President Joe Biden's economic agenda took a major step forward Wednesday with Senate passage of a $3.5 trillion budget framework, but the bill that opens the way for the biggest expansion of federal social spending immediately exposed division among Democrats.
The outline passed the Senate over unified Republican opposition. Translating it into law will require Biden and Democratic congressional leaders keeping their party's moderate and progressive wings marching together.
Just hours after Democrats passed the budget blueprint on a party-line 50-49 vote, Senator Joe Manchin of West Virginia said he couldn't support a social spending bill with a $3.5 trillion price tag. Senator Kyrsten Sinema, an Arizona Democrat, has said the same. One Democrat's objection is all it would take to scuttle the package in the Senate.
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
- Informative weekly newsletter featuring news, analysis, real-world case studies, and other critical content
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.