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There is a growing consensus that the Biden $3.5 trillion spending bill is in trouble, and for all the obvious reasons. The president is down on his luck politically, which gives him relatively little leverage to push hard on behalf of legislation that has divided progressives and moderate Democrats—and left Republicans united in their opposition to a bill that they claim does too much too soon.
One measure of Biden’s desperation is his belated announcement that the $3.5 trillion bill will cost nothing “because we’re going to raise the revenue” through higher taxes on corporations and high-net-worth individuals. Unfortunately, this one naive observation captures the fatal flaws in Biden’s grand vision.
It Doesn’t Pencil Out