Another crazy day in the divided and very poorly governed, United States of America.
Since President Joe Biden took office on January 20th, 2021, the federal government is on its way to adding an additional $3 trillion dollars to the national debt.
Bloomberg is reporting that “Biden’s 10-year outlook would rack up $14.4 trillion in deficits,” increasing the federal debt to $44.8 trillion.
So, what is the party with majorities in the Congress and White House working on to address the economy etc.?
In reality not too much, instead, they are working on passing a massive $500B dollar spending bill that includes funding climate change policies and protects former President Barack Obama’s government-run health program, Obamacare, from insolvency.
Even as the Federal Reserve is being forced to raise its benchmark rate to try to slow down the out-of-control inflation, the Democrats want to spend, spend and spend even more. The administrations failing attempt to implement the controversial Modern Monetary Theory is leading to the illogical actions we see on a day-to-day basis.
Even CNN is pointing out the damage all the spending is doing in reference to inflation.
“Inflation rises at the fastest pace in 40 years, pushed up by record gas prices – Inflation of 8.6%.”
“Record gas prices drove inflation to 8.6% for the 12 months ending in May, higher than the pace in April, according to the latest Consumer Price Index, the government’s basic inflation measure.”
The U.S.Senate is divided 50/50 and even with Vice President Kamala Harris voting with the Democrats as the tiebreaker, all it takes is one defector in President Joe Biden’s political party to sink legislation needed to advance the administration’s main agenda items.
One of the two Democrats slowing down the administration, Sen. Joe Manchin (D-WV), ended up being the main reason why the Build Back Better Act did not move forward.
Manchin has promised to do all he can to help his party pass a few major bills that the White House is focused on.
The old school democratic from the coal mining state of West Virginia continues to hold talks with Senate Majority Leader Chuck Schumer (D-NY) on a reconciliation package that would spend $500 billion and with an unrealistic expectation of raising $1 trillion in revenue.
The package would primarily focus on health care, energy, and taxes.
One source told NBC News that the “ceiling” for climate change funding would be capped at $300 billion, making it a significant fixture of the package.
Another provision that would allow Medicare to negotiate the price of prescription drugs would be expected to save money. This would allow for Senate Democrats to potentially include extending enhanced Obamacare subsidies in the bill, which would cost $220 billion if the subsidies were extended permanently, according to the Congressional Budget Office (CBO).
The democratic leadership appears to be trying to get Biden something to sign before the U.S. Congress takes off for its summer recess.
In addition, most political analysts and polling companies are predicting a substantial GOP Red Wave in the November mid-term elections. If it happens, House Speaker Pelosi and Majority Leader Schumer’s leadership positions would come to an end, and it would usher in a lame-duck presidency for Biden’s final 2 years in office.
This story syndicated with permission from Eric Thompson, Author at Trending Politics
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