Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

U.S. House panel sets debate on its portion of $3.5 trillion bill

EconomySep 07, 2021 11:02PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
2/2 © Reuters. FILE PHOTO: The U.S. Capitol Building is pictured in Washington, U.S., August 20, 2021. REUTERS/Elizabeth Frantz/File Photo 2/2

By Richard Cowan

WASHINGTON (Reuters) - A U.S. House of Representatives committee this week will attempt to advance sweeping legislation to expand healthcare benefits for the elderly and other social services as part of Democrats' $3.5 trillion domestic investment plan.

The House Ways and Means Committee plans to debate a wide-ranging measure on Thursday and Friday. The package is expected to draw lock-step opposition from Republicans, and also faces uncertain support from Democrats with key Senate moderate Joe Manchin objecting to its large size.

"Later this week, the Ways and Means Committee will put an end to the idea that only some workers are worthy of ‘perks’ like paid leave, child care, and assistance in saving for retirement, and finally commit to investments that make these supports fixtures of the American workplace," committee Chairman Richard Neal said in a statement.

But already there was talk of reducing the $3.5 trillion price of the legislation.

Passage in the Senate will require the support of all 50 Democrats, who aim to use a maneuver called "reconciliation https://www.reuters.com/article/us-usa-congress-reconciliation-explainer-idCAKBN2FB1Q7," which would allow them to pass the legislation by a simple majority vote instead of the 60 votes needed for most bills in the 100-member chamber.

President Joe Biden told reporters late on Tuesday that he thought he could work out an agreement with Manchin.

"Joe at the end has always been there. He's always been with me. I think we can work something out, and I look forward to speaking with him," Biden said as he returned to the White House after touring sites of deadly floods in the Northeast.

Axios later on Tuesday cited sources as saying that Manchin would support just $1 trillion to $1.5 trillion in spending.

"Sanders wanted a large number and Manchin wants a smaller number and we’re going to work this process to try to reach common ground," said a source familiar with the White House's thinking.

That underlined the tough road that Senate Majority Leader Chuck Schumer and Biden will face to get Manchin and other Democratic moderates on board.

Democratic leaders also will have to be careful not to lose the support of the more ambitious progressive wing of the party.

White House communications director Kate Bedingfield mapped out a populist strategy in a letter to to her House Democratic counterparts on Tuesday: clear messages focused on helping working families and making corporations and the wealthiest pay their fair share, while tackling the threat of climate change.

"President Biden believes this comes down to a simple proposition: Scranton, PA v. Park Avenue," Bedingfield wrote in a letter, a copy of which was obtained by Reuters, contrasting Biden's working class roots in Scranton to one of the swankiest streets in New York City.

Senate Republican Leader Mitch McConnell, speaking to reporters in Kentucky, blasted the Democrats' initiative, which aims to use federal dollars to improve childcare facilities and nursing home care, as a "$3.5 trillion to $5 trillion tax increase on the American people."

A lobbyist familiar with internal deliberations on Capitol Hill said in a telephone interview that there was optimism among congressional Democrats that a bill would get passed and sent to Biden for signing into law.

But such a bill is more likely to be in the range of around $2 trillion, said the lobbyist, who asked not to be identified.

While the various House committees are likely to approve bills that would total $3.5 trillion, that number would get whittled down before the legislation is sent to the full House for debate and passage, the source said.

That could mean that any proposed tax increases on the wealthy and corporations would not have to be as steep as initially envisioned.

U.S. House panel sets debate on its portion of $3.5 trillion bill
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (4)
Jokers R Us
Jokers R Us Sep 07, 2021 11:16PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Every time stocks slip the politicians and media start talking about spending bills
American Truth
American Truth Sep 07, 2021 10:10PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The dollar is going to crash no matter what. If this bill passes it will happen faster.
Alan Rice
Alan Rice Sep 07, 2021 7:52PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
-$28,000,000,000,000 !! Trump in 2024 !!
Felipe Daniel
Felipe Daniel Sep 07, 2021 5:40PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Democrats do not care about this country the $3.5 trillion will be equally split among politicians and friends, the American people will only get hike in taxes from the socialists
Joel Schwartz
Joel Schwartz Sep 07, 2021 5:40PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Republicans only care about tax cuts for the rich. Quit playing yourself. The top 1% wealth currently control 32% of all global net worth. Look it up on the FED website. It’s probably even higher through shadow and offshore accounts.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
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.
Continue with Google
or
Sign up with Email