With Congress back in session this week, Greg Valliere, chief U.S. strategist of AGF Investments, says lawmakers face a “very full plate” — an expiring budget, a possible resurrection of President Joe Biden’s Build Back Better spending and tax bill, a China competition bill, a Russia sanctions measure, and a fight this spring over a Supreme Court nominee.
“Congress will have to keep the government funded past the Feb. 18 deadline that was set before Christmas when lawmakers kicked the can down the road on an omnibus spending package for this fiscal year,” Valliere wrote in his Capitol Notes email briefing.
All the while, Biden’s approval rating has taken “one of the quickest plummets I’ve ever seen,” from 60% to less than 40% in eight months, Valliere said at the Financial Services Institute’s OneVoice conference late Monday afternoon. He cited the president’s handling of Afghanistan, illegal immigration and “growing signs of crime out of control,” along with the Centers for Disease Control’s inconsistent messaging on the COVID-19 pandemic, for the steep drop.
The big legislative story by spring, he wrote, “may be a resurrection of the Build Back Better bill, as Democrats indicate they will accept virtually anything from Sen. Joe Manchin.”
At FSI OneVoice, Valliere discussed the likelihood of that bill’s passage — he referred to Build Back Better as a stimulus bill — as well as what lies ahead in terms of inflation and whether Republicans will regain control of Congress. Check out the gallery above.
(Cover image: Adobe Stock)