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Maybe you read the latest Joe Manchin op-ed as a red flag for infrastructure. It wasn& #39;t. It was a road map for what& #39;s coming next. Allow @hillhulse & me to break it down: https://www.nytimes.com/2021/04/08/business/biden-manchin-infrastructure.html">https://www.nytimes.com/2021/04/0... 1/
What Manchin and moderate Dems want is a real process, with real time, to see if there is a deal to be had with enough Republicans (10-plus) to go through regular order. Biden & co are giving them that time/space -- with one huge caveat:
The president sets the terms. 2/
The president sets the terms. 2/
Biden& #39;s advisers have discussed a wide range of ways the search for bipartisanship could play out. They& #39;ve discussed delaying corporate tax increases, breaking off some smaller chunks of the agenda into bills that could get big votes (like R&D in supply chains)... 3/
...or even paying for some big chunk of infrastructure with borrowing, as some biz groups want, IF that& #39;s what it takes to get 10-plus Republicans onboard in the Senate. 4/
Publicly, Biden has tried to throw the burden of compromise on Republicans. YOU name the pay-fors you& #39;ll accept, he says. YOU say what spending you refuse to do.
But, again, he sets the rules:
No tax increases for ppl earning less than $400k, for ex. 5/
But, again, he sets the rules:
No tax increases for ppl earning less than $400k, for ex. 5/
Which is why it remains a longshot that we see a major bill done in a bipartisan way. Biden - and Manchin! - want to go big on infrastructure. They& #39;re calling on Republicans to negotiate in the universe of Biden& #39;s ambitions. It& #39;s not the same as saying, "we& #39;ll cut any deal" /fin
ADDENDUM: The process also gives cover to Democratic moderates if no deal materializes. They can say "we tried". Whether a series of small deals are cut, or none at all, reconciliation beckons at the end: https://www.nytimes.com/2021/04/08/business/biden-manchin-infrastructure.html">https://www.nytimes.com/2021/04/0...
