BGOV OnPoint: House Passes Tax and Social Spending Bill (1)

The House passed a reconciliation bill that would implement key elements of President Joe Biden’s economic agenda after weeks of haggling.

The bill (H.R. 5376), passed 220-213, includes clean energy incentives, four weeks of paid family leave, child care aid, universal preschool, and Medicare drug price negotiations. All but one Democrat voted for the bill and all Republicans voted against it.

The Congressional Budget Office estimated that on net the bill would increase the deficit by $367 billion from fiscal 2022 through 2031, reflecting $1.64 trillion in spending increases offset by $1.27 trillion in additional revenue. The estimate ...