Fox Business host Larry Kudlow discussed how President Biden's bipartisan infrastructure deal fell apart after Democrats said the only way they will pass it is if Republicans let their election bill pass on "Kudlow."
KUDLOW: It's very clear that the double-cross was always the Democrats' strategy, Bernie Sanders' been talking lots about it, Nancy Pelosi has been talking lots about it, but Biden, during the good-faith bipartisan negotiations, was not talking about it. He is the most important person in the room. Pelosi later said there will be no infrastructure vote in the House until the massive reconciliation bill is passed. Well, meanwhile, I feel the pain of the Republican negotiators, people like Rob Portman and Susan Collins and Bill Cassidy. These are principled folks of good faith, and in fact, Senator Rob Portman notes the number one note was no income tax, no changes to the 2017 tax bill. And his third bullet was solely core infrastructure priorities, not human infrastructure. Now, Portman is a smart guy and he's a man of principle. He wouldn't have written that if he didn't think Biden had signed on to it.
Let's remind ourselves that we're talking about a four trillion dollars additional spending, and actually the trillion dollar infrastructure deal could wind up being folded into some kind of big reconciliation package. There may be less there than meets the eye. I say this because as a former green-eyeshade myself, whovworked in Reagan Reagan's OMB years back as a negotiator in Trump's National Economic Council. I know that there can be no reconciliation until and unless there's a budget resolution agreed upon by both the House and the Senate. Right now, they are nowhere near a budget resolution, and on top of that, the Senate parliamentarian, Elizabeth McDonough, has already outlawed this phony, nonsensical IRS tax grab where you put it $80 billion and somehow magically you pull out $700 billion in revenues.