Here's what is in House Democrats' multitrillion-dollar infrastructure and social spending package
by Zachary Halaschak, Economics Reporter |
| September 16, 2021 05:56 AM
House Democrats are fighting hard to pass a multitrillion-dollar reconciliation package full of new spending and tax measures. While the exact scope and funding of the bill are not yet finalized, here are highlights of what Democrats have laid out in legislation at the committee level this week:
Workplace leave
Democrats hope to create the country’s first federal leave program. They are proposing up to 12 weeks of universal paid family and medical leave to workers nationwide. The program would be rolled out over the next decade and include 12 weeks' leave for those who suffer a personal illness. The program would expand upon requirements for employers under the Family and Medical Leave Act.
Retirement
The legislation would mandate certain employers, who don’t currently have workers enrolled in employer-sponsored retirement plans, automatically enroll them in individual retirement accounts or 401(k)-type plans.
Democrats also want to make the retirement savings contribution credit for low-income Americans who don’t make enough to pay taxes, known as the “saver’s credit,” refundable. The current iteration of the saver’s credit is nonrefundable, which means it can only be used to reduce the earner’s tax liability to zero.
Healthcare
The Democratic package also hopes to add dental, vision, and hearing benefits to traditional Medicare. Dental coverage is popular among those who use Medicare Advantage, with about 94% of enrollees opting for it. However, only an estimated 47% of all Medicare beneficiaries don’t have dental care covered.
Extends Obamacare subsidies that reduce the amount enrollees pay to 8.5% or less of their income.
Invests $190 billion to increase access to home-based care and services to the elderly and those with disabilities.
Provides funding to expand the Children’s Health Insurance Program permanently, which helps states provide low-cost health coverage to children in families that earn too much to qualify for Medicaid.
Addresses a funding shortfall in the World Trade Center Health Program by providing $2.86 billion to the program.
Provides $36 billion to infrastructure and funding for public health departments to construct and modernize health facilities and expand capacity for training.
Allocates more than $15 billion in pandemic preparedness investments, including strengthening supply chains, supporting vaccine manufacturing, and bolstering the Strategic National Stockpile.
Drug pricing changes to allow Medicare to negotiate lower prices. The measure failed to advance from the Energy and Commerce Committee on Wednesday after three Democrats joined Republicans in opposing it, although the plan can still advance to a vote in the House. The Congressional Budget Office provisions would slash federal spending by nearly $500 billion over the next decade. House leadership says the legislation is still a “cornerstone” of the spending package.
Transportation
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