Senator Kyrsten Sinema, Senate, Burgess Everett discussed on POLITICO Playbook Audio Briefing

Automatic TRANSCRIPT

Presented by Blackstone. It's Friday. Senator kyrsten sinema says she's on board for reconciliation, so what's next? It's her political playbook daily briefing. Senator kyrsten sinema and Senate majority leader Chuck Schumer reached a deal last night to secure her vote for the reconciliation bill. In the end, she wasn't hard to get. Democrats wanted to reach $14 billion by narrowing the carried interest loophole. Cinema wanted the provision removed. Instead, Politico's Burgess Everett and Marianne Levine report, Democrats added a quote 1% excise tax on stock buybacks that'll bring in $73 billion, far more than the 14 billion raised by the carried interest provision. According to a Democrat familiar with the deal. Here's what else she got, quote, the deal with cinema, also adds roughly $5 billion in drought resiliency to the bill. According to another person familiar, and changes portions of the corporate minimum tax structure to remove accelerated depreciation of investments from the agreement. That depreciation related change will cost about $40 billion, all told, the agreement with cinema, is expected to increase the bill's original $300 billion deficit reduction figure. Andrew Duran from The Wall Street Journal adds this quote under the changes negotiated with the cinema, Democrats will pare back elements of a 15% minimum tax on large, profitable corporations, manufacturers had raised concerns that the original corporate minimum tax proposal would negatively affect their businesses by deferring or denying the benefit of accelerated depreciation. The change deal would preserve the benefit of accelerated depreciation for at least some manufacturers, according to people familiar with the deal. Ferguson Marianne also note this interesting bit of timing, quote it comes hours after cinema was on the floor, whipping colleagues to support the final confirmation of RuPaul Desai. Her nominee to fill an open circuit court judgeship decide was nominated only two months ago, a lightning quick confirmation for the Senate. So now what? Senators will take today off as bird bats discussions continue. Schumer said he would move forward with the bill on Saturday and warned of quote some late nights and extended debates. The biggest remaining obstacle for the Democrats is now Senate parliamentarian Elizabeth macdonough, who will continue to host democratic and Republican aides behind closed doors today to scrub the reconciliation bill for potential violations of the bird rule. McDonough broke the hearts of progressives on several occasions last year, including when she nixed the minimum wage increase from the COVID relief bill, which was passed using reconciliation, and rejected three different versions of immigration reform from the democratic reconciliation bill that was eventually scrapped in December. Republican budget nerds were viewing the latest reconciliation bill, still believe they could knock out certain provisions. On Thursday, for the latest episode of the plea book deep dive podcast, playbooks were in lizza, sat down with two of the GOP's leading experts on the process. Eric eland, who spent 25 years in the Senate, including a staff director of the budget committee, and lobbyist Greg D'angelo, who spent nearly a decade on the committee. Both men were intimately involved with drafting language for reconciliation bills on the Trump years, including the successful effort to use reconciliation to open the Arctic national wildlife refuge to oil drilling and ending the individual mandate and ObamaCare. You can catch a link to that episode in today's playbook or listen to playbook deep dive wherever you follow your podcasts. Here's what's up in Washington today starting with The White House and 1 p.m. eastern. President Joe Biden will sign two bills that will help hold those who commit fraud under COVID-19 small business relief programs accountable. Here's what's on the vice president's calendar, a 3 p.m., vice president Kamala Harris will convene Latina state legislatures from Kansas, Arizona, Utah, Nevada, Illinois, New York, and Texas to discuss abortion access. Press secretary. Queen Jean Pierre will brief it 2 p.m.. The Senate and the House are out today. One more thing to note for today, the July unemployment report drops at 8 30 a.m.. The economy added 372,000 jobs in June and economists are predicting a gain of 250,000 jobs for July. Yesterday, The White House called the anticipated drop in expected quote transition from record high breaking jobs numbers to stable and steady growth. All right, for more news, I want to breaking in D.C. right now. Subscribe to the playbook newsletter. That said Politico dot com slash playbook. Our music is composed by the mysterious breakmaster cylinder. Playbook's editor is Mike Zeppelin, Zack Stanton, is playbook's deputy editor. The executive producer and head of audio here at Politico is Jenny Ahmet. I'm ragu manda Bolin, have a good weekend. We'll see you first thing Monday morning. What does it mean to invest? At Blackstone, investing is about more than just capital. It's backing visionary entrepreneurs and business leaders. Accelerating the growth of their companies, even helping one achieve her mission of empowering women, supporting scientists, discovering lifesaving treatments by investing in.

Coming up next