Leader of the House Majority Steny Hoyer said on Tuesday that a vote on the Biden administration's $1.75T "Build Back Better" social spending bill would take place on Friday at the latest. Whilst it would likely pass in the House, the fate of the bill in the Senate is far less certain.
The Democrats only hold a majority of one in the Senate and thus need all Democrat Senators to support the bill if they want it to pass via simple majority using the budget reconciliation process. Moderate Senate Democrat Joe Manchin is reportedly skeptical about the timing of the bill after he publically expressed grave concern about the build-up of inflationary pressures in the US economy after last week's higher than expected inflation figures. Reports last week suggested he may favour withholding his support for the bill until 2022, when he hopes the inflation situation will have improved.
FX markets have not seen any reaction to the comments.
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