Some context for the $3.5T/10-year package:

Total government spending over the next decade is about $62T. This represents ballpark 5-6%.

Big? Yes, but we are in a land of very large numbers.
The budget package is about 1/10th the cost, for example, of Medicare for All. The Green New Deal as originally envisioned was theoretically much larger too.
But Biden's plan is bigger than the ACA, and the scope of the package would affect many different aspects of American life -- child tax credits, Medicare dental/vision/hearing, pre-K, community college, child care, family leave, labor, climate, immigration, corp tax
Fun fact: it’s also smaller than extending Bush-era tax cuts for a decade.

Fun fact 2: Biden cut deal w/McConnell making most of the Bush-era tax cuts permanent 9 years ago.
So if you are looking for the “most expensive bill in history” as scored by CBO it’s probably fiscal cliff deal. Biden’s package has a shot at most expensive nominal spending bill, but is over a decade (CARES was spent in months), and a lot of the package = middle class tax cuts.
Another way to judge legislation is relative to the size of the economy. A $4T domestic agenda is about 1.5% of GDP over a decade. CARES/Biden rescue bills were much bigger GDP spikes over much shorter timeframe.

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More from @StevenTDennis

17 Jul
If you have successfully convinced a vaccine skeptic to get the vaccine, what did the trick?
Read 13 tweets
17 Jul
First up on #FridayNightZillow:
Rehobeth Beach, DE
2BR, 1BA, 1K sf
"Bike to the beach"
$67K
zillow.com/homedetails/36… ImageImageImage
Yeah, you do have to pay $766 land rent for your not-so-mobile mobile home, but still. Rehobeth!
Awesome Elmira, NY castle.
10BRs, 4BAs, 41 rooms.
*$99,900*
Enormous, but "not currently habitable."
Appears to be in the middle of a gut-and-rebuild.
zillow.com/homedetails/61… #FridayNightZillow ImageImageImageImage
Read 19 tweets
17 Jul
I was going to do a #FridayNightZillow on affordable condos in DC, but it's kind of just too depressing.
Like, yeah, this condo is dirt cheap. $95K.

Monthly payment below $600.

But, look at it and tell me it's not depressing?
zillow.com/homes/114-Danb…
I guess you could put in new floors a new kitchen and so on.
Read 6 tweets
15 Jul
Let’s do a U.S. finances quiz poll.
What is the combined *net worth* of all USA households + nonprofits, per the Q1 2021 Federal Reserve stats? (Correct answer provided at 10:30 pm)
Ok, so 36% of you were right. The correct answer is the net worth of U.S. households and nonprofits is $137 trillion, a staggering amount of money.

More than $400,000 net worth per USA resident is kind of a mind-blowing stat.

It’s more than $100T larger than the federal debt.
USA household+nonprofit net worth over time: Image
Read 4 tweets
14 Jul
! Senate Budget Democrats announcing plan for $3.5 trillion budget package
$3.5 trillion topline still has a lot of details to be filled in on how to pay for it, how to score it, and exactly what will be in or out. But it sets stage for a ~$4 trillion long-term Biden agenda uniting moderates like Warner with liberals like Sanders bloomberg.com/news/articles/…
In the photo that's WH's Brian Deese over there by the window.

Next stop: Manchinville.
Read 7 tweets
11 Jul
If you are a young reporter wanting to understand Washington, you could do worse than reading the budget from start to finish. On almost any page you can find a multi-decade saga if you look hard enough.
The wrong way to read it is just as a bunch of numbers. Why is there breast cancer research in DOD of all places? There’s a fun story behind that. Why do government rocket launches cost so much more than private launches? Another story. Every line item started somewhere.
My favorite are the charts in the back. They are key to putting in perspective other stories. You should know, for example, that the Gov’t will spend ~$62T on autopilot over the next decade. A $6T increase would be a little less than 10%. And so on.
Read 10 tweets

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