Скачать с ютуб Two experts debate the cost of President Joe Biden's social spending bill в хорошем качестве

Two experts debate the cost of President Joe Biden's social spending bill

Sharon Parrott, president of the Center on Budget and Policy Priorities, and Russell Vought, former OMB director under former President Donald Trump, join 'Squawk Box' to debate the fiscal sustainability of President Joe Biden's social spending bill. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi The House of Representatives on Friday passed the largest expansion of the social safety net in decades, a $1.75 trillion bill that funds universal pre-K, Medicare expansion, renewable energy credits, affordable housing, a year of expanded Child Tax Credits and major Obamacare subsidies. The final vote was 220-213, and only one Democrat, Jared Golden of Maine, voted against the bill. Now that it has cleared the House, President Joe Biden’s Build Back Better Act goes to the Senate, where it is likely to be revised in the coming weeks. Senate Majority Leader Chuck Schumer said he aims to have the chamber pass the bill before Christmas. The House will need to vote on it again if the bill is altered. If the measure is signed into law, the bill will profoundly change how many Americans live, especially families with children, the elderly and low-income Americans. What’s in the current version of the bill: Universal preschool for all 3- and 4-year-olds. In addition to helping millions of children prepare better for school, the benefit would enable parents of young children to return to the workforce earlier. A child-care cost cap of 7% of income for parents earning up to 250% of a state’s median income. Four weeks of federal paid parental, sick or caregiver leave. A year of expanded Child Tax Credits. During the past year, these credits have raised households with more than 3 million children out of poverty and cut overall child poverty in America by 25%. Extended pandemic-era Affordable Care Act subsidies. So far this year, these subsidies have increased ACA enrollment by more than 2 million. New hearing benefits for Medicare beneficiaries, including coverage for a new hearing aid every five years. A $35-per-month limit on the cost of insulin under Medicare and a cap on out-of-pocket prescription drug costs at $2,000 per year. $500 billion to combat climate change, largely through clean energy tax credits. This represents the largest-ever federal investment in clean energy. An increase in the State and Local Tax deduction limit from $10,000 to $80,000. The bill represents a major victory for House Speaker Nancy Pelosi, D-Calif., who pulled together a divided caucus with conflicting interests and united it behind a sprawling, 2,000-plus-page bill, passing it with a thin majority. “This bill will speak for itself to millions and millions and millions and millions of Americans whose lives will be made more secure and richer in terms of their quality of life, whose educational opportunities will be greater, and whose job opportunities will be greatly enhanced,” Majority Leader Steny Hoyer, D-Md., said Friday at a press conference after the vote. The long road to a vote Pelosi and Democratic leaders had initially hoped to pass this bill on Nov. 5, the same day the chamber voted to pass a $1 trillion bipartisan infrastructure bill. But Democratic moderates insisted upon seeing a Congressional Budget Office analysis of the bill’s impacts before they voted on it. That analysis was released Thursday. House Democrats had hoped for a vote Thursday night, but Republican leader Rep. Kevin McCarthy derailed those plans with a rambling, eight-hour-plus speech that lasted through the night and into early Friday morning. Progressives were reluctant to throw their weight behind the infrastructure bill without an iron-clad assurance that moderates would in turn vote to pass the Build Back Better Act when it came to the floor later on. » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide. The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30: https://www.cnbc.com/2020/09/29/the-n... Connect with CNBC News Online Get the latest news: http://www.cnbc.com/ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC https://www.cnbc.com/select/best-cred... #CNBC #CNBCTV