President Joe Biden came clean today about his “Build Back Better” proposal and admitted that it is unlikely he will be able to get the full amount of funding that was initially requested by his administration.
Newsmax shared a clip of his speech that took place in Hartford, Connecticut where he made the admission about his bill that he said would be spread out over 10 years.
“The cost of ‘Build Back Better’ bill in terms of adding to the deficit is zero,” Biden claimed.
Biden then stated, “So I hear people say it costs $3.5T, to be honest with you, we’re probably not going to get $3.5 trillion this year, we’re going to get something less than that.”
“I’m going to negotiate and I’m going to get it done,” Biden insisted.
Biden explained that it would be he believed it would be $0 because “It’s paid for because big corporations and the wealthy” who “are going to start paying their fair share.”
President Joe Biden gives an update on his spending plan: "To be honest with you, we're probably not going to get $3.5 trillion this year, we're going to get something less than that." https://t.co/VlT7z8drtO pic.twitter.com/b2xfH5Ae5w— Newsmax (@newsmax) October 15, 2021
As CNBC recently reported, Democrats are locked in talks over how to structure their massive investment in the social safety net and climate programs.
The elected leaders aim to pass the plan, along with a bipartisan infrastructure bill already approved by the Senate, before the end of the month.
The progressive caucus sent a letter to House Speaker Nancy Pelosi outlining their demands, which includes a call for universal programs, rather than so-called means testing that would make only some people eligible based on income or other standards.
In order to curb spending, Manchin and other Democrats have urged party leaders to set guidelines for eligibility.
The bill could end up at around $2 trillion or less as party leaders aim to win over centrist Sens. Joe Manchin, (D-WV), and Kyrsten Sinema, (D-AZ).
Manchin represents a state that realistically should have two Republican senators and Sinema won her election by less than 3%, but Democrats clearly want to push a progressive agenda on them regardless, which would likely sink their chances of re-election.
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