Discussion Thread: Congress continues to negotiate over the BIF, Infrastructure Reconciliation, and Debt Ceiling - Politics

Discussion Thread: Congress continues to negotiate over the BIF, Infrastructure Reconciliation, and Debt Ceiling
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Discussion Thread: Congress continues to negotiate over the BIF, Infrastructure Reconciliation, and Debt Ceiling

Posted: 04 Oct 2021 09:25 AM PDT

Last week, Congress attempted to consider several major bills that are part of President Biden's agenda, and which have major consequences on the US economy. Of the Bipartisan Infrastructure Package (aka the "BIF"), the Infrastructure Reconciliation bill, the debt ceiling and the budget, Congress was only able to pass a 6-week Continuing Resolution to fund government operations until December 3.

The BIF and Infrastructure Reconciliation bills are the two major parts of President Biden's infrastructure agenda (described more in detail in the previous thread)>, and face uncertain futures as moderate Democrats in the Senate and more left wing Democrats in the House continue to disagree on spending levels and funding sources. The House progressive caucus is demanding that the Reconciliation bill pass the Senate first before the BIF is voted through the House, while Senate Democrats, particularly Sens. Manchin of West Virginia and Sinema of Arizona, insist on lower spending figures than were originally envisioned at the start of the reconciliation process. The original Reconciliation bill called for $3.5 trillion in new spending over 10 years, whereas Manchin has insisted on a spending package worth a considerably lower $1.5 trillion over the same time frame.

The debt ceiling also continues to be an ongoing unresolved issue that could have enormous effects on the US economy if not promptly voted on by the October 18th deadline set by Treasury Secretary Janet Yellen, who indicated that the federal government would run out of money at that time. Republicans insist that Democrats be responsible for passing any debt ceiling on strictly a partisan basis using the Reconciliation process. Senate Majority Leader Chuck Schumer attempted last week to have the debt ceiling suspended by a simple majority vote, but this vote was defeated after Republican Senators filibustered. Should the debt ceiling fail to be promptly addressed, the impact on the US economy and international finance could be enormous, as US guarantees on treasury bonds have been a cornerstone in financial markets.

Please discuss these bills here. If the need arises, we may also have standalone megathreads to discuss any developments in the legislative process.

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US Denounced as 'Biggest Peddler of Financial Secrecy' After Pandora Papers Leak | "U.S. President Biden must match his own rhetoric on shutting down global illicit finance, and start with the biggest offender—his own country."

Posted: 04 Oct 2021 04:14 AM PDT