Thread by @ParrottCBPP

Thread: Senate Budget Committee Democrats’ agreement on a budget resolution marks an important step toward robust and critically needed recovery legislation to build an equitable economy and address our nation’s long-standing challenges. #EquitableRecovery

There are many key details that haven’t been released and, in some cases, haven’t been worked out, but the last 48 hours demonstrate encouraging progress towards transformative change.

Once a budget resolution is in place, lawmakers will turn to the important work of crafting reconciliation legislation, consistent with that framework, that can transform our economy…

…boosting families’ financial security, reducing long-standing racial disparities, and creating opportunity for tens of millions of children.

Priorities should include the #AmericanRescuePlan’s transformative #ChildTaxCredit & #EITC expansions; robust investment in rental assistance; a pathway to coverage for millions in states that refuse to expand #Medicaid under the ACA; more food assistance for children…

… and investing in #PaidLeave, #ChildCare and preschool, home and community-based services for older people and people with disabilities, workforce development & subsidized jobs, and community college.

In addition, reforming the #Unemployment Insurance system is critically important — it can be accommodated but there hasn’t yet been any indication that it will be included.

cbpp.org/research/econo…]

Without reform, the UI system will revert to one that leaves many low-paid workers — disproportionately people of color and women — without any #unemployment benefits at all when they lose their jobs and provides grossly inadequate benefits to many others.

To help pay for these investments & create a more equitable tax system,  the legislation will need to raise revenues from the wealthy & profitable corporations; bolster the IRS to ensure taxes owed are actually paid & secure reasonable drug price savings cbpp.org/research/feder…

The broad outlines of the agreement are encouraging but not perfect. And, to be sure, there is a long way to go to bring recovery legislation to fruition.

But getting to the finish line is critical because the pre-pandemic status quo is unacceptable.

It featured high #poverty and #inequality, millions without health coverage, millions unable to pay the rent and make ends meet, and serious under-investment in children and workers.

In a new @CenteronBudget paper, we find that before the pandemic more than 1 in 3 households with children experienced a major form of hardship —an inability to afford adequate food, shelter, or utilities — over a three-year period.

cbpp.org/research/pover…

Recovery legislation this year represents an historic opportunity to do better.