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Steny Hoyer wants framework for Biden Build Back Better plan by Monday

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House Majority Leader Steny HoyerTo strike a deal with President Joe BidenDemocrats attempt to rescue their economic agenda with a call for the repeal of the Social Safety Net Plan.

“We’d like to get a framework by the end of – frankly today, but no later than the end of the weekend,” the No. CNBC’s “SquawkBox” featured the 2 House Democrat on Friday.

The top Democrats met in a series of meetings in recent days to discuss a broad plan for investing in child care. The party has to resolve disputes — over what to include in the package and how to pay for it — before it can agree to an outline.

The party leaders wanted to get the bill passed as they called it the largest investment in the lives of working families since decades. This bill is considered to be complementary to the Senate-passed bipartisan Infrastructure Bill, which House progressives threaten to block so that the chamber may vote on the larger safety net plan.

Although Democrats have yet to resolve many issues, leaders of the party have expressed optimism about reaching an agreement in the next few days. Biden stated that talks had come down to just “four or five” issues during a CNN Town Hall Thursday night.

Biden stated, “I think I’ll get an agreement.” Biden answered the question, “Sure!”, when asked whether he believed that Democrats would reach an agreement with Democrats before he departs for Europe within a week.

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As first described, the economic plan would have invested money in child care and paid leave. It also included a Medicare expansion. The spending would have resulted in higher tax rates for the wealthy and corporations.

Democrats were forced to eliminate large parts of the bill in order to reduce its cost from $3.5 billion to $2 trillion. To appease centrist senators, lawmakers seek to reduce costs. Joe Manchin, D.W.V. and Kyrsten Silena, D.Ariz.

A single defection in one of the Democrats’ attempts to pass this plan with a simple majority, even though it is split between the Senate and the Democrats can cause serious problems.

Biden announced Thursday some cuts his party is likely to make. He said both Manchin and Sinema oppose adding dental, vision and hearing coverage to Medicare — a priority for Senate Budget Committee Chair Bernie Sanders, I-Vt. He suggested that negotiators might consider a $800 voucher to cover dental expenses.

Biden noted that lawmakers may remove 2 years from the plan for community colleges.

Biden indicated that Democrats may have to cut back on their plan to provide paid leave for family members and doctors to all Americans. According to the president, lawmakers can settle for four weeks instead of 12, Biden said. Biden, and many leading Democrats, consider this policy to be a central part of the package.

Democrats also looked for other ways to fund the plan, after Sinema said she didn’t want higher tax rates for individuals and corporations. CNBC sources said that lawmakers are looking at other options such as stock buybacks or a minimum corporate income tax. Also, they will be considering tax enforcement and an overhaul of international taxes.

Democrats face difficult choices because of the demands for spending cuts. There are three options: they could scrap the programs completely, or retain them for shorter times.

Hoyer said that he is in the “lower-stakes” camp and would do less, but do more well. He also stressed how important it was to make things work for him. Hoyer spoke on Friday to CNBC.

House Progressives prefer to retain as many programs as possible, but have been pushing for a faster transition.

For months, it has been challenging to find a way to reconcile the divide between centerist and progressive priorities. An imminent deal is considered impossible by at least one of those lawmakers who will be deciding the fate for the plan.

Manchin said to reporters that he doesn’t expect any framework to be in place this week, despite making “good progress towards an agreement.”

He stated, “This will not happen any time soon, guys.”

— CNBC’s Ylan Mui contributed to this report

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