US House Majority Leader Hoyer: Vote on Biden's “Build Back Better” bill to happen by Friday at latest

Joel Frank Independent Analyst

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.

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Author

Joel Frank

Independent Analyst

Joel Frank is an economics graduate from the University of Birmingham and has worked as a full-time financial market analyst since 2018, specialising in the coverage of how developments in the global economy impact financial asset

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