The bill is designed to satisfy the GOP’s steadfast opposition to new taxes. To do so, the bipartisan group has exaggerated the new investments in the bill — as well as the revenues to pay for those investments.
Now we can see the problems with the bipartisan bill. First, the bipartisan bill addresses only a small part of our investment needs. And, second, it doesn’t even pay for those investments through offsetting budget cuts or tax increases.
But without more tax revenues, public investments will continue to be a tiny shadow of what is needed. So, the Democrats need to pass a real investment package — by reconciliation, along a party-line vote, this fall. And this package should be financed by tax increases on corporations and the rich.
The upcoming reconciliation bill, not the bipartisan legislation, is our real hope.