Stock Groups

What’s next for Biden Build Back Better plan

[ad_1]

US President Joe Biden speaks at the State Dining Room of the White House, Washington DC to discuss the passing of the Bipartisan infrastructure Deal.

Getty Images| AFP | Getty Images

Many Democrats let out a collective sigh, relieved. the House passed a bipartisan infrastructure billThe party still has several weeks to go before it can enact its remaining economic agenda.

President Obama’s part is completed by the $1 trillion package, which would renew transportation, broadband, utilities and other services. Joe BidenThe domestic vision. Democrats will now need to overcome many hurdles in order to implement the larger piece: a $1.75 Trillion investment in the climate policy and the social safety net.

Chuck Schumer, Senate Majority leader has indicated that Democrats intend to pass the social-spending bill before Thanksgiving. Meeting the deadline will require both chambers of Congress to rush while keeping nearly every member of a diverse Democratic caucus united — a challenge that has led to repeated roadblocks as lawmakers advanced the bills this year.

Biden made it clear that he was certain his party would support the bill, which it hopes to market on next year’s midterm campaign trail.

Reporters were told by Biden that he felt confident they would have enough votes for the Build back Better plan to be passed. Biden indicated that he might sign the infrastructure bill after Congress returns to Washington next week.

CNBC Politics

See more coverage of politics by CNBC:

The House intends to move the plan forward in the passing of the social expenditure plan. After returning from its week-long recess, the chamber will attempt to pass the bill on the week of November 15. Democrats cannot lose more than 3 votes to the package, as there is no Republican support.

The bill would then be sent to the Senate. All 50 Democratic members must support the bill in order to pass it under the special budget rules.

Schumer must win the support of Joe Manchin, a conservative Democratic senator from West Virginia. He hasn’t yet approved a framework agreement for this legislation. The House could also send the Senate a bill that includes four weeks of paid leave for most American workers — a provision Manchin has opposed.

The Senate will need to resolve any objections made by Manchin or other Democrats. It also needs to address any budget reconciliations constraints. After that, the Senate could vote on a modified version of the plan. In order to resolve differences between the two chambers, either the Senate plan would need to be voted on by the House or to a conference with them.

To get the bill on Biden’s desk within the next few weeks, Democrats must navigate many obstacles. To pull it off, centrists will need to trust progressives as they have differing views regarding the role of government in helping households boost their incomes and combating climate change.

After House progressives, centrists and others made an informal agreement to approve the Social Spending Plan this month, the infrastructure bill was passed. Five Democrats who are centrists said they will vote for the bigger bill if a forthcoming cost estimate by the Congressional Budget Office shows it won’t add to long-term budget deficits.

On Sunday, House Speaker Nancy Pelosi — who has pulled off a range of legislative high-wire acts in her career — expressed confidence that the centrists will honor their side of the deal.

“As per agreement, when the House reopens for business the week beginning November 15th, the House will send a message clear and unambiguous to deliver results,” she sent to House Democrats.

It could take several weeks for the nonpartisan CBO to provide a cost estimate of this sprawling plan. The centrists, however, pledged in a Friday declaration that they will vote for legislation “no later than the week beginning November 15th.”

If Democrats manage to get the bill passed by Congress this month they’ll still be able give another major lift at the beginning of next year. Lawmakers need to raise or suspend the debt ceiling sometime in December — or risk the first-ever default on U.S. debt.

Subscribe to CNBC on YouTube.

[ad_2]