Internal Democrat Issues Derailing Massive Spending Plan?
News or Noise?! Are Democrats having internal party-issues regarding their $3.5 trillion social-economic makeover spending program?
The Senate will control the process of moving this package forward and with the Senate being held by the narrowest of margins by the Democratic party, they will need everyone backing the plan in order to pass it.
As of this writing, a few key swing-state senators like Manchin from West Virginia hold the key and are pushing back on the size, scope, and timing of this spending.
As the likelihood of this program’s passing grows smaller, the odds for the need for a significant increase in tax rates also wanes, and the likelihood the GOP brings us closer to the fiscal cliff in October also eases.
An easing of these “fear factors” for volatility in October and earnings in 2022 would benefit the overall markets.
Our view? This is news, and worth paying attention to.
Source Articles:
https://www.washingtonpost.com/us-policy/2021/09/07/democrats-reconciliation-bill-budget/
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