4th Stimulus Check & Infrastructure Update | June 7

what is the latest with the stimulus

negotiations that is the social

infrastructure negotiations

with extended support are we going to

see checks in them what's the latest

with the hard infrastructure plan are we

going to see tax increases

what the heck is going on in capitol

hill folks

buckle up let's figure it out quick

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for updates on that for now let's get

into this update all right here we go

folks

wow wow wow so here's the thing we've

regularly known that democrats have

50 votes in the senate with a tiebreak

vote of kamala harris

this basically lets them pass whatever

bills they want

through budget reconciliation and we've

regularly believed

that the budget reconciliation process

can be used

three times per year per budget so per

annual budget you break it into three

things

well this would have allowed democrats

to pass the stimulus package which they

already did this year so they've already

used that up that's one golden ticket

gone

and then two more things like the hard

infrastructure plan

infrastructure for things like roads

bridges waterways broadband so and so

forth

and the social infrastructure plan which

would be things like extending the child

tax credit college and so on and so

forth the tax changes as well

1031 exchange the corporate taxes

capital gains tax

all these changes that are built into

the

social infrastructure package well

that's three packages right there

republicans obviously don't want

democrats to do any of this because

well it's expensive and then beyond

expensive

republicans don't want to see any

changes to taxes especially

any changes to the 2017 tax cuts and

republicans think hey we're spending way

too much money

so where do we stand today well we had a

little bit of a breakdown

on democrats leverage remember

negotiations are all about leverage

we've been covering stimulus

negotiations for coming up on what 14 15

months now

it's all about leverage republicans

realize that democrats don't have a

united party and now not only do

democrats have a divided party with the

joe manchin speaking out against

partisan bills

but the senate parliamentarian has

determined that

no democrats can't use three

reconciliation bills

they can only use two that means somehow

democrats are going to have to figure

out how to combine

the massive 2.3 trillion dollar american

jobs plan and the 1.8 trillion dollar

american families plan

this creates issues because biden also

wants to expand medicare

and do other biden priorities or

complete other biden priorities

through multiple reconciliation packages

they've got

one left this is a huge blow to

democrats negotiation leverage

in their talks with republicans because

they have one option left

and even with this one option joe

manchin

a democrat one of those 50 democrats

isn't con convinced at all that he's

willing to even go

for any of a budget reconciliation

package

that means we got to get 60 votes to get

anything done

in congress and so far that's looking

like a long shot see joe manchin on

sunday said

quote i have all the confidence in the

world that the white house and senate

republicans can reach a compromise

on bipartisan infrastructure plans he

says that

quote i believe partisan voting

legislation will destroy the

already weakening binds of our democracy

and then

when he was asked well why don't you

just eliminate the filibuster which

eliminates the need

for having this whole budget

reconciliation process eliminating the

filibuster just basically means you

could pass anything with 51 votes he

says

i will not vote to weaken or eliminate

the filibuster i think we can come

to a compromise where we find a

bipartisan deal

so in other words democrats are here

going we've got all these grandiose

plans race taxes social infrastructure

heart infrastructure medicare plans plan

plan plan plan

and the republicans are like nope nope

not doing any of that

well then fine the democrats say we'll

use budget reconciliation no you won't

because you only got one option left

well fine then maybe we'll use that one

nope because joe manchin's not on board

with that

in other words it looks like the only

bill so far that's going to be able to

get through congress is going to be

something

that is bipartisan and i can tell you

what's not bipartisan

extending the child tax credit extending

the child dependent care

credits extending any form of stimulus

payments unfortunately right now

is not bipartisan because all of those

come with tax increases and republicans

say

no no no no to all of those now

republicans are negotiating with biden

and it's i guess it's not really all

republicans it's actually just

one republican it's senator capito

shelly capito

she held a meeting with joe biden today

on monday

and she said hey well when she was

interviewed afterwards we don't exactly

know what happened in the interview but

we do

uh during their discussion but we do

know what happened afterwards afterwards

shelley spoke and let's just say it

didn't sound like things

went very well shelley implied that the

president felt that republicans

quote don't measure up to his

expectations

and they'll speak again tomorrow but

tomorrow biden takes off for a week

to travel to europe and that could

potentially break down negotiations even

further

she did not sound very bullish she

sounded a little bit negative about the

whole thing

now again remember biden's pushing this

big almost four trillion dollar plan

he's open to reducing it substantially

but so far we're not even close and joe

biden sits at 1.7 trillion dollars for

just the hard infrastructure part

which still leaves an over 700 billion

dollar gap

and things just aren't looking that good

for getting stimulus done

now keep in mind that we did hear from

jen

sackey on thursday hey jen saki said

look right now

stimulus checks are not a priority for

biden

that he's focused on other priorities

and a fourth stimulus check is unlikely

this is despite the fact that obviously

a lot of folks have been calling for

stimulus

we know that researchers from the

university of michigan found that checks

coincided

with sharp decreases in food insecurity

financial instability and anxiety and

depression

representative ro khanna in the house

who previously co-signed the two

thousand dollar per month emergency

money for the people act reacted to this

on twitter

saying quote after we deliver two

thousand dollar stimulus checks to the

american people

we saw a 43 decrease in financial

instability and a 42

decrease in food shortages this is a

lesson that we shouldn't

have to wait for permission from

republicans on to push

for bold progressive policies but

remember

even though rokhana who's a big

supporter of more stimulus checks

wants more stimulus checks even in his

tweet he didn't give a direct call for

more stimulus

although we know there have been other

talks about more stimulus checks

we know there are over 28 democrats

pushing for more stimulus checks

we've heard hundreds of economists write

letters

or signed letters for more stimulus we

know that stimulus would help

a lot of folks who are still struggling

right now but

unfortunately congress is so

dysfunctional right now

that honestly the bottom line of what it

feels like right now

is probably not going to see any kind of

tax changes

not going to see any changes to the

social infrastructure well so we'll

still have the child tax credit boost

for 2021 but that's it wouldn't get

extended we'll still have

the 8 000 child dependent well actually

not child it's all dependent

care credit something you can look up

just type it into youtube meet kevin

dependent tax credit or the

child tax credit if you want more

details on how that's paid out

but folks beyond that we might be left

with nothing extra

maybe we'll get an infrastructure

package where we get some extra money

for roads bridges

schools broadband waterways but in terms

of

actual additional stimulus it's a

complete disaster right now

it's a complete disaster the republicans

and democrats

are narrowing well not really narrowing

they're still 700 billion dollars away

on a deal

i think they'll probably eventually get

a deal done over the next few months

but it's going to take those few months

and i think that's probably going to

wear down

all enthusiasm to get any other bills

done in a bipartisan way for a chunk of

time

so we'll see i don't know i'm not very

optimistic everything i'm reading so far

or hearing about is a complete disaster

and i'm disappointed by that

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