Manchin, Schumer, Burgess Everett discussed on POLITICO Playbook Audio Briefing

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Politicos, Burgess Everett and Marianne Levine have the postgame report on how the bill came together in today's playbook. Quote, on July 18th, four days after Manchin and Schumer's talks seem to fizzle out with only a limited healthcare deal, mentioned reached out to Schumer to see if he was amenable to picking things back up. By Wednesday afternoon, they had a deal on a bill that includes energy and tax policy, a turnaround after the two deadlocked and Democrats Markey party line agenda. Ferguson Marianne write quote, it was Washington's best kept secret. Mentioned himself was reluctant to pick up talks again, concerned that he would tee off yet another cycle of disappointment and ire from democratic voters. Manchin told Burgess and Mary Ann, quote, I don't know if it would come to fruition. I really don't know. So why talk about something? Again, build people's hopes up. On the morning of July 14th, two weeks ago, new inflation figures were released, showing numbers far worse than many economic experts projected, prompting mansion to reportedly walk away from the negotiating table, worrying about any deals inflationary effects. A person close to mention to a playbook on Wednesday night. The Manchin and Schumer had a quote tough conversation about Manchin being uncomfortable and wanting to see more inflation data. He wasn't convinced that all this was anti inflationary. Last week, former treasury secretary Larry summers, whose early warnings about inflation were largely ignored by the Biden administration, but earned him widespread credibility on the topic, was on our podcast playbook deep dive, and responded to mansion head on. This is what he had to say. Quote, I think he's wrong about that. I think the theory that all tax increases are inflationary is not a plausible or reasonable economic theory to suggest that its inflationary is I think just wrong in the same way that it was just wrong to suggest that in the short run, investing in infrastructure would somehow be deflationary. And when politicians have either stripes say differently, they are running opposite to what I believe, the vast majority of economists think. This week, democratic senators called summers and to talk to Manchin directly, reports The Washington Post. The two men spoke this week in Manchin listened as summers talked in detail about why Democrats proposed economic package, including its energy provisions, would not lead to higher prices. When other keep it on timing, send a minority leader Mitch McConnell had threatened to hold up the chips plus bill if Dems continued to pursue a reconciliation package. The bill passed the Senate on Wednesday with 64 votes. Hours later, announced this deal. Now in the wake of the mansion Schumer deal, house GOP leadership has announced that they'll whip boats in opposition to the chips plus built in their chamber. Tidbits of caution before we get ahead of ourselves here one. The Democrats on the hill and at The White House are celebrating, they're still the senator kyrsten sinema sized hurdle they need to clear. She hasn't publicly signed off just yet, and the bill includes some provisions, she has previously told leadership where no goes for her, like taxing carried interest. And two, how will moderate house stems of the representative Josh gottheimer variety react to the exclusion of the salt deductions they sought to restore, which were make or break for them in last year's talks. Here's what's up in Washington today starting with The White House at two 15 p.m. eastern. President Joe Biden will speak about the economy from the Eisenhower executive office building and meet with CEOs to hear about conditions in various industries, which treasury secretary Janet Yellen, commerce secretary Gina raimondo, and counsel of economics advisers chair, Cecilia Russ attending. Press secretary, queen Jean Pierre, will brief a three 15 p.m.. Here's what's on the face president's calendar. Vice president Kamala Harris will leave D.C. for New York at 1135. There she'll speak about investment in underserved communities, financial institutions, and small businesses at the Billie Holiday theater in Brooklyn. At four 48, she'll travel to water mill, New York will she'll speak at a fundraiser at 6 50. In 8 p.m., she'll leave water mill, New York to return to Washington. The house will meet at 10 a.m. to oversight committee will depose Daniel Snyder from the Washington commanders and 8 a.m. the Senate will need a 10 a.m. to take up constant milstein's nomination of the U.S. ambassador to Malta. With the voted one 45 p.m., also to watch out for today, per Bloomberg, economists expect to see .4% growth reported in today's preliminary GDP reading for the second quarter. If that bears out, that would narrowly avoid two consecutive quarters of GDP decline, and from our acting White House chief of staff Mick Mulvaney is testifying today before the House gene 6 committee, per CBS News. All right, for more news and what's breaking in D.C. right now, subscribe to the playbook newsletter. That's at Politico dot com slash playbook. Our music is composed by the mysterious breakmaster cylinder. I'm ragu novolin, have a good Thursday. We'll see you first thing. Tomorrow

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