• The ball is in the Democrats’ court right now. The holdup to finalizing infrastructure is being caused by progressive Democrats wanting the Senate to approve their $3.5 trillion budget reconciliation package before the $1+ trillion bi-partisan package is voted on by the House.
• It seems progressive Democrats are going to need to accept a total budget reconciliation package closer to $1.5 trillion in order to get infrastructure negotiations completed.
• It is possible, but not a certainty, that the public finance friendly elements of the budget reconciliation package remain if spending falls by $2 trillion.

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