In the wake of the 2022 midterm elections, many observers believe the most likely outcome for fiscal policy over the next two years will be gridlock. This comes after the Democrats enacted major spending programs in the past two years to: (1) provide ongoing relief for the COVID-19 pandemic, (2) fund the biggest public infrastructure bill in history and (3) salvage parts of President Biden’s Build Back Better program in the Inflation Reduction Act that address climate change, health care and tax reform. New spending authorized for these programs exceeds $3 trillion. Looking ahead, President Biden and congressional Democrats are fully cognizant that their ambitious agenda will have to b
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