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Senate approves $3.5 trillion Democratic budget plan


August, 11 2021
watermark Economic news

The US Senate passed a $3.5 trillion budget proposal this morning after a 50:49 party vote. A day earlier, a bipartisan $1.2 trillion infrastructure spending package was adopted.


The adoption of the draft was the first victory for Democrats in the difficult process of introducing a broad package of measures in the fields of education, health, climate and other regulations without the support of the Republican Party.


President Joe Biden's administration and Democrats in Congress are aiming to implement as much of their legislative agenda as possible this year, ahead of next year's midterm elections.


However, many disagree with the adoption of the budget plan. For example, Senate Republican Minority Leader Mitch McConnell criticized the project, stressing that it was «full of reckless taxes and expenses.» It is worth noting that the Democrats have only a slight edge in both chambers, and the plan's supporters will face difficult negotiations in the process of turning the bill into law.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.