From Medicare expansion to universal pre-K, here’s what’s included in the new spending proposal.
Senate Democrats unveiled a $3.5 trillion budget blueprint Monday that would boost spending on Medicare, education, climate change, and more — enabling “big, bold change” not seen since the New Deal, Sen. Majority Leader Chuck Schumer said. Let’s take a look at what’s included.
What’s Included in the Democrats’ $3.5 Trillion Budget Blueprint?
Medicare, which most Americans rely on when they reach 65, would be expanded to cover dental, vision, and hearing. The bill would also lower the age for eligibility, although it’s unclear whether that threshold will drop to 60 years old, which President Biden has pushed for.
The budget allocates $726 billion for expanding access to universal pre-K, tuition-free community college, childcare for working families, and more funding for historically black colleges and universities.
Combating climate change
Billions would be pumped into agriculture conservation, climate research, clean energy development, and funding a Civilian Climate Corps.
How Will This Budget Be Funded?
In part, by raising taxes on big corporations and the wealthy — but Democrats have promised to prohibit tax hikes for families making less than $400,000 a year, small businesses, and family farms.
What Comes Next
The Democrats are planning to pass the spending plan using a special maneuver to sidestep a potential Republican filibuster in the Senate. However, to see the plan through would also necessitate raising the debt ceiling, which will require some GOP support. That sets the stage for a big fight this fall over the borrowing limit.