Biden unveils $1.75T ‘Build Back Better’ framework

WASHINGTON, DC - OCTOBER 28: U.S. President Joe Biden delivers remarks about his proposed ‘Build Back Better’ social spending bill in the East Room of the White House on October 28, 2021 in Washington, DC. Earlier in the day Biden met with House Democrats on Capitol Hill to share details of the $1.75 trillion package which does not include several progressive priorities that were dropped from the legislation during recent negotiations. (Photo by Chip Somodevilla/Getty Images)

WASHINGTON, DC - OCTOBER 28: U.S. President Joe Biden delivers remarks about his proposed ‘Build Back Better’ social spending bill in the East Room of the White House on October 28, 2021 in Washington, DC. Earlier in the day Biden met with House Democrats on Capitol Hill to share details of the $1.75 trillion package which does not include several progressive priorities that were dropped from the legislation during recent negotiations. (Photo by Chip Somodevilla/Getty Images)

WASHINGTON, D.C. – OCTOBER 28: Joe Biden delivers remarks about his proposed ‘Build Back Better’ social spending bill in the East Room of the White House on October 28, 2021 in Washington, D.C. (Photo by Chip Somodevilla/Getty Images)

SRDTF News
UPDATED 1:13 PM PT – Thursday, October 28, 2021

Joe Biden unveiled the final framework of his “Build Back Better” agenda and continued to claim the bill would cost American taxpayers nothing.

“Over the next 10 years, it will not add to the deficit at all,” he claimed. “It will actually reduce the deficit.”

Biden detailed the compromise deal at the White House on Thursday, which includes universal Pre-K for three- and four-year-old children, subsidized child care and an extension of the larger child tax credit. It also focuses on climate change, expanding tax credits for clean energy initiatives.

“I don’t want to punish anyone’s success. I’m a capitalist. I want everyone to be able to, if they want to be a millionaire or billionaire, to be able to seek their goal. But all I’m asking is, pay your fair share,” said Biden.

The final bill doesn’t include a previously proposed billionaire’s tax, paid family and medical leave or a proposal to allow IRS surveillance of American’s bank accounts. It also doesn’t include any measures to address issues Americans are currently dealing with, such as the supply chain blockage, surging gas prices or the crisis at the southern border.

Economists have said spending trillions of dollars on Biden’s social agenda will make the current inflation pressures worse. In the meantime, it’s still unclear if this package will gain support from far-left progressives with Sen. Bernie Sanders (I-Vt.) saying on Thursday “it needs to be improved.”

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