Year-end spending and tax priorities could set up Democrats in Congress for a wave of legislation that adds hundreds of billions of dollars to the national debt.
Rep. Byron Donalds, R-Fla., responds to Florida's economic growth and Republicans' potential 2024 candidates.
Some of these ideas, like extending the tax breaks, will win Republican support; however, none of them are likely to be paid for with spending cuts elsewhere, and that means more national debt. Arnold said his group has recommended spending offsets to pay for new spending programs or revenue the federal government would not get if it extends tax breaks further into the future. However, he said the tight timeline before the end of the year means there is little time to debate how to do it.
Senate Minority Leader Chuck Schumer will need to find Republican votes if he expects to pass legislation increasing spending, but will likely find some GOP support for extending certain tax breaks. Extending tax breaks that will begin to expire next year or have already begun to be phased out are a big piece of the puzzle for Democrats. Senate Finance Committee Chairman Ron Wyden, D-Ore., has talked openly about finding a way to expand the child tax credit, which grew from $1,000 to $2,000 under President Trump and temporarily increased again to as much as $3,600 under President Biden.
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