INDIANAPOLIS — Senate Democrats are nearing the end of negotiations amongst themselves on pushing forward a social spending bill, which House Democrats are waiting on in order to pass a bipartisan infrastructure bill along with it.
Moderate Democrats have had issues with the bill’s original price tag of $3.5 trillion dollars. After meeting with moderate Democrats over the weekend, President Biden has said the bill will likely be slimmed down to just under $2 trillion.
Republicans continue to watch in opposition to the whole bill, saying that Democrats are getting out of hand with government spending.
“If you add up all of the various spending proposals, they are well north of $7 trillion,” said Sen. Todd Young at a meeting of the Indiana Fiscal Policy Institute. “If every man, woman, and child in the state of Indiana were to have a million dollars of credit card debt racked up over a nine-month period, that’s roughly how much money has been proposed for the nation.”
Young cited former White House economic advisor to President Obama, Larry Summers, to illustrate why Republicans feel the government is spending too much money. Summers wrote in an op-ed recently that the social spending bill, at its $3.5 trillion price tag, is too big.
“The Biden plan is a vital step forward,” Summers wrote. “But we must make sure that it is enacted in a way that neither threatens future inflation and financial stability nor our ability to build back better through public investment.”
Young warned of rising inflation in his talk to the IFPI.
“Inflation is a hidden tax on working Americans and Americans on fixed incomes,” Young said. “People are certainly noticing the higher prices are outpacing their wage gains.”
Speaking in New Jersey Monday, President Biden noted 45,000 bridges are in disrepair across the U.S. Biden argued America is lagging in key infrastructure upgrades compared to other developed nations like China.
The bipartisan infrastructure bill, which Young said is a good bill at its core, would address that lack in upgrades. But, it is being held up by the continued stalemate over the social spending bill.
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