Economy
Republicans immediately rejected Biden's plan, but have yet to release their own budget. They have made it clear, however, that they want to apply deep spending cuts to everything from health insurance to food assistance benefits.
Biden’s plan would increase the Medicare tax rate on Americans earning above $400,000 from 3.8% to 5% to help keep Medicare solvent into the 2050s. No one earning under $400,000 a year would pay a dime more in taxes, under Biden’s plan.
Biden’s plan would increase the Medicare tax rate on Americans earning above $400,000 from 3.8% to 5% to help keep Medicare solvent into the 2050s. No one earning under $400,000 a year would pay a dime more in taxes, under Biden’s plan.
House Republicans want to apply deep cuts to everything from health insurance to food assistance benefits, an effort that would plunge millions more Americans into extreme poverty.
The debt ceiling is a numerical limit, set by Congress, on how much money the federal government can borrow to pay its bills. Increasing the debt ceiling is a routine congressional task, but Republicans want to hold it hostage to make cuts to Social Security and Medicare, even though failing to raise the limit would cause massive economic devastation.
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Between Republicans’ economic agenda, spurious investigations, and threatened impeachments, the House is looking at a busy but unproductive year.
Under Democratic control, the federal government acted to lower healthcare and prescription drug costs; fight climate change and lower energy costs; invest in gun safety and mental healthcare; and implement a generational investment in American industry, manufacturing, and infrastructure.