On The Money – The Chamber pushes for a vote on infrastructure
Happy Friday and welcome to On The Money, your evening guide to everything related to your bills, your bank account and your results. Subscribe here: thehill.com/newsletter-signup.
Today’s Big Deal: Democrats line up another busy week for their agenda next week. We will also look at narrowing the window to raise the debt ceiling and President BidenJoe BidenTexas announces an election audit in four counties after Trump asked Pennsylvania AG to prosecute GOP subpoenas in an election inquiry.billionaire tax support.
But first, a warning about your shoes.
For The Hill, I’m Sylvan Lane. Email me at [email protected] or @SylvanLane. You can reach my Finance team colleagues Naomi Jagoda at [email protected] or @NJagoda and Aris Folley at [email protected] or @ArisFolley.
Pelosi sticks to Monday’s vote
House Democrats to honor pledge to moderates and vote early next week on $ 1.2 trillion bipartisan infrastructure bill, President said Nancy PelosiNancy PelosiOvernight Energy & Environment – Brought to you by League of Conservation Voters – EPA Finalizes HFC Cut Rule Democrats Rush to House Floor Showdown Panic begins to creep into talks Democrats on Biden PLUS agenda (D-California) said Friday.
“It will happen on Monday,” the president told reporters just outside Capitol Hill.
However, the adoption of the bill remains an open question. And the Liberals are already predicting it won’t.
“It can’t pass”, Rep. Pramila JayapalPramila Jayapal Democrats rush to clash on House floor Republican Fifth House backs bipartisan infrastructure bill The Hill’s Morning Report – Brought to you by Alibaba – Biden launches into frenzied spending talks by Dem (D-Wash.), The leader of the Congressional Progressive Caucus said on Friday. “I’m not bluffing, I’m not doing a platform. We just don’t have the votes for it.”
- Behind Jayapal, dozens of liberal lawmakers have lined up to oppose the infrastructure bill because they want to vote first on a larger social spending package of $ 3.5 trillion which is the second tier of President Biden’s two-part national program.
- Democrats in the House, Senate and White House have been busy negotiating the details of the larger “family” package, which party leaders intend to push forward through a special budget process, known as the name of reconciliation, which avoids the obstruction of the Senate.
Mike Lillis of The Hill has the latest news here.
LEAD THE DAY
The United States could default on its debt as early as October 15: analysis
The United States is on track to default on national debt between Oct. 15 and Nov. 4 if Congress is unable to raise the federal debt ceiling, according to a forecast released by the Bipartisan Policy Center on Friday. (PCB).
The new PCB projections have narrowed their expected window in which the United States is expected to reach “date x”, the day the Treasury Department runs out of liquidity to meet the country’s bonds.
The United States has never defaulted on its debt, and experts say it could cause catastrophic damage.
“What the Treasury would do in this situation is uncertain. We’ve never been there before, ”said Shai Akabas, Director of Economic Policy at BPC. “What we do know is that the risks would be significant and the costs potentially extremely high.”
We explain why here.
Biden says he supports annual taxation of billionaire investment gains
President Biden said on Friday he supported an idea championed by a key Senate Democrat to tax billionaires’ unrealized investment gains every year.
Biden said the idea is one of many tax proposals he supports as a way to fund legislation that would advance his economic agenda.
“I support a lot of these proposals. We don’t need all of the things that I support to pay for this, but I support this, ”Biden said in the White House after giving a speech on COVID-19 vaccines.
The background: Biden’s comments come as Democrats in Congress scramble to figure out how to pay for a $ 3.5 trillion social spending bill that includes many of the president’s priorities in areas such as climate change and guardianship. ‘children.
Naomi explains here.
More relief for tenants
The Treasury Department announced on Friday that the pace of federal rent assistance payments amid the coronavirus pandemic accelerated last month, with more than $ 2.3 billion distributed to households to help prevent evictions.
The federal agency said in a press release that in August, Emergency Rental Assistance Program (ERA) funds reached more than 420,000 households, up from 340,000 in July.
As of August 31, state and local governments have distributed over 1.4 million payments for a total of over $ 7.7 billion in ERA funds.
The data comes nearly a month after the Supreme Court blocked the Biden administration’s attempt to extend the moratorium on evictions, fueling concerns that tenants will be forced out of their homes amid continued fueling financial hardship. by the coronavirus pandemic.
Good to know
The US Department of Agriculture (USDA) has announced it will launch a commission to tackle “racial equity issues” within the agency and its programs.
Here’s what else we have on our minds:
That’s all for today. Thanks for reading and check out The Hill’s Finances page for the latest news and coverage. See you next week.