On The Money: Democrats wary of emerging bipartisan infrastructure deal, warn of time crunch

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THE BIG DEAL—Democrats wary of emerging bipartisan infrastructure deal: Progressive Democrats are wary of an emerging deal on infrastructure being negotiated by five Republican and five Democratic senators, fearing it could make it tougher to get prized priorities to President Biden’s desk.

• The progressives are specifically worried that passing a bipartisan infrastructure package consisting of the most popular infrastructure spending priorities — such as funding for roads, bridges, rail, public transport, airports and rural broadband internet — will make it tougher to marshal support for a bigger reconciliation package down the road.
• That bigger package could include many progressive prizes, such as climate change legislation, $400 billion for long-term home care and language to lower the cost of prescription drugs.

Moderate Democrats are embracing the scaled-down spending goal as a solid investment in the nation’s infrastructure needs. But progressives are gearing up for battle. They argue the “new funding” over existing programs is “inadequate.”

What progressives are saying: 

• “The problem is this country faces enormous issues that have been ignored and neglected for a very long period of time…Even if you look at infrastructure from the narrow perspective of roads and bridges, it’s inadequate.” — Sen. Bernie Sanders (I-Vt.)
• “We need a big climate bill — and fast — to stay in nature’s 1.5 degrees C safe zone.” — Sen. Sheldon Whitehouse (D-R.I.)

The Hill’s Alexander Bolton has more here.

Antsy Democrats warn of infrastructure time crunch: Democrats are not only unenthused with the Republican offer, but way of spending any more time on bipartisan negotiations.

Almost six months into the Biden administration, Democrats know they have only a matter of weeks to get a major spending package to the president’s desk unless they punt infrastructure to the fall, setting the stage for a potential end-of-year train wreck.

That new sense of urgency is pushing Senate Democrats toward a decision point, one way or another, with Democratic Whip Dick Durbin (Ill.) urging his colleagues to “get cooking.”

“I look at the calendar, I see two more weeks in June, three weeks in July and one in August and then we’re in the middle of September. I mean, zoom. It’s gone,” Durbin said.

The Hill’s Jordain Carney has more here.

LEADING THE DAY

White House issues new rules on ‘Buy American’ waivers: The Biden administration on Friday issued guidance to federal agencies that aims to streamline the implementation of the president’s “Made in America” executive order.

• The White House Office of Management and Budget (OMB) sent a memo to federal agencies and department heads outlining how the administration will seek to reduce waivers and increase transparency so the federal government outsources its manufacturing needs less often.
• The guidance was obtained exclusively by The Hill ahead of its release.
• The guidance on waivers will apply to more than 100 federal agencies, but will be phased in over the next several months.

The Hill’s Brett Samuels has the scoop here.

ON TAP NEXT WEEK

Monday:

• A House Judiciary subcommittee holds a hearing entitled “Potential Remedies for Unlawful Evictions in Federal Emergency Areas” at 3 p.m.

Tuesday:

• The House Financial Services Committee holds a hearing on central bank digital currencies at 10 a.m.
• The Senate Banking Committee holds a hearing on local community infrastructure needs at 10 a.m.
• A House Small Business subcommittee holds a hearing on reversing the decline in women’s entrepreneurship at 10 a.m.

Wednesday:

• A House Financial Services subcommittee holds a hearing on the Community Development Block Grant program at 10 a.m.
• A House Small Business subcommittee holds a hearing on broadband investments and small businesses at 10 a.m.
• Treasury Secretary Janet Yellen testifies before the Senate Finance Committee on the department’s fiscal 2022 budget at 10 a.m.
• A House Financial Services subcommittee holds a hearing on sanctions evasion at 2 p.m.
• Federal Reserve Chair Jerome Powell holds a press conference following the Federal Open Market Committee concluding its June meeting at 2:30 p.m.

Thursday:

• Housing and Urban Development Secretary Marcia Fudge testifies before a Senate Appropriations subcommittee on the department’s fiscal 2020 budget request at 9:30 a.m.
• The Senate Banking Committee holds a hearing on the National Flood Insurance Program (NFIP) at 10 a.m.
• Treasury Secretary Janet Yellen testifies before the House Ways and Means Committee  on the department’s fiscal 2022 budget at 10 a.m.

GOOD TO KNOW

• The chairwoman of the House Oversight and Reform Committee is pressing JBS USA to explain why it paid $11 million in ransom to a criminal group earlier this year.
• A House antitrust panel on Friday unveiled a bipartisan agenda made up of five bills that would give regulators greater authority to rein in the power of tech giants.
• Popular video game maker Electronic Arts (EA) recently suffered a breach by hackers who stole data including game source code. 

ODDS AND ENDS

• McDonald’s said that it was the target of a data breach affecting its markets in South Korea and Taiwan.
• China is using the eastern province of Zhejiang to test a series of initiatives to promote “common prosperity” as the country grapples with gaps between urban and rural development, unequal income distribution and a lack of consistency in development.

Recap the week with On The Money: 

• Monday: White House sees paths forward on infrastructure despite stalled talks | Biden battles Dem divides | FBI seizes bitcoin ransom paid by Colonial Pipeline
• Tuesday: Biden ends infrastructure talks with Capito, pivots to bipartisan group | Some US billionaires had years where they paid no taxes: report | IRS to investigate leak
• Wednesday: Bipartisan Senate group rules out tax hikes on infrastructure | New report reignites push for wealth tax
• Thursday: Consumer prices jumped 5 percent annually in May | GOP senators say bipartisan group has infrastructure deal