Capitol Hill Update
Senate Democrats are reviving their push to clinch a filibuster-proof legislative package for various elements of President Joe Biden’s economic agenda. According to intel from Capitol Hill, Sen. Joe Manchin (D-WV) has been recently engaged in talks with Majority Leader Chuck Schumer (D-NY) over a package of climate, energy, health, and deficit reduction provisions that could potentially clear the upper chamber by a party-line vote ahead of November’s midterm election. Notable policies that have been floated in these discussions include: (1) clean energy tax credits; (2) extending the Affordable Care Act (ACA) premium tax credits; (3) prescription drug pricing policies contained in the House-passed Build Back Better (BBB) Act (H.R. 5376); and (4) additional tax provisions, including money for IRS enforcement and a 15 percent domestic minimum rate. In total, this latest BBB iteration could include close to $800 billion in new spending, coupled with $1.4 trillion in funding offsets.
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