President and Congress Continue Negotiating Reconciliation Package

SLMA News,

President Biden and the Democratic majority in the House continue to negotiate a reconciliation package that would fund several Democratic social and environmental programs and increase or create taxes to offset the program. The reconciliation package that began at $3.5 trillion of spending has been but between $1.5 trillion and $2 trillion, as Democratic leadership continues to work for support of all 50 Democratic senators. Senators Krysten Sinema (D-AZ) and Joe Manchin (D-WV) continue to hold out support due to concerns with tax increases and expenditures. Democratic leadership hopes to have a deal on the reconciliation package this week that would pass the Senate while also attracting enough supoprt from House Democrats to pass the $1.2 trillion bipartisan infrastructure bill. While it appears that many proposed tax increases have been taken off the table, there is no certainty until the language is shared. SLMA continues to work with coalition partners to oppose tax increases that would impact the industry. If you have not yet reached out to your Members of Congress to express opposition to the various tax increases, please do so. Our previously shared Action Alert can be accessed here.