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August 10, 2021

Senate to pass infrastructure bill, FY22 budget resolution released

The Senate is expected to pass today a $1.2t bipartisan infrastructure bill, the Infrastructure Investment and Jobs Act (HR 3684). Senate Budget Committee Chairman Bernie Sanders (I-VT) on August 9 released the FY2022 budget resolution with reconciliation instructions for a potential $3.5t package of Democratic priorities that can pass with a simple majority vote in the Senate.

The reconciliation instructions target September 15 for committees to submit their reconciliation bills, meaning tax increases identified to pay for the reconciliation bill may not be known until then. The resolution sets revenue targets for reconciliation but does not prescribe policy details. A Democratic memo on reconciliation circulated in conjunction with the resolution said offsets envisioned to be developed by the Senate Finance Committee should address corporate and international tax reform; tax fairness for high-income individuals; IRS tax enforcement; health care savings; and a Carbon Polluter Import Fee. A WCEY Alert provides details.