1/ Biden and Democratic congressional leaders are pushing for a vote this week on the social spending and climate bill. An agreement could also allow the House to pass a separate $1.2 trillion bill to upgrade the country’s roads, bridges, pipes, ports, and Internet connections, and send it to Biden’s desk as soon as this week. Together, the two packages could dislodge roughly $3 trillion in economic spending initiatives. Chuck Schumer said there were three to four open issues on the social safety net and climate change bill, but Democrats were “on track to get this done.” Joe Manchin added that he believes a compromise on the package will come together this week. Negotiators are still working out the details for how to pay for the package after Kyrsten Sinema rejected increasing the marginal tax rates on corporations, capital gains and individuals. Sinema, however, has indicated that she is open to a minimum tax on corporations and has not ruled out a tax hike on billionaires. And, while it’s unclear what level of new taxes Manchin will support, he’s indicated that he supports Biden’s proposal to roll back some of the Trump tax cuts for high earners and corporations, as well as the White House plan to tax the investment incomes of billionaires. The bill, initially drafted at $3.5 trillion, is expected to ultimately cost between $1.5 trillion and $2 trillion. Biden said he wants a deal this week before he travels to Europe at the end of the week for the Group of 20 summit and a climate conference. (New York Times / Washington Post / Associated Press / Wall Street Journal / Bloomberg / Politico / CBS News / CNN / CNBC)
This is a companion discussion topic for the original entry at https://whatthefuckjusthappenedtoday.com/2021/10/25/day-279/