US House Speaker Pelosi hopes for $3.5 trillion bill but may be adjustments

The US House Speaker Nancy Pelosi said on Tuesday that she hopes for a $3.5 trillion spending bill but is prepared for any adjustments.

Key quotes

“I have promised Members that we would not have House Members vote for a bill with a higher topline than would be passed by the Senate.  

Hopefully, that will be at the $3.5 trillion number.  We must be prepared for adjustments according to the Byrd rule and an agreed to number.

This week, we must take decisive action on proceeding with the Build Back Better reconciliation legislation.”

Market reaction

With Pelosi hinting towards a compromise, the US dollar index is little impressed, keeping its range near-daily lows of 93.20 following a retreat from monthly tops. The S&P 500 futures hold firmer at 4,370, up 0.30% on the day.