Washington’s Proposed $3.5T Investment Plan Gets the Nod of Senate Democrats

Washington’s Proposed $3.5T Investment Plan Gets the Nod of Senate Democrats

(Reuters) US Senate Democrats have agreed to support Joe Biden’s $3.5 trillion investment plan set to be included in an upcoming budget resolution.

The Democrats’ approval happens after closed-door talks, in which White House officials participated, with Republicans absent from the negotiations.

Senate Majority Chuck Schumer says the $3.5 trillion agreement must be approved by a 50-member Senate Democratic caucus and includes an expansion of the Medicare program for the elderly.

Biden is expected on Capitol Hill on Wednesday to discuss the legislation with the Senate Democrats amid potential disapproval from Republicans.

Biden’s proposal to tax the wealthy and corporations more to fund the budget initiatives has faced Republican dissent.

SPY is up +0.17% on premarket, DXY is down -0.28%.

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