US House Speaker Pelosi suggests tying infrastructure plan, $3.5 trillion budget resolution
“US House Speaker Nancy Pelosi told lawmakers Sunday that she had asked a House committee to advance both a $1 trillion infrastructure plan and a $3.5 trillion spending package together,” said Reuters in a news published late Sunday.
The move is considered as an effort to patch up divisions that had threatened to stall President Joe Biden’s legislative priorities.
The Democratic Party member is quoted saying, “I have requested that the Rules Committee explore the possibility of a rule that advances both the budget resolution and the bipartisan infrastructure package.”
“Will put us on a path to advance the infrastructure bill and the reconciliation bill,” added Pelosi.
The news also said, “The House is due to take up the budget resolution when it returns from summer break on Aug. 23.” Reuters additionally mentioned, “Approving it would clear the way for lawmakers to pass legislation that will fund top priorities ranging from climate change to universal preschool using a process called reconciliation that would forestall a Republican filibuster.”
FX reaction
Given the anticipated faster pace in the decision-making for the much-awaited stimulus and budget talks, the global market should welcome the news. However, the Delta covid variant fears probe optimists of late.
Read: AUD/USD: Recovery remains capped below 0.7400, China data dump eyed
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
