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House Passes BBB, but Senate May Not Pass before Yearend
11/22/2021 · by CRE Finance Council · Tax-General · Legislation and Regulation
By a narrow 220-213 vote margin, the House passed President Biden’s $1.75 trillion Build Back Better Act (H.R. 5376) to create clean energy incentives, four weeks of paid parental and medical leave, child care aid, universal preschool, and Medicare drug price negotiations. President Joe Biden lauded the legislation to “boost the capacity of our economy and reduce costs for millions of families.” The bill now moves to the Senate, where Majority Leader Chuck Schumer (D-NY) wants to pass the legislation by Christmas, but as Politico reports, “standing in his way is the chamber's long to-do list, its rules referee, and — more likely than not — Joe Manchin.”
Tags: BBB · reconciliation · spending · biden ·