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Biden’s $3.5 trillion reconciliation bill is pricey, but not quite a New Deal

The true size of Biden plan is further limited, because many of its provisions are set to expire within a few years, economist and Urban Institute fellow Eugene Steuerle said. That’s a budgetary trick that reduces the top-line cost but sets the stage for future political battles. The popular $300 child tax credit, for example, would expire in 2025. The New Deal and Great Society, of course, spawned myriad programs still in effect today, from the Federal Deposit Insurance Corporation and the Securities and Exchange Commission to Medicare and the Department of Housing and Urban Development. If the Biden plan’s expiring provisions are extended, as Democrats hope, the plan’s long-term cost will be larger.

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