US President Joe Biden voiced confidence that his landmark spending bill would soon become law as he delivered remarks in the East Room of the White House Thursday. He said passage of the dramatically scaled-back bill was a choice between, "leading the world, or letting the world pass us by."

What did Biden say about the spending plan?

After meeting with fellow Democrats on Capitol Hill, Biden said, "I know we have a historic economic framework. It is a framework that will create millions of jobs, grow the economy, invest in our nation and our people, turn the climate crisis into an opportunity and put us on a path not only to compete, but to win the economic competition for the 21st century." 

After agreeing to revisions to the sweeping spending bill, he hopes wavering Democrats will sign on before he attends a series of global summits in Europe. During private discussions with Democrats, sources say the the president noted: "We are at an inflection point. The rest of the world wonders whether we can function.''

The president had been hoping to pass key legislation on tackling climate change ahead of the COP26 climate talks in Glasgow.

Biden also outlined the gravity of the moment to fellow Democrats, saying, "it's not hyperbole to say that the House and Senate majorities and my presidency will be determined by what happens in the next week." 

For her part, Speaker of the House Nancy Pelosi of California promised to hold a vote as soon as possible, perhaps as early as Thursday afternoon. She told Democrats in the House: "When the President gets off that plane we want him to have a vote of confidence from this Congress. In order for us to have success, we must succeed today.''

Tooth and nail negotiations whittled away at bill

Biden announced Thursday the revisions which include a $555 billion (€477 billion) in clean energy tax credits, a 1% tax on corporate stock buybacks, a 15% minimum tax on corporate profits for American companies making over one billion dollars in profits and free preschool for the next six years as well as expanded at-home hospice care for the elderly. 

Biden has dropped a proposal to allow the federal government to negotiate for cheaper prices for prescription drugs, paid family leave and cancelled a billionaire tax floated earlier in the week.

Biden had delayed his Thursday morning departure for Europe by a few hours to attend the House Democratic Caucus meeting in a last-ditch attempt to negotiate a deal.

His plans for climate investments, lower costs for healthcare and universal preschool were "all within our reach," the president tweeted on Wednesday.

Possibility of arriving empty-handed

Biden will join world leaders, first in Rome for the G20 meeting — followed by a sit-down with the Pope in the Vatican City — and then in Glasgow for the key COP26 climate talks.

The White House had wanted to be able to demonstrate the major efforts it was planning in order to tackle climate change, and to encourage other countries to follow suit.

Biden would need to be present to sign any bill into law and before that, it would need to reach his desk ratified by both the Senate and House of Representatives.

"Of course he would like to head on this trip with a deal," White House spokeswoman Jen Psaki told reporters. She added, however, that world leaders are "looking at the president's commitment" on infrastructure and climate, not what is being passed in Congress.

"They're seeing we're on the verge of making a deal," she said.

Internal party obstructions

Biden's signature legislation, a spending package of now at least $1.75 trillion (€1.51 trillion), has so far failed to make its way successfully through the Senate, which is split evenly between the Democrats and Republicans.

This is largely down to two Democrat Senators on the right of the party, Joe Manchin and Kyrsten Sinema, who have blocked key parts of the bill.

When leaving Capitol Hill Thursday, Biden said he thought "we are going to be in good shape." That sentiment was echoed by Sinema, who said, "I look forward to getting this done." 

Key parts of the legislation have already been removed so as to secure their support, including plans for paid family leave and a billionaire's tax just on Wednesday.

However, plans to expand health care programs, free preschool and around $500 billion in investments to tackle climate change were still on the table.

ab,js/wmr, wd (AP, AFP, Reuters)