Stimulus Update!

hey everyone meet kevin here let's talk

about the craziness about the latest

infrastructure packages the debt ceiling

where we stand and most importantly

what's going to happen going forward so

quickly the senate passed the short-term

extension of the debt limit on thursday

by a vote of 50 to 48 pretty party-line

vote this was done without budget

reconciliation because mitch mcconnell

and 10 other while 10 republicans total

allowed the filibuster to end they were

able to invoke a cloture paving the way

for democrats to pass the debt limit

bill uh through this uh through this

resolution that republicans came up with

with along with democrats as long as the

debt limit would just be extended

through december so now this bill is

getting sent over to the house of

representatives where obviously we

expect it to get slam dunked there was

some last-minute drama as the bill got

passed in the senate chuck schumer went

to the floor and uh pretty much slammed

republicans for provoking this whole

crisis apparently chuck schumer wanted

everybody to know how democrats had this

massive victory and they've prevailed

over republicans when

let's be real it was mitch mcconnell

who's kind of like all right like hey

we'll let you kick the can down the road

mitch mcconnell kind of had a lot of

power here

now some people say well but mitch

mcconnell didn't want democrats to vote

to end the filibuster and maybe that's

why he allowed democrats to move forward

with this debt ceiling uh you know

raising the debt limit i don't know i

don't think so joe biden has clearly

said he doesn't want the filibuster to

end and if democrats got rid of the

filibuster then that means if

republicans had power next time around

republicans would uh not have a

filibuster to deal with right so like

you could be all in power now if you

wanted to be but you'd get screwed in

the future in other words so joe biden

and most of the leading temps don't want

to do this uh as popular as it is to say

get rid of the filibuster but anyway uh

chuck schumer really wanted to make it

clear that this was a huge democratic

victory and after that you had a lot of

folks like joe manchin john thune mike

rounds mitt romney all right on chuck

schumer for for this speech mansion

going as far as potentially although he

did later deny this calling the speech

and he actually said it effing stupid to

some reporters just so you could see

what this speech was like here's just a

quick sample of it and what's really

neat about this shot is this is chuck

schumer this is joe manchin and here's

mitch mcconnell right here now you

barely get some shots here but just

watch joe manchin's reactions over the

next uh 20 seconds here as

chuck schumer is just going off on

republicans suggesting that they finally

cave to what the democrats needed and

and it's thanks to the democrats this

got done anyway just watched leader

mcconnell and senate republicans

insisted they wanted a solution to the

debt ceiling

but said democrats must raise it alone

by going through a drawn out convoluted

and risky reconciliation process

that was simply unacceptable to my

caucus and yesterday senate republicans

finally realized that their obstruction

was not going to work i thank very much

thank

my democratic colleagues

showing our unity in solving this

republican manufactured crisis

despite immense opposition from leader

mcconnell and members of his conference

our caucus held together

and we've pulled our country back

from the cliff's edge that republicans

tried to push us over

this by the way goes on so much so i'm

just gonna go fast forward here 15

seconds because watch your mansion just

get up

the republican leader claimed was the

only way to address the debt limit

let me say that again

he's like i've had it i can't take this

crap anymore

but uh anyway look this debt ceiling

thing it's now

essentially done it's still got to pass

the house but it's essentially done this

keeps the debt ceiling extended through

december of this year and this means

that schumer's going to have to work

with republicans again to um

to to raise the debt ceiling in the

limit but here are uh some timetables

that we have right now which are pretty

important october 31st is when nancy

pelosi has set a date to vote on the

passing of the one trillion dollar

infrastructure plan it's that one to 1.2

hard infrastructure plan chuck schumer

says he wants to raise the build or or

pass rather they build back better plan

by then that now no longer expected to

be three and a half trillion dollars

probably closer to one and a half to two

and a half trillion dollars leading a

lot of folks to wonder okay where

are the cuts going to come from uh even

the progressives the house progressive

chairwoman has made it very clear that

hey she's open to negotiating a smaller

number i think she realizes this is

going to become a take it or leave it

kind of deal

now the question is how do we figure out

where

to cut that from the three and a half

trillion dollar outline that we've had

a lot of folks are suggesting that

they'll just shorten the time frame for

certain benefits for example instead of

doing a four to five year child tax uh

child care tax credit maybe we'll just

do a two-year child a care tax credit

we'll see

now december 3rd is the date when our

government budget runs out again so it's

another date to keep an eye on this is

obviously separate from the debt ceiling

but we do have we've got a couple dates

therefore in december but for right now

we've bought ourselves a little bit of

time for negotiations with these

infrastructure packages and the debt

ceiling which is very good

representative ro khanna also had a

private private conversation with joe

biden about the buildback better plan

and the bipartisan infrastructure deal

as well as the debt limit rakana

suggested getting sanders and mansion in

a room together to figure out a

compromise between joe manchin and

senator sanders bernie sanders now

remember ro khanna is a progressive

himself in fact last year he authored

the emergency money for the people's act

which would have given individuals 2 000

of stimulus per month not six hundred

dollars not fourteen hundred dollars not

twelve hundred dollars but it's two

thousand dollars per month so rokano is

obviously a progressive uh but he's

making the suggestion that well hey if

we get fellow progressive sanders and

moderate mansion in a room together

maybe a compromise between them two

could appease every democrat or as many

as possible in the house and the senate

now uh in response to this suggestion

joe biden said that getting these two

together in a room would be like

homicide

uh and and i can kind of see that as

being possible because i think bernie

sanders is extremely upset at somebody

like joe manchin for holding up the

progressive or left agenda

to which uh we've seen many tweets from

bernie sanders suggesting that is unfair

that two people should be able to hold

up the will of 48 but remember it's

always worth noting there are also

republicans who would join joe manchin

so it's really more like 58 versus 52.

uh sanders of course responded to this

idea as well and said it's not a movie i

don't know if you are a movie writer

this is not a movie it's just really

kind of like okay so it looks like

everybody's kind of seeing a drama on on

both sides here sanders also reiterated

his policy agenda and of course as usual

made his case for leaving certain

elements in like the medicare's coverage

of hearing dental and vision programs

bernie sanders also said that there's a

direct link between congress members who

don't want to support lowering

prescription costs and those who accept

money from pharmaceutical companies this

is a slam at people like kirsten cinema

uh who have uh who have received money

at least from what we can tell have

received money from lobbyists from the

pharmaceutical industry and uh bernie

sanders is aptly pointing out that maybe

there's a connection here in terms of

why uh why there are issues and of

course we we know that there is always a

lobbyism at play but i think it's just

very worth noting that at this point we

we have the debt ceiling uh limit and

budget both kick down the road through

december beyond these being kicked down

the road through december

we also have uh the infrastructure plans

now kicked down the road to the middle

of october that's what we're looking at

right now is the middle of october

democratic leaders have said that

now more than ever thanks to the missing

of our jobs numbers this morning

now more than ever is time to spend the

multi-trillion dollar infrastructure or

spend multi spend multiple trillions of

dollars on infrastructure especially the

soft infrastructure package the social

infrastructure package uh for example

you have biden saying that

the unemployment rate going down to 4.8

percent is a significant improvement

from when he took office

especially joe biden touted decreases in

hispanic and black unemployment rates

but we still have obviously a lot of

work to do but either way over the next

few weeks especially leading up to

halloween so about three weeks to go we

should see a lot of negotiating on this

actual infrastructure package where is

that number going to land are there

going to be inflation concerns regarding

this i expect a lot of progress after

the inflation statistics come out next

wednesday that's when we'll get our cpi

consumer price index inflation report

for september

maybe that if it comes in lower than

expected will help appease joe manchin

that maybe indeed inflation is a bit

temporary if inflation numbers come in

higher than expected that could

definitely make it a lot harder for

somebody like joe manchin to be okay

with a larger package and instead he

might prefer to settle for a smaller

package anyway uh that gives you a

little bit of an update in terms of

timing uh of what we've got we've got a

little bit of a piece here for a few

weeks although i expect negotiations and

bickering between people like manchin

and sanders to continue and we'll keep a

close eye on develop developments as

they come in but in the meantime there

is our stimulus and infrastructure

update thank you so very much for

watching and folks we'll see in the next

one thanks again bye

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