Deloitte has published an article, “Build Back Better Act remains stalled as Senate returns from recess,” which points out that Senator Manchin remains opposed to the piece of legislation. The article begins as follows:
Members of the Senate returned to Capitol Hill from their holiday recess this week and it became apparent as the new legislative session got underway that the obstacles that prevented Majority Leader Charles Schumer, D-N.Y., from getting the Build Back Better Act through his chamber by his self-imposed Christmas deadline may not be overcome quickly.
The roughly $1.75 trillion tax-and-spending package, which was approved in the House on November 19, includes significant tax increases impacting large corporations and high-income individuals to pay for lower- and middle-class tax relief and fund new spending for White House priorities such as expanded access to pre-kindergarten education, child care and elder care, and affordable housing, as well as programs to mitigate climate change.
Because the Build Back Better Act is moving under the budget reconciliation process, it is shielded from a filibuster in the Senate, thus making it possible for Democrats to pass it without Republican support. But Democrats control only 50 seats in the chamber and need all of those votes, plus the tie-breaking vote of Vice President Kamala Harris, to get it across the finish line, given that all 50 Senate Republicans are expected to remain united in opposition.
Posted by Bennett Mansour, Associate Editor, Wealth Strategies Journal.