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
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Raghu Manavalan is the Host of POLITICO's Playbook.
Jenny Ament is the Executive Producer of POLITICO Audio.