Show an ad over header. AMP

I am the FIRST!!!

House progressives want Biden to supersize spending

Progressive Democrats in the House are privately discussing how they can push President Biden for a second spending package substantially bigger than the $3 trillion over a decade floated in various news outlets this week.

Why it matters: These members are attuned to the climate group Sunrise Movement's argument that "the crises we face demand at least $1 trillion per yearover the next decade," two sources familiar with the conversation told Axios.


  • Sunrise's extremely ambitious proposal — at least $10 trillion — could quickly emerge as a benchmark for House progressives to rally around.
  • "Progressives feel like this package will define Biden's presidency," one source said, "and that $3 trillion over 10 years feels low, and it may not meet the scope of what we need to do — in particular on climate."

The strategy was discussed during a phone call Tuesday among members of the Congressional Progressive Caucus. Several raised concerns about the size of Biden's next spending package, which the president plans to unveil Wednesday in Pittsburgh.

  • They regard the reported scope of the proposal — which some moderates such as Sen. Joe Manchin (D-W.Va.) already consider at the far reaches of acceptability — as too small to meet the moment, the source said.
  • "He should be bold with his opening offer."

Between the lines: Biden's next spending bill will involve a longer, messier and more complicated fight between the ideological factions of the Democratic Party.

  • In the $1.9 trillion COVID-19 relief package that just passed, there was agreement among Democrats from the beginning it was going to be entirely deficit-financed.
  • But the next package will likely be more of a running battle. Biden has said he wants to hike corporate and high-income earners' taxes to pay for much of the new spending — which sets up a fight between progressives and moderates.
  • And the ambitions for the proposal keep expanding — everything from meat and potatoes infrastructure (roads, bridges, ports), to broadband and climate initiatives.
  • There are also proposals for substantial investment in social welfare, including expansion of the child tax credit, universal pre-kindergarten, free community college and other measures.

Bottom line: "The parameters of the battle will not be locked in at the beginning," said the source familiar with the House progressives' internal discussions.

  • Progressives will view Biden's announcement next week as an opening framing, "and then Congress is going to have a lot more agency in this fight because it's going to be longer. Congress won't have to act by a certain date."

regular 4 post ff

infinite scroll 4 pff

Special report: Europe braces for monster 2nd coronavirus wave

Data: Our World in Data; Chart: Naema Ahmed/Axios

The pandemic has come storming back to Europe, and hope of a return to normality is being replaced by a much more ominous prospect: the return to lockdown.

The big picture: Case counts in countries like France and Spain have skyrocketed past the numbers seen during the spring peak. While that’s partially due to more widespread testing, it’s now clear that deaths are climbing too.

Keep reading... Show less

COVAX vaccine initiative involves most of the world, but U.S. or China

Data: Gavi, The Vaccine Alliance; Map: Naema Ahmed/Axios

A global initiative to ensure equitable distribution of coronavirus vaccines now includes most of the world — but not the U.S., China or Russia.

Why it matters: Assuming one or more vaccines ultimately gain approval, there will be a period of months or even years in which supply lags far behind global demand. The COVAX initiative is an attempt to ensure doses go where they're most needed, rather than simply to countries that can produce or buy them at scale.

Keep reading... Show less

The stock market had its worst day in months, but no one is quite sure why

Data: FactSet; Chart: Axios Visuals

The Nasdaq fell 5% on Thursday, its worst decline since March, and the S&P 500 had its worst session since June, but no one was quite sure why.

What happened: Fund managers and strategists posited that profit taking or rebalancing was to blame as no fundamental drivers for the sell-off were apparent and it remains unclear whether Thursday was a fluke or the beginning of retrenchment from what most Wall Street analysts viewed as an overextended market.

Keep reading... Show less

Insights

mail-copy

Get Goodhumans in your inbox

Most Read

More Stories
]> &lol4;