Heads up for US infrastructure bill headlines coming Thursday and Friday
The US House of Representatives House Ways and Means Committee will discuss parts of the proposed %3.5 tn domestic ifrastructure investment plan on spet 9 and 10.
Focus of this week's debate will be healthcare and other social services.
Democrats and Republicans are likely to vehemently disagree. This will lead to conflicting headlines.
Equity markets like positive news on government investment spending but will be disappointed in the inevitable proposals to reduce the overall size of the package. reducing the $3.5 trillion price of the legislation. There will be two-way price action on markets resulting.
House voting will not come until later in September, so plenty of hot air until then. After the house votes any bill will move to the Senate. The political junkies tell me that in the upper house Democrats plan to use a special procedure known as "reconciliation". Which is not all holding hands and singing Kumbaya. Nope, its about allowing legislation to pass by a simple majority vote instead of the 60 votes needed to advance most bills. The 100-member chamber is split 50-50 with VP Harris holding a deciding vote.