President Joseph Biden's far-reaching social spending bill is likely to get Senate approval later this month, two analysts said this week.
"I think before Christmas seems like a reasonable timeline,” Kyle Pomerleau, a senior fellow at conservative thinktank American Enterprise Institute, told the interviewer. “There are other political challenges involved, if this bleeds over into next year, and I think that the Democrats want to avoid that."
Dubbed "Build Back Better," the legislation plan proposed by President Joseph Biden vows $1.75 trillion in social and climate spending by raising corporate taxation rates and cutting back subsidies for fossil fuel companies.
Pomerlau and Seth Hanlon, a senior fellow at the same institution, made the comments to MarketWatch during a Barron's Live episode.
With the funds going toward everything from helping create jobs and those affected by the pandemic to fighting climate change, the bill passed in the House of Representatives in November and now needs to be approved by the Senate.
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Senate Majority Leader Charles Schumer (D-N.Y.) has been pushing to bring it to a vote as early as the week of Dec. 13.
"I think the chances are very, very good that this bill will pass, and I wouldn’t bet the mortgage on it, but I would predict that it’s going to happen by this month,” Hanlon said during the appearance.
While corporate heads and Republicans have been pushing back against the increased taxation, the proposal has remained fairly popular.
Now its success comes down to negotiating details like paid leave and a $4,500 tax credit for American electric vehicles, both disputed by Joe Manchin (D-W.V.), as well as the final number — which many Republican lawmakers argue was too large.
"I think that $2 trillion in spending, including the tax credits, is a reasonable place that they will end up," Pomerlau said.
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Build Back Better Likely to Pass Senate Later This Month: Analysts - TheStreet
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