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Overview: This week the White House announced a framework for its $1.75 trillion tax and spending reconciliation bill. Congressional Democrats are still working out the details to get the bill ready for a vote. It may take days or weeks to reach that point. House progressives support the reconciliation outlined by President Biden, but they continue to hold that a vote for the reconciliation bill must be scheduled before they will vote on the bi-partisan infrastructure bill already passed by the Senate.
Jobs: "In the week ending October 23, the advance figure for seasonally adjusted initial [unemployment insurance] claims was 281,000, a decrease of 10,000 from the previous week's revised level. This is the lowest level for initial claims since March 14, 2020, when it was 256,000. The previous week's level was revised up by 1,000 from 290,000 to 291,000. The 4-week moving average was 299,250, a decrease of 20,750 from the previous week's revised average. This is the lowest level for this average since March 14, 2020, when it was 225,500. The previous week's average was revised up by 250 from 319,750 to 320,000." (Source)
Budget reconciliation: Many of the provisions in the president's framework for the budget reconciliation bill include items reflected in CCUSA's priorities. Here is a brief list of some of the policy priorities: • Children: Enhanced Child Tax Credit - extended for one year, Universal Preschool for 3-4 year olds, Child care. (Paid leave was not included). • Housing: Funding to boost housing supply, provide additional housing vouchers and down payment assistance and repairs to public housing. • Health: Home care, expanded Affordable Care Act tax credits, Medicare for hearing. (Dental and vision were not included). • Education and Workforce: Funding for Pell grants, minority serving universities, workforce and job training programs. • Clean Energy: Tax credits, resilience investments. The framework taxes include: • Taxes: 15% Corporate minimum tax, 1% stock buyback tax, Global minimum corporate tax, Tax on multi-millionaires/billionaires, IRS enforcement enhancement, Prescription drug rebate repeal (not drug price negotiation). • Broadband: $1 billion in funding has been set aside for broadband, including $475 million for subsidized computers, laptops, tablets and $300 million for schools and libraries to provide connected devices to patrons and students. Click here for a full text of the bill. CCUSA urged Congress to prioritize the needs of people struggling with low incomes and poverty. To read the letters CCUSA sent to congressional leadership, click on the corresponding date: August 30, 2021 and October 14, 2021.
Funding the government and debt ceiling: Funding for the government and debt ceiling will expire December 3. At that point, Congress must pass either its full slate of appropriations bills for FY23 or another "continuing resolution" to fund the government at existing levels until the permanent appropriations bills can be passed. Meanwhile, the House voted Thursday night to clear a temporary authorization extension for transportation programs. The Senate will most likely pass once the extension reaches their desks. Affordable housing: The Biden administration's framework for the reconciliation bill includes $150 billion in funding to boost housing supply, housing vouchers, down payment assistance and additional public housing. Child Tax Credit: The administration's framework includes an extension of the child tax credit through 2022. It provides $300 per month per child under 6 and $250 per month per child ages 6 to 17 (See section 137102, "Extension and Modification of Child Tax Credit," in the text of the reconciliation bill). There is still time to sign up for current child tax credit payments before the Nov. 17 deadline. Click here to access the tool. |
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