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Illustration: Sarah Grillo/Axios

If Democrats win the Senate, they may test the limits of “budget reconciliation” with a blitz to pass as much as possible with 50 votes, pending a decision on whether to finally abolish the filibuster and its 60-vote requirement.

The big picture: Biden, if he's elected, will front-load his agenda with coronavirus stimulus and attempt several other big-ticket items in his first year, aware that his political capital will start to diminish as soon as he takes office.

  • After a pandemic push that could top $3 trillion, he'll have to decide how to prioritize immigration, climate, taxes, health care, prescription drugs and student loans.
  • Every interest group thinks its legislation should go first. Many will be disappointed.

What we're hearing: With Majority Leader Mitch McConnell saying the Senate is unlikely to consider a relief package this year, Biden may be forced to do a short-term package right away.

  • But some Biden advisers think the White House will only get one shot and want to go as big as possible on the first pass.
  • They're determined to learn from the $787 billion stimulus of 2009, which most economists now think was too small.

Editor's note: This post was corrected to reflect that pandemic relief could top $3 trillion (not $3 billion).

Go deeper

Senate Mischief Makers

Illustration: Sarah Grillo/Axios

In a closely divided Congress, the Senate’s Mischief Makers could thwart their leaders' best-laid plans with their own agendas.

Why it matters: On Wednesday night, we shared a list of House members who our leadership sources on the Hill consider some of the top troublemakers. But their Senate counterparts may be even more impactful in a 50-50 chamber, where Vice President Kamala Harris holds the tiebreaking vote.

Updated 48 mins ago - Economy & Business

Janet Yellen co-opts Reaganomics phrase for new Davos speech

Treasury Secretary Janet Yellen at a speech this week. Photo: Alex Wong/Getty Images

The U.S. needs to focus on increasing its productive potential, Treasury Secretary Janet Yellen told world leaders Friday, calling for what she terms "modern supply side economics."

Why it matters: She co-opted a phrase traditionally used by political conservatives to describe low-tax and deregulatory policies — and framed the Biden administration's initiatives as the best path forward to achieve greater national prosperity.

National Archives releases Trump White House records to Jan. 6 panel

Photo: Chip Somodevilla/Getty Images

The National Archives on Thursday evening released records of former President Trump's White House to the House Jan. 6 Select Committee, the agency said.

Why it matters: The committee now has documents that Trump attempted to keep hidden, arguing that their release would undermine his executive privilege.