Carbon Tax For Reconciliation

October 21, 2021

carbon tax remains in the mix for reconciliation from two crucial senators

Carbon tax remains in the mix for reconciliation, President Joe Biden and most Democrats in Congress are pushing hard to see if they can make progress on a budget reconciliation package before the end of the month.

Democrats are rushing to advance massive spending plan

The Democratic Party in Washington set a deadline for October 31 to pass the bipartisan $1.2 trillion infrastructure package.

However, progressives will not support the bill if they do not have a framework agreement with moderates on reconciliation.

The upcoming days will be significant for the future of the two bills. President Biden is said to be annoyed by the slow progress.

Some experts have suggested that signing the bills into law will help the president’s standing in the polls after a rough summer marked by economic anxiety and the debacle in Afghanistan.

Progressives and moderates in the left-leaning party have trouble agreeing on how to pay for the reconciliation plan with close to a $2 trillion top line.

In the Senate, two moderates hold a lot of power. However, they are not always asking for the same thing.

The challenge is to get people with different goals to make concessions and look in the same direction.

Despite the gloomy narrative in the media, most observers believe that Biden will sign the two bills at some point this year.

Carbon tax is being considered to offset the cost and address climate change

The potential addition of a carbon tax to the enormous spending bill has become the latest flashpoint for Democrats.

Senate Finance Committee Chair Ron Wyden began floating the carbon tax last month as a way to pay for the new programs in the bill.

This move would help Biden keep his promise to make progress on climate change.
Proponents of the plan say it is an excellent way to reduce fossil fuel emissions.

The carbon tax had seemed to lose steam in the past weeks, but it is making a comeback.

Moreover, the White House is adamant that it is still on the table despite reports to the contrary. The proposition has supporters in unexpected corners.

Treasury Secretary Janet Yellen is a big supporter of the idea. Even Republicans like Utah Senator Mitt Romney believe it is a good option.

However, the former presidential candidate is not expected to support the package even if the carbon tax is included.

Senators Manchin and Tester say no to carbon tax, for now

The challenge in including it in the reconciliation package is that two Democratic senators have come out against the idea.

Sen. Joe Manchin (D-W.Va.) has said on Tuesday that the carbon tax is not being discussed right now. When asked if he could be convinced to support it, he reiterated that it is not in the picture at the moment.

Sen. Jon Tester (Mont.) has also said that he does not support the concept. The Democrats have the tiniest majority in the U.S. Senate, and losing the backing of one senator is enough to tank an issue.

Despite those statements, some in the party’s leadership still believe that they can find a way to frame the plan that can satisfy the holdouts.

The upcoming days will reveal if this is just wishful thinking.

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