WASHINGTON — The Associated Press is reporting that Senators are struggling to amend and finish the $1 trillion spending bill dubbed the Infrastructure Investment and Jobs Act. The mainstream media and many in mainstream politics went wild when a “bipartisan” agreement was reached several days ago. It was hailed as proof that Washington could work together after all.
That was until they still couldn’t work together.
Democrats and Republicans, under pressure from their lobbyist friends, are struggling to find out how they can fit in their pet projects and demands into this massive spending bill. A bill that comes in at over 2700 pages which I am sure not one single person has read.
Provisions regarding cryptocurrency and miners have divided the Senate. Exactly how cryptocurrency fits into a bill aimed to improve America’s infrastructure is unclear, other than raising revenues for the massive spending plan. The measure would change requirements for crypto brokers to report sales to the IRS.
It is estimated that the bill would generate $28 billion in new revenue for the IRS in 10 years through new cryptocurrency regulation. I am certainly not an expert, but $28 billion is a large difference from $1 trillion.
Democrats quickly labeled the lack of reporting as tax evasion and a White House source stated that it was a means to encourage tax compliance. Even if it did encourage compliance, it does nothing to make up for the billions that would be added to the national debt each year.
Which is the major issue with this legislation. It does little to address the debt issue that it creates, even after it was promised that it would be paid for by both Republicans and Democrats. The Congressional Budget Office has determined that the bill will fall significantly short of paying for itself.
Not to mention the fact that many of the provisions in the bill will have negative effects on the economy.
One such provision, the requirement of breathalyzers in cars, will continue to drive up the price of vehicles. Billions are included for green energy, racial justice programs, and more ridiculous spending.
Should we also take a moment to mention the $1 billion in funding to Sen. Joe Manchin’s wife’s organization? That certainly appears to be an attempt to buy Manchin’s votes in the future to me.
All of the arguments and disagreements go back to one thing: the spending of American taxpayer’s money. If these Senators were actually focused on infrastructure, they would only be focused on the improvement of actual infrastructure. Instead, we are watching grown adults argue over pet projects and lobbyist demands.
This is not an infrastructure bill at all. This is a waste bill intended to pander to certain Republicans and Democrats as a means to get them on board for Biden’s $3+ trillion socialism plan he wants to pass by year’s end.
Support The Liberty Loft by donating via PayPal or donate with crypto. Your support helps us achieve our mission to deliver conservative news and opinion. You can find us on a wide variety of social media channels or subscribe to our notifications to receive all the latest information as it is released.
