US Economy: House Democrats Aim To Vote On Social Spending Bill

House Democrats are aiming to vote on President Biden’s $1.85 trillion social spending package on Thursday as the Congressional Budget Office is expected to finish the cost estimate earlier in the day.

The final CBO pricetag has been final to the discussion as many moderates have been reluctant to vote for the bill until they know the bill will be fully paid for. House Majority Leader Steny Hoyer is optimistic he and his colleagues will be able to pass the bill.

"It is my hope that we will complete this legislation today so that this would be the last legislative day prior to the Thanksgiving work period," Hoyer said.

“I think there is a very good likelihood of a vote. Everything is in place, we just need a score. We’ve exhausted debate here for months about the bill. I think it’s been vetted from A to Z,” said House Ways and Means Committee chair Richard Neal, D-Mass.

Democrats can only afford to lose so many votes as they hold a slim majority in the House, if the bill manages to pass, a reconciliation vote will be required in the Senate in order for the Bill to make it to Biden’s desk. Two key players in the reconciliation vote will be Sens. Joe Manchin, D-W. Va., and Kyrsten Sinema, D-Ariz., who have been reluctant to vote for the bill. Every Senate Democrat will need to vote for the bill for it to become a law.

The agreed-upon provisions in the bill include a child tax credit, universal pre-K, expanding Medicare to cover hearing, and money to combat climate change. Other debated provisions include paid family/medical leave, protections for undocumented migrants, and a tax deduction benefiting wealthy Americans.

“We are going to keep working on this important legislation until we get it done,” said Senate Majority Leader Chuck Schumer, D-N.Y.

The move comes amid concerns about the impact of inflation on the domestic economy. A Reuters report on Tuesday cited William Foster, vice president and senior credit officer at Moody's Investors Service, who said that Biden's spending legislation "should not have any real material impact on inflation."