In Washington, Congress is acting quickly to address a number of must-have spending measures before the end of the year while simultaneously trying to complete work on the Build Back Better Act (BBBA). BBBA is a social programs and climate bill that completes the President’s three-part economic agenda.
Centralina delegates recently met with Congresswoman Virginia Foxx to discuss regional priorities and local community needs. During the meeting, Congresswoman Foxx brought to everyone’s attention the little known benefit to businesses that are eligible for a tax exclusion of $5,250 for paying employees’ student loans. This assistance is also tax-free to the employee and available through 2025. Read more about this education assistance and the new flexibility for ARPA fund allocation.
On September 30, the end of the current federal fiscal year, President Joe Biden signed into law a continuing resolution (CR) to fund the government through December 3. The CR funds the federal government at current levels, averts a government shutdown and allows Congress more time to reach an agreement on FY22 appropriations. The U.S. House of Representatives has passed nine of the 12 annual spending bills, but the U.S. Senate has yet to pass any.
At the same time, negotiations reached a stalemate over the $1.2 trillion Infrastructure Investment and Jobs Act and the massive $3.5 trillion budget reconciliation. The budget reconciliation plan, known as Build Back Better, is a tax and spend package covering 10 years for social programs and climate action that is part of President’s Biden domestic agenda. Using the budget reconciliation process allows it to pass with a simple majority, without Republican support.
Congress returns in September to a legislative calendar packed with end-of-the-month and end-of-the-fiscal year deadlines, as well as high profile legislation such as the infrastructure bill and a $3.5 trillion reconciliation package that reflects President Biden’s American Families Plan. Meanwhile, Centralina’s members are meeting with our region’s congressional delegation.
U.S. Senators have introduced legislative text for a bipartisan infrastructure deal crafted after months of negotiations and a rare weekend session among a bipartisan group of lawmakers, including both North Carolina U.S. Senators Richard Burr and Thom Tillis.
North Carolina legislators are making progress towards enacting an FY2021-2023 state budget. On June 25th, the Senate passed its budget proposal, which directs spending for the more than $5 billion in American Rescue Plan funds the state received from the federal government. Included in the Senate’s proposal were several provisions for councils of governments (COGs).
As Congress left for the July 4th week recess, infrastructure negotiations were continuing after President Biden and a group of 21 bipartisan Senators reached a compromise on a framework for an infrastructure package. The bipartisan group consisted of 11 Republicans, including both North Carolina Senators Richard Burr and Thom Tillis, and 10 Democrats.
On Friday, May 28, President Biden sent Congress a $6 trillion budget request for FY22. This is the Biden Administration’s first full budget, detailing the framework version that was outlined on April 9. It is also the first budget in ten years without spending caps in place.
On Monday, May 10, the last day of the statutory limit, the U.S. Department of the Treasury issued its long-awaited guidance and allocations distributing $65.1 billion each to cities and counties of all sizes.
The Coronavirus State and Local Fiscal Recovery Program (SLFRP) provides substantial flexibility for each government to meet local needs — including support for households, small businesses, impacted industries, essential workers, and the communities hardest hit by the crisis. These funds can also be used to make necessary investments in water, sewer and broadband infrastructure.
President Biden released his American Jobs Plan on Wednesday, March 31.
The package includes transportation, water, housing, broadband, public schools, community colleges, climate action and more. At more than $2 trillion, it is also only the first part of the President’s plan. The President is planning another press conference in the next few weeks on a second large package that includes more people-focused spending priorities favored by Progressives, such as expanded childcare, free community college, universal prekindergarten and more.