Aug. 5, 2022: GOP budget nerds: here's how to kill the reconciliation bill

POLITICO Playbook Daily Briefing

New Jobs Report — The July unemployment report drops at 8:30 a.m. The economy added 372,000 jobs in June, and economists are predicting a gain of 250,000 jobs for July. Yesterday, the White House called the anticipated drop an expected “transition” from “record-high-breaking jobs numbers” to “stable and steady growth.”

Sinema on Board — Sen. Kyrsten Sinema (D-Ariz.) and Majority Leader Chuck Schumer reached a deal last night to secure her vote for the reconciliation bill. In the end, she wasn’t hard to get. Democrats wanted to raise $14 billion by narrowing the carried interest loophole. Sinema wanted the provision removed. Instead, Burgess Everett and Marianne Levine report, Democrats added “a new 1 percent excise tax on stock buybacks that will bring in $73 billion, far more than the $14 billion raised by the carried interest provision, according to a Democrat familiar with the deal.”

What else she got: “The deal with Sinema also adds roughly $5 billion in drought resiliency to the bill, according to another person familiar, and changes portions of the corporate minimum tax structure to remove accelerated depreciation of investments from the agreement. That depreciation-related change will cost about $40 billion. All told, the agreement with Sinema is expected to increase the bill’s original $300 billion deficit reduction figure.”

Listen to Playbook Deep Dive: Biden's big bill: Two GOP strategists on how to kill it

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