'The Finance Committee is going to extend tax cuts for families with [kids], working adults and caregivers for as long as possible,' said Sen. Ron Wyden, D-Ore.
Of course, the proposal is only a blueprint with overarching instructions for Senate committees ultimately tasked with writing the legislation.
So far, the topline instructions offer few details about the programs and benefits it seeks to extend, as all Senators will be able to weigh in on the writing of the legislation in coming weeks, Schumer said. Democrats plan to pass the budget through reconciliation, a process that doesn't require any Republican support if all 50 of their members in the chamber agree.
The budget resolution agreement framework released Monday says that the proposal would be fully offset by "a combination of new tax revenues, health-care savings and long-term economic growth." At the same time, the plan would ban tax increases on those making less than $400,000 per year, according to the proposal.
More details will likely come soon. The Senate could pass the $1 trillion bipartisan infrastructure bill as early as Tuesday and would immediately work on passing the budget resolution next, according to Schumer.
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