Senate Majority Leader Chuck Schumer on Monday released the full text of Democrats’ $3.5 trillion budget resolution, which the Senate is expected to pass without any Republican votes as early as this week.
Passing the resolution is the first significant step to enacting Democrats’ plans to overhaul the country’s climate, child care and health care laws through the budget “reconciliation process.” The budget framework includes instructions to committees that include specific spending targets, such as $726 billion for the Health, Labor, Education and Pensions Committee with expansive instructions to address some of Democrats’ top priorities, $107 billion for the Judiciary Committee, including instructions to address “lawful permanent status for qualified immigrants.” among others.
Congress voted in July 2019 to suspend the debt limit until July 31, 2021, as part of a deal brokered by Trump Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi (D., Calif.). The Treasury uses emergency accounting maneuvers to conserve cash so the government can keep paying its obligations to bondholders, Social Security recipients, veterans and others, but those measures are expected to run out some time in the fall.
Republicans have said Democrats shouldn’t expect any GOP help with the debt limit and should raise the debt limit themselves as part of the broader plan.
ARTICLE: JENNIFER BARRETO-LEYVA
MANAGING EDITOR: CARSON CHOATE
PHOTO CREDITS: AXIOS
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