Washington — President Biden is set to speak Thursday about “leveling the playing field in our economy,” according to the White House, after Democratic-led House committees concluded their work this week on crafting their $3.5 trillion social spending package.

Facing a Wednesday deadline to complete their respective portions of the massive plan, the committee work highlighted Democrats’ intraparty divisions about the size of the wide-ranging proposal and how they want to pay for it, splits that complicate the path forward as Democrats look to deliver a key legislative win for the president.

A plan to lower the price of prescription drugs failed in one House panel after three Democrats voted with their Republican colleagues against it, but the same provision was separately approved by the House Ways and Means Committee.

The Ways and Means Committee, the chamber’s chief tax-writing panel, unveiled a tax proposal this week to pay for…

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