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House Speaker Nancy Pelosi. Photo: Alex Wong/Getty Images

House Speaker Nancy Pelosi (D-Calif.) on Friday unveiled the full text of President Biden's $3.5 trillion social spending package.

Why it matters: Democrats are racing to finish negotiations and get the bill on the floor as soon as possible so Pelosi can fulfill her promises to both House centrists and progressives about the timing and sequencing of passing the party's dual infrastructure packages.

  • Monday's deadline to vote on the Senate-passed $1.2 trillion bipartisan infrastructure bill — a promise Pelosi made to moderate Democrats — is less than three days away. As of now, it's still unclear whether they will vote on the package on time.
  • Pelosi also promised progressives the House wouldn't vote on the bipartisan bill before they vote on the reconciliation proposal — but that will not happen before Monday.

As of now, Pelosi's goal is to ensure that they hold a vote on both bills by the end of next week — a huge task given Congress must pass legislation funding the government by Sept. 30 and deal with the impending deadline to raise the debt ceiling.

  • The "intensity continues as we move forward to pass two jobs bills next week: the Build Back Better Act and the Bipartisan Infrastructure Framework," Pelosi said in a letter to Democrats on Friday.

The bottom line: The current text of Biden's "Build Back Better Act" is not the final version. The House and Senate are still hashing out key details of the bill before it'll be ready for a vote.

  • One of the biggest issues that still remains is determining which revenue-raisers they will use to pay for the package.

What's next: The House Budget Committee will stay on the Hill this weekend to mark-up on the Build Back Better Act, underscoring the urgency of wrapping up their work.

  • The Rules Committee will then take up the bill once they finish.

Go deeper

GOP burned by BIF

Rep. Blake Moore, who complains, "I think there's been irreparable damage done." Photo: Bill Clark/CQ-Roll Call via Getty Images

As Democrats haggle over the final details of their nearly $2 trillion social spending bill, Republicans are venting frustration — with key moderates still wavering over whether to back the companion $1.2 trillion bipartisan infrastructure bill.

Why it matters: If progressives don't actually drop their demand to have the social bill passed before they agree to a vote on the infrastructure bill, the $1.2 trillion roads and bridges package remains in limbo without Republicans backfilling support for it.

Oct 26, 2021 - Politics & Policy

Scoop: Biden plan expected to include at least $500B for climate

Photo: Stephanie Keith/Bloomberg via Getty Images

The White House is privately telling lawmakers the climate portion of President Biden's roughly $2 trillion social spending plan is "mostly settled" and will likely cost more than $500 billion, two sources familiar with the talks tell Axios.

Why it matters: A price tag of $500 billion to $555 billion is a huge number and, if it holds, would likely be the single biggest component of the sweeping package. It also isn't far off from the roughly $600 billion proposed when the bill was expected to cost $3.5 trillion.

22 hours ago - Politics & Policy

Plan B for soaking the rich

Illustration: Sarah Grillo/Axios

Millionaires be warned: Democrats are looking for creative ways to tax the wealthiest Americans to pay for their $1.75 trillion social safety net expansion, lawmakers and aides tell Axios.

Why it matters: The nation’s 700 billionaires may have dodged a bullet when Sen. Joe Manchin (D-W.Va.) effectively killed a plan to tax just their unrealized capital gains. But Manchin has told colleagues he's open to hitting all the country’s richest families and individuals with higher taxes.