Biden's big bet backfires

President Biden bit off too much, too fast in trying to ram through what would be the largest social expansion in American history, top Democrats privately say.

Why it matters: At the time Biden proposed it, he had his mind set on a transformational accomplishment that would put him in the pantheon of FDR and JFK.

Democrats, controlling two branches of government, saw a once-in-a-lifetime opening. In retrospect, some top advisers say this should have been done in smaller chunks.

An outside White House adviser said: “Reality is setting in that you can’t pass a $3.5 trillion package. It’s going to get scaled back. The question is whether it can be done this year.”