House Set to Pass $2Trillion Social Spending Bill With Consolidated Democrats’ Vote

Source: The Wall Street Journal

The House is set to pass a roughly $2 trillion education, healthcare, and climate package, as Democrats are set to hold onto their slim majority to pass the bill. DXY up +0.34%, EUR USD down-0.51%.

• Even though the House vote would put the party closer to unifying their fractious wings behind the bill, the party still needs to move the legislation through Senate.
• Lawmakers are seeking to change or scale back some of the bill’s provisions in the upcoming weeks.
• Democrats were hopeful of passing the bill Thursday night. Still, a lengthy speech by House Minority Leader Kevin McCarthy, opposed to the bill, forced Democrats to postpone the vote until Friday.
• Republicans have marshaled against the bill, stating that it would worsen the rising inflation and hamper economic growth.
• The massive bill calls for establishing a universal prekindergarten program, limiting child-care costs for many families, reducing prescription drug prices, and expanding tax credits for carbon emissions.