Democratic leaders personally say that President Biden has stopped doing too much too soon to try to break through what is the biggest social expansion in American history.
Important reason: When Biden proposed it, he set his mind on achieving the transformation that would put him in the FDR and JFK Pantheon.
Get the right market news for your time at Axios Markets. Subscribe for free.
Democrats, who manage two branches of the government, saw a once-in-a-lifetime opening. In retrospect, some top advisors say this should have been done in smaller chunks.
White House External Advisor “The reality is set in that you can’t pass a $ 3.5 trillion package. It will shrink. The question is whether it can be done this year.”
In branding Some Democrats’ wishes began a few months ago, White House Chief of Staff Ron Klain Said September 15th at the SALT Financial Conference in New York: “BuildBackBetter has zero net cost.”
$ 3.5 trillion price tag In addition to the 10-year cost of Biden’s infrastructure plan, it covers large-scale social spending, including all pre-kindergartens aged 3 and 4, and a 2-year tuition-free community college.
Biden must show The left councilor who is with him on such topics when he is being pulled to the right by immigrants.
suggestion It was always the first bid. The White House points out that the final numbers are still under negotiation.
But a big number It’s a nearly universal way of getting stuck and explaining Biden’s plans.
New York Times’ David Leonhard Said At CNN earlier this month, the price “embosses the political weaknesses of the Biden administration. It’s like a jumble of things that couldn’t be sold otherwise.” Said.
White House He points out polls showing that Build Back Better components are popular, highlighting $ 3.5 trillion as the “total investment” paid by the tax hike.
White House Press Secretary Andrew Bates told us:
“Americans overwhelmingly support the Buildback Better Act, because all its policy through-lines ensure that our economy reaches middle-class families as well as top families. That’s because the bill’s price tag is $ 0 because it’s paid, because it adds nothing to the debt by ending the failed, special tax giveaway for the wealthiest taxpayers and large corporations. Because I don’t. “”
Do you like this article? Get more from Axios, Subscribe to Axios Markets for free.