House Speaker Nancy Pelosi, scrambling to secure enough party votes to pass President Joe Biden’s two-part economic agenda, touted a new analysis to lawmakers late Thursday showing a proposed social welfare package would reduce the deficit by $36 billion over the next decade.
The analysis from the White House estimates the tax increases in the measure would bring in enough revenue to cut the deficit by “at least” $2 trillion over the next 20 years.
Pelosi sent out the memo to Democrats as she worked to convince holdout moderates that the social welfare package, called the Build Back Better Act, won’t contribute to the nation’s massive deficit and will be fully offset.
“I hope you find this information useful as we work together to advance the President’s Build Back Better Act,” Pelosi wrote to lawmakers.
METHANE FEE TO SURVIVE IN HOUSE DEMOCRATS’ SPENDING PLAN
Democrats late Thursday were poised to take up the social welfare spending package in the House Rules Committee, which is the last stop before the bill is considered on the House floor. Pelosi intends to hold a vote on the measure Friday.
Democrats need nearly every party lawmaker on board, and several have been holding back support until they see further analysis of the cost of the bill.
The dash to pass the bill comes two days after GOP candidates outperformed Democrats in key off-year elections, including the Virginia governor’s race.
Centrist Democrats said the results show voters fear runaway government spending and inflation, which has increased anxiety among House lawmakers about the size and scope of the massive spending package.
The bill would provide free preschool, four weeks of paid family and medical leave, expanded healthcare subsidies, an extension of the child tax credit, a near Medicare hearing benefit, and much more.
Democratic leaders have touted the bill as “paid for” with tax hikes on corporations and the wealthy.
According to the new White House estimate, the measure would raise $480 billion through stepped-up tax collection, $640 billion through taxing high-income earners, and nearly $800 billion from corporate tax and international tax reforms.
Pelosi has for weeks been working to win enough Democratic votes to pass the bill and is aiming for another attempt Friday.
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Democratic leaders want to follow the passage of the social welfare bill with a second vote on a $1.2 trillion infrastructure package.
Liberal Democrats have blocked the bill, which passed the Senate last summer, because they want to ensure there is first an agreement between House and Senate Democrats on passing the social welfare package.
