• U.S. Senate narrowly approves $3.5 trillion spending plan

Market news

11 August 2021

U.S. Senate narrowly approves $3.5 trillion spending plan

Reuters reports that the U.S. Senate narrowly approved a $3.5 trillion spending blueprint for President Joe Biden’s top priorities.

After months of haggling, the Senate on Tuesday passed a $1 trillion infrastructure bill here in a bipartisan 69-30 vote, proposing to make the nation's biggest investment in decades in roads, bridges, airports and waterways.

Democrats in the Senate then turned to a budget resolution containing spending instructions for the multi-trillion-dollar follow-up package here, which includes provisions to create universal preschool, affordable housing and climate-friendly technologies.

The bills have been a top priority for Biden, who has sought to enact sweeping changes during a time when his Democratic party narrowly controls both congressional chambers and where they fear loss of legislative control in the looming 2022 elections.

The Democrats plan to push the package through over the next few months, using a process called "budget reconciliation here," which allows them to pass legislation with a simple majority vote.

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