Paul Sweeney, Greg Jared And Josh Wind Grove discussed on Bloomberg Markets

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Paul Sweeney All right great Greg Jared thank you so much We appreciate that All right president Joe Biden Thursday He's laying out for House Democrats a framework for $1.75 trillion tax and spending package that is his administration believes will pass Congress Let's get the latest on frame How it's a framework It's not just take the old framework and cut off a few rooms I don't know This is a framework It's not a deal So I'm going with the language that our good friend Josh wind grove is using in his article and is reporting Josh is a White House correspondent for Bloomberg news So Josh it's a framework right Yep What does that mean beholder Anyone's guess I suppose This is fundamentally looks like a deal that Joe Manchin and Kirsten cinema will support In other words Biden has gone to the house this morning house Democrats and said look this is what I can get 50 votes on in the Senate Of course remember Republicans are refusing all this stuff They won't buy any of this House progressives have to decide whether to take what is in front of them now or to extend the fight and see if they can extract more We're up against a deadline in particular for the infrastructure Bill Remember there's two bills here There's a bipartisan infrastructure Bill that Republicans have supported has passed the Senate But it's not going to get a vote in the House until progressives think that they are getting what they want On the other Bill the build back better reconciliation package and that's the framework that Biden has put out today That's my favorite way to compromise I will only I will only pass the compromise if you also give me everything else that I want Although they're not getting now it's not the three and a half trillion that they initially wanted So potentially smaller over ten years which is important sometimes gets lost This is all over ten years Right So the other bill was like 1.2 trillion It's not all new spending though right So how much was the other Bill additional over ten years What are we looking at in total The infrastructure Bill is 550 billion in new money And so this one is 1.75 in new money Maybe 1.85 if you add immigration stuff but it's not clear whether that can be done under reconciliation or how much it can be done under reconciliation Remember we've got this sort of magical Senate parliamentarian right Who can be decide what is in and what is that What is in this thing which I feel like we should not lose sight of is a one year extension of the child

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