Connect with us

Hi, what are you looking for?

Politics

Biden Meets With Pelosi, Schumer as Democrats Seek Agreement

Politics1 hour ago (Oct 22, 2021 11:09AM ET)

(C) Bloomberg. U.S. President Joe Biden walks past the Rose Garden to the Oval Office after speaking during the Council of Chief State School Officers’ 2020 and 2021 State and National Teachers of the Year event at the White House in Washington, D.C., U.S., on Monday, Oct. 18, 2021. About one hundred teachers will be honored for their excellence in teaching and commitment to students’ learning. Photographer: Al Drago/Bloomberg

(Bloomberg) — President Joe Biden conferred Friday morning with House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer as Democrats struggle toward agreement on the president’s economic agenda.

The high-level meeting comes as Democrats strive to wrap up negotiations on roughly $2 trillion compromise version of Biden’s spending plan by the end of this weekend. Pelosi had breakfast with the president, with Schumer participating virtually, according to people familiar with the meeting.

“We had a very positive meeting this morning. I’m very optimistic,” Pelosi told reporters at the Capitol afterward. “Much of the bill has been written, we just need some decisions.”

A deal on the social-spending package could allow the House to vote on a separate $550 billion bipartisan infrastructure bill that has been held up by progressive lawmakers who first want the agreement on the larger bill. Leaders have said they hope to vote on the infrastructure bill before the Oct. 31 expiration of current highway funding.

Schumer earlier this week said he wanted to strike an agreement on a framework for Biden’s plans by Friday, but numerous disagreements on both revenue and spending remained. Democrats said they planned to continue negotiating through the weekend.

Getting a resolution this weekend will be a heavy lift. There’s not yet agreement on the top line for spending or on a range of revenue-raising measures to pay for it. Opposition by Arizona Senator Kyrsten Sinema to raising the corporate and individual tax rates has forced Democrats to scramble to search for alternatives.

“I don’t think we’re going to be able to get the vote,” Biden said in response to a question about individual and corporate rates at a CNN town hall on Thursday in Baltimore.

The White House has been directly negotiating with Sinema to find ways to raise revenue to come up with enough money to fund the climate, health care and early childhood programs central to Biden’s economic agenda.

Sinema has agreed to raise tax revenue from companies and the wealthy, according to a person familiar with the matter. But that’s posed a challenge to craft potential alternatives to rate increases.

How to raise revenue isn’t the only obstacle. Democratic Senator Joe Manchin of West Virginia, who supports increasing tax rates for corporations and high-income individuals, has said he can’t support a clean power program favored by Biden. There are still a host of other provisions that also remain unsettled.

Pelosi said committees were working on the tax portion and that there were “a couple of outstanding issues” on health care.

(Updates with Pelosi remarks in third and last paragraphs)

(C)2021 Bloomberg L.P.

Biden Meets With Pelosi, Schumer as Democrats Seek Agreement

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.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

World News

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered...

World News

George Soros and Bill Gates are part of a consortium acquiring a British developer of rapid-testing technology, including for Covid-19 and tropical diseases,...

Tech

If you parked your car in one of the thousands of parking spots across Calgary, there’s a good chance you paid the Calgary Parking...

Investing

ForexMay 27, 2021 02:04AM ET (C) Reuters. By Peter Nurse Investing.com — The dollar edged higher in early European trade Thursday, finding support from...

Disclaimer: Yourmorningvoice.com it's managers and its employees (collectively "The Company") do not make any guarantee or warranty about what is advertised or above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. Copyright © 2021 Your Morning Voice. All Rights Reserved