Senate Democrats Released Details on their Budget Resolution Yesterday

Yesterday Senate Democrats released details on their budget resolution. That resolution has a price tag of $3.5 trillion and includes a series of tax increases as well as other offsets to help with financing. The majority of the legislation still needs to be written and almost a dozen committees have instructions to start drafting it soon, but before that can happen it needs to be passed by the Senate. The target date of September 15th has been given to the committees to submit. Majority Leader Chuck Schumer said, “We will work towards this goal and meet, as a caucus, during the week of the 15th to review the bill.” Not included in the resolution is lifting the nation’s borrowing limit which could mean increasing the debt ceiling separately and would require Republican votes to break the filibuster. The resolution does however include plans to invest in families, climate, health care, infrastructure and jobs. According to Schumer it will “provide the largest tax cut for American families in a generation, while making the wealthy pay their fair share.”