House Speaker Nancy Pelosi this week warned her party about the need to trim back the $3.5 trillion Build Back Better Act, the budget reconciliation bill. Pelosi told reporters, “I’m very disappointed we’re not going with the original $3.5 trillion,” adding, “But whatever we do we will make decisions that will continue to be transformative.” The bill’s price tag and policy scope are likely to be scaled back dramatically, according to the Washington Post. The proposal aims to expand Medicare, combat climate change, improve education, and offer new benefits to help families and children. Much of the spending is financed through new tax increases on corporations and the wealthy.
For agriculture, the plan includes $66 billion in funding for research, biofuels and forestry management programs. The proposal also includes $28 billion for conservation and a $35 billion increase in child nutrition programs. Pelosi did not discuss details of the likely cuts to the bill.