On Tuesday, August 24, the House passed a measure approving a $3.5 trillion budget blueprint, paving the way to advance President Biden’s economic agenda. Significant hurdles remain before a budget bill is passed. It is expected that Democrats will try to pass their proposal without a single vote from Republicans using the reconciliation process; therefore, it will need almost full support from Democrats in both chambers of Congress.
The proposal is expected to expand the social safety net while imposing higher taxes on the wealthiest Americans and raising the corporate income tax rate.
It is important to note that this was merely a procedural vote to advance the process of passing legislation. The Senate passed the same budget blueprint earlier this month. Securing agreement among Democrats is expected to be challenging and extend well beyond September.
We will continue to keep you informed as negotiations continue and draft legislation becomes available.