About This Source - Bloomberg QuickTake: Now
Bloomberg L.P. is a privately held financial, software, data, and media company headquartered in Midtown Manhattan, New York City.
It was founded by Michael Bloomberg in 1981, with the help of Thomas Secunda, Duncan MacMillan, Charles Zegar, and a 12% ownership investment by Merrill Lynch.
Recent from Bloomberg QuickTake: Now:
Bloomberg Quicktake: Now published this video item, entitled “LIVE: Biden Meets With Senate Republicans on Infrastructure in the Oval Office” – below is their description.
(May 13) President Joe Biden’s sit-down on Thursday with half a dozen Republican senators will determine whether there’s a chance for a bipartisan bill on infrastructure, one of the planned participants in the meeting said.
“Today Republicans will learn whether @POTUS is serious about reaching a deal on infrastructure,” Senator Roger Wicker of Mississippi said in a tweet, referring to the president. “Our conference has a good faith offer on the table. We are ready to work with the President and our Democratic colleagues.”
Roy Blunt of Missouri, another participant, said the two key issues are how to define infrastructure — after Biden’s plan incorporated elderly care and other social spending the GOP opposes — and excluding any move to roll back the 2017 Republican tax cuts to help pay for a package.
“If we establish those two things, it is very possible to put the biggest infrastructure package ever passed by the Congress on the president’s desk,” Blunt said. “I hope we can.”
Blunt, along with the top Republican on the Senate Finance Committee, Mike Crapo, both signaled support for tougher Internal Revenue Service enforcement as one way to boost revenue and help fund infrastructure spending.
Crapo said he was “very willing” to consider such an effort, though questioned whether it could raise as much money as the $700 billion over 10 years the White House has suggested. Crapo has formally asked the IRS to explain the estimate.
House Republican leader Kevin McCarthy said Wednesday after a separate confab with Biden and top congressional leaders that his party would release as soon as next week an infrastructure proposal of less than $800 billion. Biden has pitched the more expansive $2.25 trillion American Jobs Plan.
While the White House wants to boost corporate taxes to pay for infrastructure, Senate Minority Leader Mitch McConnell said he told Biden Wednesday that a “red line” for the GOP is rolling back any of the 2017 tax cuts — which included a sharp reduction in the levy on companies.
At stake for the administration is showcasing to moderate Democrats that an effort is being made to do a bipartisan deal — as Senator Joe Manchin of West Virginia has specifically called for.
Thursday afternoon’s meeting includes Biden, Vice President Kamala Harris and Transportation Secretary Pete Buttigieg, along with Wicker, Blunt, Crapo and fellow Republicans Shelley Moore Capito, John Barrasso and Pat Toomey.
The Wednesday gathering with McConnell, McCarthy, House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer, offered mixed signals.
Both sides are signaling an openness to some kind of infrastructure package, but remain deeply divided over scope. McCarthy said it should include only roads, bridges, highways, airports and broadband. Biden’s plan has $400 billion for elderly care, among other non-traditional items.
It’s also unclear whether there’s room to agree on how to pay for it. While Republicans oppose tax hikes, Biden has ruled out user fees, which Republicans have suggested, with the president saying they would put the burden to the poor, working-class and middle-class.
There are increasing signs the bill would be split up if a bipartisan agreement on some infrastructure measures did emerge. That would leave Biden to try to advance some or all of the rest of his proposal without Republican support. Biden himself signaled Wednesday he was open to splitting the legislation.
“I want to make it clear — I want to get a bipartisan deal on as much as we can get a bipartisan deal on. And that means roads, bridges, broadband, all infrastructure,” Biden told MSNBC in an interview aired Wednesday night. But he said he wouldn’t give up on other measures and may try to pass those separately with only Democratic votes.Bloomberg Quicktake: Now YouTube Channel
Got a comment? Leave your thoughts in the comments section, below. Please note comments are moderated before publication.
In This Story: Democrats
“Democrats” usually refers to the The Democratic Party of the United States – one of the two major political parties in the country, along with its main, historic rival, the Republican Party.
It was founded on 8th January 1828 and has its contemporary headquarters in Washington, D.C., United States. The present leadership is Nancy Pelosi (Party leader) and Jaime Harrison (Party chair).
2 Recent Items: Democrats
In This Story: Kamala Harris
Kamala Devi Harris is an American politician and attorney who has served as the junior United States senator from California since 2017. She is the Democratic vice presidential nominee for the 2020 election.
2 Recent Items: Kamala Harris
In This Story: Mississippi
Mississippi is bordered to the north by Tennessee, to the east by Alabama, to the south by the Gulf of Mexico, to the southwest by Louisiana, and to the northwest by Arkansas.
Mississippi’s western boundary is largely defined by the Mississippi River. Jackson is both the state’s capital and largest city. Greater Jackson is the state’s most populous metropolitan area, with an estimated population of 580,166 in 2018. Mississippi has a humid subtropical climate classification.
2 Recent Items: Mississippi
In This Story: Mitch McConnell
Mitch McConnell is an American politician currently serving as Kentucky’s senior United States senator and as Senate majority leader.
2 Recent Items: Mitch McConnell
In This Story: Nancy Pelosi
Nancy Patricia Pelosi is an American politician serving as a congresswoman from California and the speaker of the United States House of Representatives. A member of the Democratic Party, Pelosi is the only woman in U.S. history to serve as Speaker and the highest-ranking female elected official in United States history. She is also the dean of California’s congressional delegation. As House speaker, Pelosi is second in the presidential line of succession, after the vice president.
2 Recent Items: Nancy Pelosi
In This Story: Republicans
The Republican Party, sometimes also referred to as the GOP (Grand Old Party), is one of the two major contemporary political parties in the United States, along with its main, historic rival, the Democratic Party.
It was founded on 20th March 1854 and has its contemporary headquarters in Washington, D.C., United States. The present leadership is Ronna McDaniel (chairwoman).