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Democrats Unveil $3.5 Trillion Spending Plan to Be Financed With Tax Hikes

Demócratas presentan plan de gasto de 3,5 billones que pretenden financiar con subidas de impuestos

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Senate Democrats unveiled a budget blueprint Monday that could pave the way for a $3.5 trillion spending plan proposed by President Joe Biden that they want to pass without relying on GOP support.

Democrats want this spending to be financed by an increase in taxes on the wealthiest, large estates and corporations.

The progressives could approve this budget initiative, which includes the spending plan, with the seats it has in the Senate -50-, through a mechanism called reconciliation, which would not require the support of the conservatives.

For their part, Republicans, who reject the spending package, have warned that they will not provide the 10 votes needed to raise the debt ceiling outside the budget process, as this could further worsen current economic conditions, with inflation reaching its highest level in 13 years.

The Treasury Department has taken “extraordinary measures,” such as suspending the sale of bonds, with which the public debt is financed.

Democrats intend to pass the budget proposal this week without Republican support.

Senate Democratic Majority Leader Chuck Schumer said in a letter to his caucus that the budget bill is a “starting point” for negotiating among progressives on the spending package.

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