Steven T. Dennis
ReporterSteven T. Dennis is a reporter with Bloomberg News.
Steven T. Dennis is a reporter with Bloomberg News.
Senator Joe Manchin threw more cold water on the president's spending plans after inflation spiked to a 7.5% in January, the highest rate in four decades.
One key holdout — Senator Joe Manchin — said he’s skeptical he can vote for a bill that includes major economic changes.
The Senate Republican leader ridiculed a tax plan targeting the unrealized capital gains of the ultra wealthy as a “harebrained scheme.”
Senate Democrats are discussing a wider range of tax proposals than President Joe Biden has proposed, including levies on stock buybacks, carbon emissions and executive compensation, as part of a package of measures to help fund a ramping up in social spending.
Among the unresolved issues is how to modify a provision dealing with reporting requirements for cryptocurrency transactions.
A Senate plan to spend $550 billion on U.S. infrastructure stands to benefit industries heavily dependent on transportation.
The $550 billion infrastructure bill that would provide the biggest infusion of federal spending on public works in decades.
The Senate Majority Leader will take a preliminary step Monday that would lead to a first test vote on the infrastructure plan by Wednesday. He set the same day as a deadline for all Senate Democrats to unite behind a budget blueprint.
Senate Democrats on the Budget Committee agreed to set a $3.5 trillion top-line spending level for a bill to carry most of President Joe Biden’s economic agenda into law without Republican support, bridging divisions — for now — among some party factions.
The president’s plan for trillions in proposed spending and tax increases is likely to take at least until September to clear.