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Photo illustration: Aïda Amer/Axios. Photo: Andrew Harnik-Pool/Getty Images

President Biden yesterday announced "we have a deal" on an infrastructure bill, while surrounded by a bipartisan group of senators in the White House driveway.

Between the lines: No they don't. Unless you want to make the word "deal" as squishy as the word "infrastructure" has become.

Why it matters: There is still no clarity on corporate or individual tax rates, including for income already earned in 2021.

State of play: Yesterday's agreement primarily focuses on new spending for physical infrastructure, including broadband. The IRS would get extra resources to close the so-called "tax gap," but there aren't any rate hikes. Carried interest is not addressed in the information disclosed so far.

Wait, that sounds like a deal: Biden says he wants to dance a legislative two-step. Get this $1.2 trillion infrastructure package through with GOP support, but only if he can also get a separate bill passed via reconciliation. Which may be like saying I came to an agreement with the Lamborghini dealer, so long as I can get one other thing done first.

  • Indeed, some Senate Republicans are already saying they won't be held hostage to such an arrangement, with Lindsay Graham calling it a "deal breaker."

Timing: Congress is likely to work through the August recess and into the fall, per Axios' Hans Nichols. And with each passing day, the prospective of retroactive taxes becomes more complicated. Same goes for investors seeking to make decisions related to the prospective infrastructure spend.

The bottom line: Infrastructure Week may never end.

Go deeper

Hill votes will make global waves

President Biden addresses the UN General Assembly on Sept. 21, 2021 in New York City. Photo: Eduardo Munoz-Pool/Getty Images)

This epic week for President Biden on Capitol Hill is even bigger than his domestic agenda.

Why it matters: Biden has anchored his entire strategy for foreign affairs on the notion that "America is back." What that means in practice is that Biden needs to prove democracy works to rally America’s liberal allies against rising authoritarians.

Updated Sep 26, 2021 - Politics & Policy

Pelosi may delay Monday vote on infrastructure package

Screenshot: ABC's "This Week."

House Speaker Nancy Pelosi (D-Calif.) on Sunday said she might not bring the $1 trillion infrastructure bill to the floor on Monday as previously pledged.

Why it matters: Pelosi's remarks on ABC's "This Week" come as Democrats have struggled to agree on the timing of the bill and as the divide between moderate Democrats and their progressive counterparts widen over the final value of the reconciliation package.

SoCalGas agrees to $1.8 billion settlement for 2015 gas blowout

An evacuee with a Save Porter Ranch sign outside Southern California Gas Company's Aliso Canyon gate in Porter Ranch in January 2016 as the gas leak continued. Photos: Al Seib / Los Angeles Times via Getty Images

Southern California Gas Company and its parent company announced Monday they've agreed to pay up to $1.8 billion in settlement claims over the 2015 Aliso Canyon natural gas storage facility blowout.

Why it matters: Some 100,000 tons of methane, ethane and toxic chemicals poured into the air for 112 days, forcing over 8,000 families to evacuate from their Los Angeles-area homes and sickening many with headaches, nausea and nosebleeds, per the L.A. Times.

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