Senate OKs Dems’ $3.5T budget in latest win for Biden

Senate Democrats early Wednesday passed a $3.5 trillion spending blueprint for President Biden’s top priorities in a 50-49 vote along party lines — and much of the budget plan will be paid for by making “the rich pay their fair share” amid spiking inflation.

Besides higher taxes on the wealthy and corporations, Democrats envision savings by letting the government negotiate prices for pharmaceuticals it purchases, slapping taxes on imported carbon fuels and strengthening IRS tax collections.

Democrats have said their policies will be fully paid for — but they’ll make no final decisions until this fall’s follow-up bill.

The passage came despite a cascade of Republican amendments intended to make their rivals pay a price in next year’s elections for control of Congress.

House leaders announced that their chamber will return from summer recess in two weeks to vote on the fiscal blueprint, which is aimed at disbursing the $3.5 trillion over the next 10 years.

A final congressional approval would protect a subsequent bill actually enacting the measure’s detailed spending and tax changes from a GOP filibuster in the 50-50 Senate, delays that would otherwise kill it.

Even so, pushing through the follow-up legislation will be tricky with party moderates wary of the huge $3.5 trillion price tag vying with progressives calling for aggressive action.

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