Senate Democrats are reportedly planning to force a massive $3.5 trillion spending bill through the senate. The bill will “enact the full array of President Joe Biden’s social welfare” agenda without any bipartisan support.
“The proposal sets an overall limit of $3.5 trillion for the spate of Democratic policy ambitions that won’t make it into a bipartisan infrastructure deal, if Congress can reach one,” Politico reported.
“Formal text of the Senate’s budget resolution has yet to be released. If that measure can clear both chambers with lockstep party support, it will unleash the power to circumvent a GOP filibuster using budget reconciliation, the same move that Democrats used to pass the president’s $1.9 trillion pandemic aid package in March.”
The absurd spending bill comes at a time where inflation is reaching historic levels. According to data released by the Federal Reserve Bank of New York, expected inflation has reached 4.8% – the highest levels ever since recording began.
To make matters even more concerning, inflation is climbing at a rapid level, increasing 0.8% in the past month alone.
Under Biden, Inflation has rocketed as his administration continues to ramp up spending like never before. In January, February, March, April, and May, one-year expectations were respectively 3.0%, 3.1%, 3.2%, 3.4%, and 4.0%. Meanwhile, three-year inflation expectations — currently at 3.5% — have remained essentially unchanged since last month, though they have also increased from January levels.
Nevertheless, the radical Democrats will likely ignore these terrifying economic signals and move forward with their destructive agenda as President Biden continues to see his ratings tank, especially among Democrat voters.
The AP added, “Separately Tuesday, a bipartisan group of senators continued working on a third measure that would spend around $1 trillion on roads, water systems and other infrastructure projects, another Biden priority. Biden and 10 senators — five from each party — had agreed to an outline of that compromise measure last month, and bargainers have worked ever since to flesh it out.”
“In discussing the budget agreement, Schumer and other lawmakers did not respond when asked if they had the support of all 50 Democratic senators, which they will need to succeed. They also have virtually no margin for error in the House, where they will be able to lose no more than three Democratic votes and still prevail.”
Senate Majority Leader Chuck Schumer said that gives “every major program that President Biden has asked us for” and pays for it in “a robust way.”
Republican Sen. Mike Lee responded to the news by saying, “$3.5 trillion in new spending is $3.5 trillion too much and $3.5 trillion we don’t have.”
However, there may still be hope that the ludicrous spending bill fails to pass through the Senate. Economist Brian Riedl wrote on Twitter, “The idea that Senate Democrats have achieved unanimous support for $3.5 trillion(!) in specific reconciliation offsets is absurd. Surprised if they could pass 20% of that. Even their medium-size tax hike proposals have always been a bluff.”
Author: Brent Lorden