Pelosi suggests tying infrastructure plan and $3.5 trln budget resolution

-

Economy11 hours ago (Aug 15, 2021 10:50PM ET)

(C) Reuters. FILE PHOTO: The sun rises on the U.S. Capitol dome before Joe Biden’s presidential inauguration in Washington, U.S., January 20, 2021. REUTERS/Jonathan Ernst/File Photo

WASHINGTON (Reuters) -U.S. House Speaker Nancy Pelosi told lawmakers Sunday that she had asked a House committee to advance both a $1 trillion infrastructure plan and a $3.5 trillion spending package together, an apparent effort to patch up divisions that had threatened to stall President Joe Biden’s legislative priorities.

The U.S. Senate approved both the infrastructure legislation and the outline of a separate plan loaded with investments in new domestic programs. But the combined price tag of the two measures created fissures between the progressive and moderate wings of the Democratic Party, which controls both chambers of Congress by narrow margins.

Nine moderate Democrats said last week that they would not support the $3.5 trillion budget resolution until the infrastructure bill, which cleared the Senate with bipartisan support, becomes law. Progressive (NYSE:PGR) lawmakers had said the spending plan must go first, though it likely will not be complete until fall. Either faction could stall both packages.

Pelosi on Sunday suggested tying the two together in a letter to House Democrats, writing that “I have requested that the Rules Committee explore the possibility of a rule that advances both the budget resolution and the bipartisan infrastructure package.”

The nine moderate lawmakers said in a joint statement late Sunday in response to Pelosi’s statement “our view remains consistent. We should vote first on the Bipartisan Infrastructure Framework without delay and then move to immediate consideration of the budget.”

The House is due to take up the budget resolution when it returns from summer break on Aug. 23. Approving it would clear the way for lawmakers to pass legislation that will fund top priorities ranging from climate change to universal preschool using a process called reconciliation that would forestall a Republican filibuster.

Pelosi’s letter said her approach “will put us on a path to advance the infrastructure bill and the reconciliation bill.”

Pelosi suggests tying infrastructure plan and $3.5 trln budget resolution

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Share this article

Subscribe here

Recent posts