Biden reiterates the cost of deficit of spending package is ‘zero’
President Biden said on Friday that his spending bill would not add to the deficit and said it would not reach $3.5 trillion this year, as liberals and progressive Democrats continue to debate the price tag for the package.
But he promised to continue to push for more spending, saying, “We’ll keep coming because the more we demonstrate that it works, the more we can do.”
During a visit to Connecticut on Friday, Biden outlined a $1 trillion bipartisan infrastructure bill, and a $3.5 trillion spending plan awaiting approval in Congress, saying they would “strengthen the economy for decades to come.” are about to do.”
“Both of these bills take more than 10 years, take the infrastructure, all those investments and build roads, bridges, highways, high-speed internet, water, clean water, everything in our economy every year. represents less than half of one percent of the K,” Biden said. “If you add it all up, and the cost of the bill… in terms of adding up the losses, is zero.”
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“We’re probably not going to get $3.5 trillion this year, we’re going to get a little less than that,” Biden said.
“But I’m going to negotiate,” he said. “I’m going to get it done by the grace of God.”
Biden said the plan is “paying for” because “the big corporations and the very wealthy” will “start paying their fair share.”
“Let me be clear, no one – and since I was campaigning – anyone who makes less than $400,000, which is a lot of money, will not see a penny on their taxes. ”
The president said his plan “cuts taxes for the people who work,” and that he is keeping “that commitment.”
“There is no reason, as I said, billionaires should pay a lower tax rate, literally a lower tax rate than a school teacher and a firefighter,” the president said. “I don’t think we should punish anyone, but just pay your fair share. Just pay your fair share.”
Congressional Democrats are targeting the end of October to pass an infrastructure package and reconciliation. That timeline could slip to November or beyond, amid ongoing skirmishes between liberals and progressive Democrats over the size of the president’s $3.5 trillion spending plan.