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Free AccessDem Sen. Tells Biden He Won't Support COVID Relief If It Breaks Budget Rule
Senator Joe Manchin (D-WV) has said that he has informed President Joe Biden that he will not support the administration's USD1.9trn COVID-19 relief bill if its provisions are deemed to break Senate rules by the chamber's Parliamentarian - the advisor to the Senate on its standing rules and orders.
- The relief bill is being passed through the Senate as part of a 'budget reconciliation process', which seeks to fast track its progress by allowing votes to pass with a simple majority rather than the usual 60 required to end a filibuster. However, under a reconciliation process the bill is subject to the 'Byrd rule', which is designed to keep out any 'extraneous' provisions.
- As such, should the Senate Parliamentarian advise that any provisions break the Byrd rule it would require 60 senators to overturn it - something not likely with the current 50-50 split in the Senate.
- Talking to CNN, Manchin - well-known as the most conservative of Democratic senators - said "My only vote is to protect the Byrd Rule: Hell or high water. Everybody knows that. I'm fighting to defend the Byrd Rule. The President knows that."
- The major policy provision that could be under threat is the proposed federal minimum wage hike to USD15/hour. It is unclear at present whether its impact on future federal deficits would be in breach of the Byrd rule. The House Budget committee chair John Yarmuth (D-KY) has stated he is aware that the minimum wage hike could fall foul of the rule and will do everything to ensure the bill is Byrd-proof when sent to the Senate.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.