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MNI US Macro Weekly: Politics To The Fore
Pelosi Seen As Likely To Try For Bipartisan Infra Vote Later Today
Following yesterday's failed attempt to reach agreement between different wings of the Democratic party in the House, Speaker Nancy Pelosi is viewed as likely to try once again to hold a vote on the Bipartisan Infrastructure Framework later today.
- Following late-night talks on Thursday evening, Pelosi did not 'gavel out' the House session, meaning that Friday's session officially still counts as the Thursday session.
- There seems to be little chance of movement from either the centrist or leftist wings of the Democratic party, with head of the Congressional Progressive Caucus Pramilia Jayapal (D-WA) sending a fundraising email last night saying that caucus members need to 'hold strong' in demanding progress on the larger USD3.5trn infra package before the smaller bipartisan framework can be approved/
- Prominent centrist Democrat Josh Gottheimer (D-NJ) has similarly indicated that the group of moderate Dems are also refusing to budge on their demand the bipartisan framework is passed before the larger infra package is put forward. Moderate Dems in the Senate vowing to block any social spending package around the USD3.5trn mark, with Sen Joe Manchin (D-WV) demanding the package is stripped down to around USD1.5trn.
- While there is some Republican support in the House for the bipartisan framework, the numbers are unlikely to prove large enough to outweigh the Progressive Caucus votes.
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Why MNI
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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.