Christopher Columbus surely experienced moments of elation, despair, and regret in his four voyages across the Atlantic. As we remember his accomplishments with a fuller understanding of his misdeeds, it should be easier to accept the relative routineness of the trials and tribulations faced by congressional leaders as they work the rest of this quarter to stop or fulfill President Biden’s economic agenda.
We’ve read plenty in the past few days about how success will require nearly all Democrats to unite behind Biden’s economic plan. We continue to agree with this assertion. Our analysis points to a late December enactment of legislation that will comprise the initial launch of Bidenomics. Reconciliation and additional debt ceiling action continue as the riskiest elements of our call because both the politics and outcomes carry the greatest impact on the economy and midterm elections.
The House of Representatives is expected to concur this week with the Senate amendment to the House-passed version of S.1301 to increase the debt limit. The only intrigue of any interest is that the House must pass the bill the way it returned from the Senate, as congressional rules allow only for two pass-backs. House passage would be the second voyage. The waters are deceptively calm for the December 3 deadline debt ceiling adjustment. The forecast is for cloudy often turbulent November waters.
