The House of Representatives on Friday passed the largest expansion of the social safety net in decades, a $1.75 trillion bill that funds universal pre-K, Medicare expansion, renewable energy credits, affordable housing, a year of expanded Child Tax Credits and major Obamacare subsidies.
Now that it has cleared the House, President Joe Biden’s Build Back Better Act goes to the Senate, where it is likely to be revised in the coming weeks. Senate Majority Leader Chuck Schumer said he aims to have the chamber pass the bill before Christmas. The House will need to vote on it again if the bill is altered.
If the measure is signed into law, the bill will profoundly change how many Americans live, especially families with children, the elderly and low income Americans.
What’s in the current version of the bill:
- Universal preschool for all 3- and 4-year olds. In addition to helping millions of children prepare better for school, the benefit would enable parents of young children to return to the work force earlier.
- Capping childcare costs at 7% of income for parents earning up to 250% of a state’s median income.
- 4 weeks of federal paid parental, sick or caregiver leave.
- A year of expanded Child Tax Credits. During the past year, these credits have raised households with more than 3 million children out of poverty, and cut overall child poverty in America by 25%.
- Extended pandemic-era Affordable Care Act subsidies. So far this year, these subsidies have increased ACA enrollment by more than 2 million.
- New hearing benefits for Medicare beneficiaries, including coverage for a new hearing aid every five years.
- A $35 per-month limit on the cost of insulin under Medicare, and a cap on out-of-pocket prescription drug costs at $2,000 per year.
- $500 billion to combat climate change, largely through clean energy tax credits. This represents the largest ever federal investment in clean energy.
- Raising the State and Local Tax deduction limit from $10,000 to $80,000.
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