandemic.

The ads target Iowa’s Representative Cindy Axane, Minnesota’s Angie Craig, New York’s Antonio Delgado, California’s Josh Harder, and Virginia’s Ellen Luria.

advertisement

“This reconciliation bill is effectively 100 bills representing every major government idea that has never been passed in Congress,” Suzanne Clark, president and CEO of the US Chamber of Commerce, said in a statement. “The bill poses a potential threat to America’s fragile economic recovery and future prosperity.”

Rising inflation could derail economic recovery from pandemic, warns IMF

– Advertisement –

Democrats are currently preparing a $3.5 trillion bill that seeks to dramatically boost federal investment in education, child care and paid family leave and will be funded by higher taxes on corporations and wealthy Americans.

Although formal legislation has yet to be issued, some proposals include raising the corporate rate from 21% to 28% — reversing a significant portion of Republicans’ 2017 tax law. However, given their extremely thin margins in both the House and Senate, Democrats would need to ensure nearly every caucus member votes in lockstep to ensure passage of the bill.

The Chamber of Commerce joins other business groups, including the National Association of Manufacturers (NAM) and the Business Roundtable, in lobbying against the proposed tax increase. It urged Democrats to support the bipartisan $1 trillion infrastructure package that the Senate approved earlier this month.

“We will not find a sustainable or workable solution in a large bill that amounts to more than twice the combined budgets of all 50 states,” Clark said. “The success of the bilateral infrastructure talks provides a better model for how Congress should move forward in addressing America’s problems.”

Get Granthshala Business on the go by clicking here

Party infighting threatens to derail both the reconciliation package and the infrastructure bill: Progressives say a $3.5 trillion minimum is necessary to expand the social safety net and tackle climate change. However, centrists are wary of another multitrillion-dollar bill after the coronavirus pandemic pushed the US deficit to a record high.

With their incredibly thin congressional majority, Democrats face a delicate balancing act in advancing their so-called “two-track” agenda — approving both a bipartisan deal and a major tax and spending bill — or They run the risk of losing the support of the moderate or progressive. Member

President Biden Democratic lawmakers from across the political spectrum are meeting on Wednesday in an effort to unify the party and pass its $4 trillion economic agenda.

“I hope he has the secret sauce,” House Majority Leader Steny Hoyer said of Biden on Tuesday night. “The President of the United States is always a very influential person, and I know he wants to pass both bills.”


– Advertisement –

Related News

Next Post

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending News