Home / Market Update / US Senate Approves $3.5 Trillion Budget Resolution

US Senate Approves $3.5 Trillion Budget Resolution

Senate Democrats have taken their first step toward passing a $3.5 trillion spending plan as the Democratic Party pushes forward with a massive economic agenda.

More than 14 hours later, the Democratic-controlled US Senate voted 50-49 to pass the budget resolution.

A bill would be drafted by the committees, which would spend up to $3.5 trillion on climate initiatives, paid time off, childcare, education, and health care.

It represents the first step in the budget compromise process, which will allow Democrats to approve their plan without a Republican vote in the Senate, split 50-50 by party.

The vote to approve the resolution comes after the Senate approved a bipartisan $1 trillion infrastructure bill on Tuesday.

Democrats see the bipartisan plan and their reconciliation bill as complementing an agenda aimed at creating jobs, slowing climate change, and strengthening the social safety net.

Check Also

Goolsbee Lauds September’s Jobs Report

Interviewed at Bloomberg, Chicago Fed President Austan Goolsbee said on Friday that he considered the latest …