US House speaker Nancy Pelosi. Source: Reuters
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • House Democrats progress a $3.5 trillion safety net bill to accompany President Biden’s senate approved trillion dollar infrastructure plans
  • Earlier this month, the Democrats released details of a proposed companion bill they believe could transform the country’s social safety net
  • The House voted 220 to 212 on this larger companion bill, which would outline the framework of the proposed bill
  • However, the social safety net will still need to pass both houses

House Democrats have been cleared to progress a $3.5 trillion safety net bill to accompany President Biden’s senate approved trillion dollar infrastructure plans.

Earlier this month, the Democrats released details of a proposed companion bill they believe could transform the American social safety net.

The plan is estimated to cost $3.5 trillion over 10 years and will expand programs tied to climate, education and healthcare, while raising taxes on corporations and Americans making more than $400,000 a year.

The House voted 220 to 212 on this larger companion bill, which would outline the framework of the proposed bill, however, the social safety net will still need to pass both houses.

This further funding ties in with the $1 trillion Senate-passed infrastructure bill, as members of the Democrat party believe it is not enough.

House Speaker Nancy Pelosi also said her chamber would work with the Senate to nail down the details of the $3.5 trillion budget.

“Passing an infrastructure bill is always exciting for what it means in terms of jobs and commerce in our country,” Ms Pelosi said.

“Now more than ever, it also has to be a part of protecting our environment.”

But centrist Democrats, led by Representative Josh Gottheimer, had refused to go along, saying the House must first pass the infrastructure bill, which has already won approval by Republicans and Democrats in the Senate.

House Republican leader Kevin McCarthy blasted Pelosi and other Democrats for working on an agreement to secure Biden’s domestic spending priorities and voting legislation without addressing the crisis in Afghanistan.

“Maybe in your caucus, you think it is a great day for you and the Democrats,” Mr McCarthy said.

“It’s an embarrassing day to America, it’s an embarrassing day for this floor and it’s embarrassing that you would even move forward with it.”

More From The Market Online

Bullock: Hold call doesn’t rule out further tightening, if that’s required to beat inflation

Michele Bullock has made it very clear that the Reserve Bank is still strongly considering more rate hikes, especially if it’s the only

Reserve Bank holds rates at 4.35% as inflation battle drags on

The Reserve Bank has left the cash rate unchanged at 4.35%, warning inflation remains too high…
Global trade disruption concept with container ships blocked from entering or exiting the Strait of Hormuz. Maritime blockade and geopolitical tension affecting international supply chain and shipping routes.

Markets rally, ASX surges as US-Iran strike preliminary deal to reopen Strait of Hormuz

Australian shares rallied after the US and Iran confirmed a landmark ceasefire agreement, lifting miners, banks…
Close-up view of erupting molten lava, showcasing the intense heat and dynamic nature of volcanic activity.

Records up top, energy melt down, all eyes back on rech

Records on top. Regime turn underneath. Three U.S. indices closed at record highs into a holiday-shortened week. The Philadelphia Semiconductor Index ripped +5.53%...