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"‘We’re going to get this done,’ Biden says after Senate Democrats reach $3.5 trillion budget deal" by Victor Reklaitis
James Lucier quoted in Victor Reklaitis's MarketWatch article, "‘We’re going to get this done,’ Biden says after Senate Democrats reach $3.5 trillion budget deal."
The article reads:
One key moderate Democratic senator, West Virginia’s Joe Manchin, reportedly said on Wednesday that he’s open to the $3.5 trillion deal, but not yet fully endorsing it.
Analysts at Capital Alpha Partners were downbeat on the prospects of the spending plans.
“We see Democrats embarking on a risky all-or-nothing strategy that could delay a final result until as late as Christmas, creating great policy uncertainty for the duration, and making it more difficult to pass appropriations bills and deal with the debt ceiling,” said James Lucier, managing director at Capital Alpha, in a note.
“If there is a final result, we expect the package to be much smaller than $3.5 trillion in size. We still expect a package or combination of packages in the range of $1 trillion to pass at the end of the day, but the odds of no outcome or a nothing-done are also greater.”
SOURCE: GETTY IMAGES