The White House on Wednesday rolled out the details of President Biden’s major new infrastructure and climate plan, the first part of a two-step proposal. Biden is expected to discuss the roughly $2 trillion American Jobs Plan in a speech later in the day, but what he describes may be a far cry from what Congress eventually tries to pass.
Punchbowl News‘ Jake Sherman suggests you don’t hold your breath until Biden signs anything into law; it may be a while before the House settles on its version, and even longer before the Senate gets to work on it. House Speaker Nancy Pelosi’s target date for passage in the lower chamber — July 4 — is overly optimistic, Sherman wrote on Twitter, before breaking down the reasons why the process will take months.
3) Bidens bill is $2.5T over 8, with taxes paying for it over 15. If the taxes are repealed, bill isn’t paid for. Tricky! WH describes as temporary spending paid for by permanent tax increases.
— Jake Sherman (@JakeSherman) March 31, 2021
In the end, Sherman believes Congress will combine items from Biden’s two-part plan into one massive bill that will only get through the Senate via reconciliation (since Republicans likely won’t co-sign) sometime in September, leaving a lot of time for revisions.