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| Name | Nancy Pelosi says she expects to pass the social spending bill by Thanksgiving |
| Video Uploader | Video From CNBC Television |
| Upload Date | This Video Uploaded At 05-11-2021 21:37:59 |
| Video Discription | Ylan Mui joins 'Closing Bell' to discuss updates on the infrastructure and social spending bills in the House. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi The House of Representatives passed a key procedural vote early Saturday morning to line up eventual passage of the Build Back Better Act, President Joe Biden’s signature social safety net and climate change bill. The party-line vote came soon after the House late Friday night passed the $1 trillion, Senate-approved bipartisan infrastructure bill, which will now go to Biden’s desk. The procedural vote on the bigger social services and climate plan represented just a partial victory for the White House and Democratic leaders in the House, who had hoped to pass both the procedural vote and the final bill Friday. Still, the move showed for the first time that the Democratic caucus could unite behind a vote to advance the Build Back Better legislation, even if they could not come together to vote to pass the final bill. “The Build Back Better Act will be a once-in-a-generation investment in our people,” Biden said in a statement lauding the passage of the infrastructure plan and the successful procedural vote for his social and climate plan. The final passage plan fell apart late Friday morning, when it became clear that a small group of House moderates would not vote for the bill until they saw an economic analysis from the Congressional Budget Office of the bill’s long term impacts on the budget deficit, known as a CBO score. Even the procedural vote looked dicey for several hours on Friday afternoon after progressives balked at the idea of passing a final version of a companion infrastructure bill favored by moderates, without simultaneously passing a final version of the Build Back Better Act. The impasse was only resolved after Biden personally stepped in and brokered a deal. Moderates agreed to issue a formal pledge to vote for the social spending bill, provided the CBO score showed that it would not add to the budget deficit. The CBO is unlikely to have that report ready for several days, however, and Congress will be in recess next week. Initially, it had appeared as though House moderates would be satisfied with a report that was released Thursday by the nonpartisan Joint Committee on Taxation. That report found that the $1.75 trillion social spending bill would not add to the federal deficit long-term. But the report did not take into consideration several major parts of the bill that were still being negotiated early this week, when the analysis was performed. The procedural vote sets up the conditions on the final vote, such as how much time each party gets to debate the bill on the House floor, and whether any amendments can be introduced. It also sets into stone what the bill will contain when it is finally taken up for a formal vote later this month. » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide. The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30: https://www.cnbc.com/2020/09/29/the-news-with-shepard-smith-podcast.html?__source=youtube%7Cshepsmith%7Cpodcast Connect with CNBC News Online Get the latest news: http://www.cnbc.com/ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC https://www.cnbc.com/select/best-credit-cards/ #CNBC #CNBCTV [yMoXI-W1Mso] |
| Category | News & Politics |
| Tags | Closing Bell | CNBC | business news | finance stock | stock market | news channel | news station | breaking news | us news | world news | cable | cable news | finance news | money | money tips | financial news | stock market news | stocks |
