Breaking Down the $3.5 Trillion Democrat Budget Plan

For the second time this year, the Democrat Majority is bypassing the Budget Committee to vote on a budget resolution. This time it is to allow for a $3.5 trillion spending spree. This plan, arriving just a few months after Democrats added $2 trillion to the debt by passing a liberal wish list without a single Republican vote, will unlock a massive expansion of the federal government and raise taxes on American families and businesses.

The Reckless Tax and Spend Plan (Table A) includes:

$4.2 trillion in new spending over 10 years: $3.5 trillion in new mandatory spending (details below in Table B),

$263 billion in new discretionary spending, and

$390 billion in increased interest on the debt.

National debt soars to $40 trillion (119% of GDP) by 2031.

Total debt (subject to limit) soars to $45 trillion (134% of GDP) by 2031.

Nearly $400 billion in defense cuts compared to current law projections.

Deficits that average $1.6 trillion annually under the plan, reaching $2.2 trillion by 2031.

A pathway to trillions of dollars in new taxes. According to supporting documents provided by Chairman Sanders, the $3.5 trillion reckless tax and spend spree will be “fully offset.” Because the Finance Committee was given a broad reconciliation instruction that did not require or disclose a specific level of revenue, this can be accomplished entirely by raising $3.5 trillion in new taxes. There is no restriction on the amount of tax increases allowed under this budget resolution or through the fast-track reconciliation process.

Instructions to the following committees to increase spending and deficits:

The resolution includes an easy-to-reach instruction to the Finance Committee to decrease deficits by $1 billion over the next ten years.

A new emergency designation protocol for the Senate that cannot be challenged with a point of order. Inclusion of this new emergency designation on legislation would allow it to pass without facing the standard 60-vote point of order and would reduce the fiscal discipline imposed by all other points of order.