House Passes Budget Resolution but Blocks Crypto Quick Fix

Key Takeaways

  • On party line vote, House passes Budget Resolution and unlocks process for a Budget Reconciliation Bill that could be as large as $3.5T.
  • Deal with moderate Democrats leads to commitment for a vote on $1T bipartisan infrastructure bill no later than September 27.
  • Agreement allows for House consideration of Senate passed bipartisan bill under a “closed rule” that will prohibit any amendments, including crypto broker fix.

Senate Bipartisan Infrastructure Bill

Last week while most of the national press was focused on the quickly changing situation in Afghanistan, the House reached a compromise between the Speaker and House Democratic moderates that allowed the Budget Resolution to pass and set a deadline for the House to pass the Senate bipartisan infrastructure bill.

As last week started, 10 moderate House Democrats threatened to withhold their votes on the $3.5T Budget Resolution that had passed the Senate and is needed to unlock the Budget Reconciliation process.  The moderates were demanding that the Speaker have a vote on the bipartisan Senate-approved infrastructure bill before any vote on the $3.5T Budget Resolution, also approved by the Senate.  After much back and forth the Speaker made a commitment to have a vote on the Senate passed bipartisan infrast...
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