President Biden is scheduled to speak at 2pm ET regarding the bipartisan infrastructure deal.
Bipartisan Infrastructure Framework “is financed through a combination of closing the tax gap, redirecting unspent emergency relief funds, targeted corporate user fees, and the macroeconomic impact of infrastructure investment,” White House says.
Breakdown ⬇️ ⬇️ pic.twitter.com/L2yLEqweKN
— Shelby Talcott (@ShelbyTalcott) June 24, 2021
A bipartisan group of 21 senators appear to have been successful at convincing President Joe Biden to support their $953 billion infrastructure plan, marking a breakthrough in negotiations after months of impasse
“We have a deal,” announced Biden while standing with the Senators.
President Biden on infrastructure:
“We have a deal." pic.twitter.com/VywFmwSGmj
— JM Rieger (@RiegerReport) June 24, 2021
The pared down package includes $559 billion in new spending, and could open the door to Biden’s more sweeping $4 trillion proposals, according to the Associated Press.
The senators have struggled over how to pay for the new spending. The tentative framework tapped previously allocated broadband funds to help cover some of that $65 billion cost, according to details from a person familiar with the proposal who spoke on the condition of anonymity to discuss the negotiations.
The White House and Democratic leaders cast the bipartisan proposal as a positive development. Biden’s top aides had met with senators for back-to-back meetings on Capitol Hill and later huddled with House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer. -AP
“We’re very excited about the prospect of a bipartisan agreement,” House Speak Nancy Pelosi (D-CA) said in a Wednesday night statement, while White House Press Secretary Jen Psaki said that Biden called the Thursday meeting at the White House after the group of senators had made progress “towards an outline of a potential agreement.”
Sen. Rob Portman (R-OH) said it was time for the group to reach out to other senators to grow support.
“In good faith, we tried to get there. We didn’t agree on everything, but we were able to get there,” he said after leaving a Wednesday evening meeting with the other senators and the White House team.
Biden is seeking $1.7 trillion in his American Jobs Plan out of an overall $4 trillion broad infrastructure package for roads, bridges, broadband internet and whatever else they feel like – such as the so-called ‘care economy’ which includes childcare centers, elder care and hospitals.
“He (Biden) needs to lean into this package,” said Sen. Todd Young (R-IN), adding “This bipartisan framework that we’ve got. He needs to bless it and he needs to encourage fellow Democrats to support it. If he does that I believe it will pass, both the House and the Senate, and the American people will have their infrastructure.”
Pelosi, however, said on Thursday that the House would not vote on any infrastructure deal unless the Senate also passes a larger package of Democratic priorities that can evade a GOP filibuster, according to The Hill.
“Let me be really clear on this: we will not take up a bill in the House until the Senate passes the bipartisan bill and a reconciliation bill. If there is no bipartisan bill, then we’ll just go when the Senate passes a reconciliation bill,” she said during a press conference in the Capitol, adding “I’m very optimistic that it will happen. And I don’t want to say allay the fears – I don’t think they’re fears, they’re just advocating. And God bless them for doing that. But we’re not going down the path unless we all go down the path together.”
Meanwhile, Republicans have staunchly opposed Biden’s proposed corporate tax increase from former President Donald Trump’s 21% to 28%, and have been looking for alternate ways to raise revenue. Biden’s team rejected their idea to allow gas taxes paid at the pump to rise with inflation, which they viewed as a financial burden on American drivers (which would also remind them how inflation has spiraled out of control under Biden).
Psaki said the senior staff to the president had two productive meetings with the bipartisan group at the Capitol. The White House team was huddled late into the evening with the Democratic leaders.
The White House said Pelosi and Schumer and the top administration aides agreed on Biden’s goal of infrastructure investments without raising taxes on anyone who makes under $400,000.
According to a White House readout of the meeting, the leaders talked with acting Budget Director Shalanda Young, National Economic Council Director Brian Deese and Domestic Policy Council Director Susan Rice, and they discussed the two-track approach ahead — a reference to the smaller bipartisan deal emerging from the group alongside a more sweeping plan of Democratic priorities that Congress is now drafting.
Schumer said the leaders “support the concepts” they have heard from the bipartisan negotiations. -AP
According to Sen. Mitt Romney (R-UT), more details are coming this afternoon.
Democrats are ultimately trying to launch a lengthy procedure for what’s turning out to be a $6 trillion plan, which would run through the budget reconciliation process by which they wouldn’t require 60 votes – but a simple majority.
Biden plans to hold a Rose Garden infrastructure ceremony this afternoon, according to Politico‘s Burgess Everett.
Via Zero Hedge