Business & Economy

On The Money: Democrats reach deal on $3.5T target | Biden rallies Democrats: ‘We’re going to get this done’

Happy Wednesday and welcome back to On The Money, where we’re probably going to be avoiding flights for a while. I’m Sylvan Lane, and here’s your nightly guide to everything affecting your bills, bank account and bottom line.

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THE BIG DEAL—Biden rallies Democrats: ‘We’re going to get this done’

President Biden received a warm welcome from Senate Democrats on Capitol Hill, where he met with lawmakers Wednesday to rally them to support his infrastructure agenda.

“We’re going to get this done,” Biden told reporters as he walked into the Senate, where he served for 36 years before becoming vice president in 2009. The Hill’s Alexander Bolton takes us to the halls of the Senate here.

What we know so far about the $3.5 trillion budget deal: Senate Democrats still need to hammer out some of the details, and legislative text has yet to be released. They also need to get all 50 members of their caucus on board with the proposal for it to pass without GOP support. That said, we’ve got a general idea of what the bill will include:

The Hill’s Naomi Jagoda breaks it all down here.

What comes next: Biden’s agenda got a boost earlier in the day when Sen. Jon Tester (D-Mont.), a key centrist, said he would vote to proceed to the budget resolution. 

“The price tag is a lot of money but it doesn’t scare me, it’s just how it’s being spent. There are plenty of needs out there, we just have to figure out how it’s being spent,” Tester told The Hill.

Another key centrist, Sen. Joe Manchin (D-W.Va.), said he’s “open” to the budget deal but cautioned he will need time to review how it’s paid for to make sure proposed corporate tax increases don’t hurt the competitiveness of U.S. companies in foreign markets.

“We’re anxious to basically review it. They worked hard on it, we want to see it. Also I’ve been very clear that I want to see the pay-fors and make sure that whatever we do is globally competitive,” Manchin told reporters.

Read more:

LEADING THE DAY

Key GOP lawmaker backs Powell for another term as Fed chief: The top Republican on the House Financial Services Committee on Wednesday called on President Biden to renominate Jerome Powell as chair of the Federal Reserve board.

In opening remarks during a Wednesday hearing with Powell, Rep. Patrick McHenry (R-N.C.) — the panel’s ranking member — said the Fed chief “earned and deserved another term” leading the central bank.

“There’s a great deal of uncertainty right now,” McHenry said. “You have proven to be a steady hand throughout this pandemic and ongoing recovery, and you’ve defended the independence of the Fed. Thank you for your service. Thank you for your leadership.”

“Now, we’re going to spend the next three hours telling you everything you’ve done wrong, but you do deserve another term,” he continued.

The background: McHenry’s endorsement comes as Biden weighs whether to renominate Powell, a Republican elevated to lead the Fed by former President Trump in 2017. 

I’ve got more here.

Read more: Powell: Inflation likely to remain high before fading later this year

ON TAP TOMORROW:

GOOD TO KNOW

ODDS AND ENDS

Business & Economy