Thread: concerns based on emerging reports about #DebtCeiling bill. Before we dive in, important to remember, we shouldn't be here to begin with. House Rs have used the debt ceiling to hold the nation’s economy hostage to demands for damaging policies. While the #DebtCeiling agreement appears to be much improved over the radical House bill, that’s not the bar.

House Republicans have tried to make those who can’t afford food, rent, or health care pawns in their debt-ceiling hostage-taking scheme. @POTUS and members of Congress must not go along. .@POTUS has repeatedly committed to reject any legislation that increases poverty or would negatively impact people’s health. Now is the moment to deliver on those commitments. #DebtCeiling

Thread: Policymakers need to find a path to a compromise #BuildBackBetter bill that makes significant progress toward more broadly shared prosperity, is based in evidence, and can pass.

See new @CenteronBudget analysis: cbpp.org/research/pover… Economic insecurity was widespread even prior to the pandemic. 1 in 4 households couldn’t afford adequate food, shelter, or utilities at some point between 2014-2016.

The new CBO score confirms that #BuildBackBetter is fiscally sound. Thread. First, when you adjust the CBO score by using Treasury’s higher but reasonable estimates of the revenue raised from increased IRS enforcement, #BuildBackBetter is more than fully offset over 10 years.

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.

Check out @CenteronBudget’s new (short!) piece on why the tax system needs to be improved. Incomes for the very wealthy have grown substantially but the share of income they pay in taxes has shrunk.

The Biden admin has modest proposals that would help: cbpp.org/research/feder… The highest-income 0.01% of tax filers (the top 1 in 10,000) saw their incomes rise on average by 601% in inflation-adjusted terms between 1979 & 2017. Yet from the mid-90’s through 2017, the average share of the income that the top 0.01% paid in federal taxes fell by almost 20%.

The budget the Biden administration released today is a bold approach to addressing many of the nation’s long-standing problems and building toward a more equitable economy where everyone can thrive: cbpp.org/press/statemen… 1/ Its policies are designed to make significant progress in reducing racial & ethnic disparities, rooted in racism & other forms of discrimination, that for generations have resulted in deeply unequal access to #jobs, #education, #housing, & #health care. 2/