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Biden hopes to reach spending deal this week

U.S. President Joe Biden held out hope on Monday for an agreement among Democrats this week on his major spending, before he heads to Scotland for a climate summit.

REPORTER: "Do you think you'll have a plan before Wednesday?"

BIDEN: "With the grace of God and the goodwill of the neighbors."

Biden visited New Jersey to sell his "Build Back Better" agenda after talks on Sunday with moderate Democratic Senator Joe Manchin, whose vote is critical to the package, and Senate Majority Leader Chuck Schumer.

With negotiators zeroing in on a billionaire tax to pay for the legislation, Biden in a speech in New Jersey Monday, took aim at past Republican plans that largely benefited the wealthy.

BIDEN: "I've never seen a time in American history when the middle class did well, the wealthy didn't do very well. I'm tired of 'trickle-down'."

In an effort to make good on Biden's campaign promises, Democrats need to agree on two key pieces of legislation - a climate change and social spending plan that could cost up to $2 trillion, and a $1 trillion infrastructure bill.

Manchin, one of two Democratic holdouts along with Senator Kyrsten Sinema, said Monday he believed a deal on a framework for the social spending bill could be reached this week. But he remained opposed to spending more than $1.5 trillion.

Manchin said he supported the idea of a tax on the nation's roughly 700 billionaires to fund the programs.

The prolonged debate on the spending plans comes as Biden prepares to attend two major summits: a G20 gathering of world leaders in Rome that starts on Saturday and a climate summit in Glasgow, Scotland, kicking off on Sunday.

Biden expressed a desire for a deal before he leaves on Thursday.

"That’s my hope.”

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