As its price tag has been slashed to $1.7trn over a decade, half as much as first pitched, the hunger—or squid—games between progressives and moderates have turned fiercer. This has mostly been to the benefit of the moderates, as senators like Joe Manchin and Kyrsten Sinema have wielded their veto threats to weaken or kill some mooted carbon-emissions limits, a paid-family-leave programme and tax rises for rich Americans and firms.
This constitutes one of the biggest expenditures in the pending budget bill. And it is steeply regressive . It is dividing Democrats, who may yet push for significant changes in the Senate.provision would cost the federal government an additional $275bn relative to current law. That is much more thanplans to spend on child-tax and earned-income credits that are intended to reduce poverty.
This is not just “a colossal waste of money on a regressive, distortionary tax break”, argues Richard Reeves of the Brookings Institution, another Washington think-tank, but “a form of fiscal self-harm, and, therefore, political self-harm”. Jason Furman, a former economic adviser to Barack Obama, has called it “obscene”.
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