The chairman of the Senate Finance Committee, Ron Wyden of Oregon, has been releasing discussion drafts of proposals to fund the $3.5 trillion budget reconciliation spending — the larger, Democrats-only bill — by raising taxes on high earners and businesses. On Wednesday, he provided granular details of a plan to increase taxes on the profits multinational companies earn and book overseas.
“I’m encouraged by where we are,” Mr. Wyden said in an interview.
Mr. Wyden has been consulting with administration officials, other prominent Senate Democrats like Sherrod Brown of Ohio and Mark Warner of Virginia and his House counterpart, Representative Richard E. Neal of Massachusetts, who leads the Ways and Means Committee. Other key Democrats say they are also mindful of working to resolve differences not only between moderates and liberals, but the House and Senate.
“We write a bill with the Senate, because there’s no use our doing a bill that is not going to pass the Senate, in the interest of getting things done,” Speaker Nancy Pelosi of California said at her weekly news conference. “We don’t want to go as slow as the slowest ship, but we also don’t want to underutilize any resource.”
As part of an agreement to secure the votes needed to approve the $3.5 trillion budget blueprint on Tuesday, Ms. Pelosi gave centrist and conservative Democrats a commitment that she would only take up a reconciliation package that had the support of all 50 Senate Democrats and cleared the strict Senate rules that govern the fast-track process.
“I’m not here to pass messaging bills — I’m here to pass bills that will actually become law and help the American people,” said Representative Stephanie Murphy of Florida, one of the Democrats who initially announced that she would not support advancing the budget. “The reality is that we govern in a two-chamber Congress where we also have to work with the Senate, and so I think it is the most efficient and effective way to getting results.”