Schumer: Senate Could Proceed On Infrastructure Bill Tonight

Senate Majority Leader Schumer says the chamber may vote on "cloture" on the bipartisan infrastructure bill as soon as tonight. A successful vote would require 60 senators to be in favor.

• This would be a procedural vote that would allow debate on the infrastructure bill to proceed, not a vote to pass the infrastructure bill itself. But even calling a vote on this would be an expression by Schumer and Democratic leadership that they have sufficient bipartisan support to move ahead with the $579B infrastructure legislation following lengthy negotiations. The same vote failed last week.
• Schumer has said that he'd keep the Senate in session through this weekend if required (ahead of a scheduled 5-week break starting Aug 9), and this appears to be focusing minds on both sides of the aisle.
• The probability of Senate passage of an infra bill is rising, but it remains unknown whether it would pass in the House, with Speaker Pelosi insisting on passing a bipartisan infra bill only after a broader reconciliation bill is passed first.
• The longer the debate goes on, the more market uncertainty over a) eventual infra stimulus / broader reconciliation spending and b) a resolution to the debt ceiling concerns (which are likely to be resolved in a reconciliation bill).