When it comes to federal spending, it sure seems that everything is made up and the points don’t matter at this point.
Immediately after signing a $1.9 trillion stimulus into law (the second largest stimulus bill after Trump’s $2.2 trillion CARES Act) the Biden administration is looking to set a new record with a $3 trillion spending bill. That is all in addition to the $4+ trillion our federal government spends each year.
As of writing, the national debt nears $28.1 trillion.
The new spending bill is being advertised as one that will focus on infrastructure and climate, though we all know that no shortage of other liberal priorities will make its way into the massive spending bill.
According to MarketWatch, the details we’ve been given so far are as follows:
- An infrastructure package would include roughly $1 trillion for roads, bridges, rail lines, electrical vehicle charging stations and the cellular network, among other items. The goal would be to facilitate the shift to cleaner energy while improving economic competitiveness.
- A second component would include investments in workers with free community college, universal pre-kindergarten and paid family leave.
- On Monday, the House Energy and Commerce Committee debated a $300 billion-plus measure to invest in drinking water, broadband and other priorities.
- Other priorities include investments in wind and solar power, 5G telecommunications, rural broadband, and worker training. The proposal also includes the development of one million “affordable and energy-efficient” housing units.
- Bloomberg News reports Biden’s team is planning $400 billion in “green spending.” Other reported spending measures in the proposal include tuition reductions among minorities, health-care initiatives, and money for child care and eldercare.
No part of the proposed bill has been finalized, and the eventual details of the spending are subject to change as various special interests compete for a piece of the three trillion dollar pie. I’m sure the Kennedy Center will manage to get some funding out of the bill too.
Democrats claim that they want this to be a bipartisan package…. but one that they’ll push through anyway without any Republican support. Politico reported on Monday that some Democrats have conceded that they’ll use budget reconciliation to pass major bills with their slimmest-possible Senate majority. The reconciliation process (which was used to pass Biden’s $1.9 trillion relief bill) allows Dems to circumvent the 60-vote filibuster and advance the measure using their 50 years, with Kamala Harris breaking the tie.
With spending this out of control, it means that we can expect at least one of the three things in the future: higher taxes, drastic spending cuts, or inflation. I wouldn’t be surprised if we saw all three.
Matt Palumbo is the author of Dumb and Dumber: How Cuomo and de Blasio Ruined New York, Debunk This: Shattering Liberal Lies, and Spygate
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