House Dems Approve Build Back Better Plan, Extending Child Tax Credit

House Democrats just passed the $1.75 trillion Build Back Better (BBB) Act on Friday, now sending the bill to the Senate where it could be changed once more, CNBC reported.
The social spending bill (noted as the largest expansion of the social safety net in years) has funding highlights that would cover:
  • Universal pre-K
  • Climate change
  • Health care and immigration, and more.

According to the article, some notable differences are described between the House’s version of the bill and a framework endorsed by President Joe Biden and Senate Democrats earlier this fall.

One key difference is that the House bill has four weeks of paid parental and medical leave — the Senate bill included none, the article added. This difference could be a “sticking point” in negotiations, due to Sen. Joe Manchin, D-W.V. disagreeing with putting that piece in the bill, according to the article. Democrats need the entire 50 senators in agreement to pass their legislation.

Also, President Joe Biden signed into law earlier this week a separate bipartisan infrastructure bill that would help with funds for roads, bridges, public transit, airports, clean water, high-speed internet infrastructure and more, according to the article. During a visit from Biden on Wednesday, November 17 visit to General Motors (GM) in Detroit, he toured the former Detroit-Hamtramck assembly plant where electric vehicles will soon be assembled.

While there, Biden shared new economic insights and how Detroit will receive huge benefits from these changes.

“It’s great to be back,” Biden said during the event, adding that some great news is coming to the city. “Through the leading agencies on Wall Street confirmed today … that the economic proposals we put forward for the nation — the infrastructure law we just signed in the Build Back Better plan — are being considered this week and Congress will not add to inflationary pressures in the economy.”

Other aspects of the BBB that could impact your wallet include an extension of an enhanced child tax credit for another year. Families have received the initial tax credit since July. The credit was increased this year and would be worth up to $3,000 per child (6 to 17) and $3,600 per child under 6.

Read the full story here.

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