By Tyler Durden
Media reports of yesterday’s White House meetings with centrist and progressive Democratic lawmakers suggest that progress is being made on whittling down the size of the Build Back Better Act (BBBA) from $3.5 trillion to around $2 trillion/10 years, in line with what Goldman predicted would end up being the final total.
As expected, it appears that the discussions are focused primarily on reducing the number of years that some policies last, rather than omitting them from the package entirely, though both strategies appear to be in play. Indeed, most of the reported changes line up with the illustrative scenario for a $2 trillion package that we recently laid out citing Goldman forecasts.
That said, this morning Goldman’s political economic Alec Phillips notes that there are some surprising elements to what is being reported:
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