The big legislative news this week is the sweeping budget deal President Donald Trump, and congressional leaders reached to increase the debt limit through 2021, thus averting a default on U.S. payments, and lifting stiff budget caps that were set to take effect this fall.
The deal raises federal spending by a total of $320 billion and only contains $77 billion in offsets, which is far less than the $150 billion initially sought by the Trump administration.
Instead of additional cuts, House Speaker Nancy Pelosi (D-CA)has agreed not to include any “poison pill” political amendments or policy dictates in the upcoming appropriations bills.
House lawmakers cleared the sweeping budget package before leaving for the six-week August recess. The Senate is scheduled to follow suit early next week.
To learn more about this deal and how it might impact our advocacy, join our Supporters Call on August 1.
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Thursday, August 1, 2019 at 12PM ET/9AM PT
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But from practically the start, other experts have questioned whether that figure is too optimistic. The latest in that genre comes from a new paper from the Treasury Department’s Matthew Smith, Owen Zidar of Princeton and Eric Zwick of the University of Chicago, who argue in part that it’s tough to know just how much wealth is located at the top end and how it’s spread across different types of assets.
The paper also suggests (using data from 2014) that a Warren-style wealth tax would maximize proceeds by taxing accumulated wealth of at least $11 million. (Warren instead would place a 2 percent tax on wealth above $50 million, with an additional 1 percent surcharge tacked on at $1 billion.)
It’s not exactly apples to apples, but even the $11 million threshold would have only raised $146 billion, the paper says — well short of the pace needed to get to $2.75 trillion over a decade.
We’ll take that if the alternative is this week’s budget deal that is a win for the political faction that really runs the place—the bipartisan spending party. … “President Trump appears inclined to accept the agreement, perhaps to avoid more drama ahead of the 2020 campaign.
The White House is now leaking that after he’s re-elected Mr. Trump will really get down to business on taming spending. Voters can be forgiven if they find this hard to credit.”
That’s not a complete surprise, of course, since Republican candidates, officeholders and strategists have appeared intent for months to transform the 2020 elections from a referendum on Trump into a referendum on socialism
UNDERSTANDING GEN Z: How America’s Largest, Most Diverse, Best-Educated, and Most Financially Powerful Generation Will Shape the Future.
Understanding Gen Z report – some interesting trends…including on American identity, support for capitalism, etc.
Based on nearly 1,000 survey interviews with 18-21 year-olds, Morning Consult’s ‘Understanding Gen Z’ report digs into the values, habits, aspirations, politics, and concerns that are shaping Gen Z adults and the ways they differ from the generations that came before them.