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September 9, 2021

Conflicting info on $3.5T infrastructure bill from Pelosi, White House

House Speaker Nancy Pelosi and White House Press Secretary Jen Psaki both provided comments on the $3.5 trillion infrastructure package on Wednesday, but their information seems to conflict.

When asked about negotiations over the measure’s budget size, Psaki said it “is going to be paid for.”

“This is going to be paid for. That is something the president is committed to, something Senator Manchin has called for as well. The real choice right now is whether you’re going to lower costs for people in this country on elder care, child care, cost of college or whether you’re going to allow the wealthiest Americans and corporations to continue to pay the tax rates that are hardly fair moving forward,” Psaki said during a press briefing.

Earlier in the day, Pelosi said that amount was “maybe” half.

“We will pay for more than half maybe all of the legislation,” Pelosi said. “We will be taking some responsibility to pay for what is in there. So the cost for the future will be much lower than any 3.5.”

Source:

Psaki vs Pelosi: White House says $3.5B package ‘will be paid for,’ speaker suggests otherwise

September 9, 2021

Treasury Secretary raises alarm over nation’s debt ceiling

Treasury Secretary Janet Yellen is raising the alarm over the nation’s borrowing limit that could set off a worldwide economic crisis if Congress fails to take action.

Yellen warned congressional leaders on Wednesday that the US could potentially default on its debt in October. There is now reportedly a scramble to determine how to raise the debt ceiling in time.

“The time for Congress to act is now to make sure the U.S. does not come close to defaulting on some of its obligations,” said Rachel Snyderman, associate director at the Bipartisan Policy Center, a think tank that monitors the debt limit. “But what’s concerning right now is that there are so many important priorities at play.”

Republicans vowed to withhold votes for the debt ceiling, though they helped suspend it under former President Donald Trump.

“Democrats control Washington now. They can raise the debt limit on their own,” said Doug Andres, a spokesman for Sen. Mitch McConnell (R-KY), on Wednesday.

Source:

Yellen triggers alarm bells over debt ceiling cliff 

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