House Passes Biden’s Economic Plan, Senate Fate Uncertain
Published Date: 11/19/2021
Source: Bloomberg Quicktake: Now
President Joe Biden’s signature plan to expand the social safety net, address climate change and rewrite tax policies passed the House Friday morning as Speaker Nancy Pelosi united fractious Democrats to send the legislation to the Senate, where its fate remains uncertain. The 220-213 vote followed months of intra-party squabbling. It came only after the nonpartisan Congressional Budget Office delivered a cost estimate for the bill, which moderates had demanded before casting their votes. The CBO finding that it would increase the deficit by $367 billion over a decade proved acceptable to enough holdouts for the bill to pass. Maine Representative Jared Golden was the only Democrat to vote no, along with all Republicans. The House action is a political victory for Biden, but his agenda is still far from the finish line. Democratic senators are expected to make extensive changes before voting on it, potentially in December. Passage in that chamber will require unanimous support from the Democratic caucus, and two pivotal members, Joe Manchin of West Virginia and Kyrsten Sinema of Arizona, have yet to give their full public support. Republicans are united in opposition. “Ninety percent of this bill was written together” Pelosi said of the Senate during a news conference after the vote. “Whatever comes out of the Senate, we’ll be working together with them.” Biden called Pelosi to congratulate her and in a statement urged the Senate to act quickly. Subscribe to our YouTube channel: https://bit.ly/2TwO8Gm Subscribe to our newest channel Quicktake Explained: https://bit.ly/3iERrup Bloomberg Quicktake brings you live global news and original shows spanning business, technology, politics and culture. Make sense of the stories changing your business and your world. To watch complete coverage on Bloomberg Quicktake 24/7, visit http://www.bloomberg.com/qt/live, or watch on Apple TV, Roku, Samsung Smart TV, Fire TV and Android TV on the Bloomberg app. Have a story to tell? Fill out this survey for a chance to have it featured on Bloomberg Quicktake: https://cor.us/surveys/27AF30 Connect with us on… YouTube: https://www.youtube.com/user/Bloomberg Breaking News on YouTube: https://www.youtube.com/c/BloombergQuickTakeNews Twitter: https://twitter.com/quicktake Facebook: https://www.facebook.com/quicktake Instagram: https://www.instagram.com/quicktake