(FT) President Joe Biden’s $1.75 trillion ‘Build Back Better’ bill is set to be passed by the House on Friday, ending months of infighting.
The bill was expected to be passed on Thursday night, but an eight-hour speech by Minority Leader Kevin McCarthy derailed progress prompting the Democrats to schedule the vote to Friday.
McCarthy has called the bill the most reckless and irresponsible way of spending. Other Republicans have resented the bill arguing it could be a precursor for higher inflation and lower economic growth.
Treasury Secretary Janet Yellen says various analysis of the bill by the Congressional Budget Office shows that the funding is fully catered for amid Republican disagreement.
Democrats say the investments in the new bill will help tackle inflation by lowering costs and stimulate growth through long-term investments. The bill will focus on broader areas of healthcare, education, and climate.
Once voted in the House, the bill will be subjected to a Senate proceeding, with Democrats expected to pass it due to a 50-50 control and an additional VP’s Kamala Harris vote.
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