senator debbie stabenow from michigan. joining me, congresswoman madeleine dean of pennsylvania, member of the financial services committee. served as impeachment manager at the second impeachment trial, author of a book "under our roof." a son's battle for recovery, a mother's battle for her son, the emotional story of her son's opioid addiction, how he and the family overcame it together. representative, good to see you. thank you for being with us. i have to bounce back. we have two stories going on. one we talked to senator stab now about and the policing act that passed. carry on for a moment what's happening in the senate now. at some juncture, might be a couple hours from now, might be days, who knows, they will pass some bill. they will likely pass it because the democrats have the ability to pass it, despite the obstruction we're seeing. then it goes back to the house. it will not be the same bill you all passed in the house. what happens then, is there any danger it is stuck in the house? >> well, i admire the se

michigan senator debby stabenow.eamucci we'll see what he has to say after this. >>> welcome back, everybody. the federal reserve says accommodation is still its fiscal policy and higher inflation ahead. that announcement fueling a rally across wall street the dow crossing 33,000 for the first time much more on the markets is coming up. >>> the chip shortage. putting pressure on jobs in the semiconductor and manufacturing industries senator debby stabenow introducing legislation to ease the pain. >>> stocks, sky bridge capital's anthony scaramucci is our special guest. the second hour of "squawk box" begins right now >>> good morning and welcome back to "squawk box" right here on cnbc. i'm andrew ross sorkin along with becky quick and joe kernen. 2 1/2 hours before the market is set to open. looks like the dow would open up 56 points higher the s&p 500 looking to open down by 15 points the nasdaq looking to open off as well, about 149 points off. meantime, federal reserve triggering an afternoon rally on wall street

just as i'm about to thank michigan senator debbie stabenow for joining me, democratic member of the budget and finance committee. we were looking at you front and center in the front low in your lovely lavender there. how are you feeling after that marathon vote-a-rama, what does it mean getting the bill across the finish line? >> alex, this is so important and even though i know i'm tired and going to crash at some point, i actually don't really feel it at the moment because it is so significant. my democratic colleagues and i are very proud of what we've been able to do with our house colleagues and the president of the united states and vice president and most importantly, what this means to the american people. because that's what it's all about. folks who have been through so much well over a year now, since all of this started, people want their lives become and want to know somebody's got their back. that's what this bill is about, american rescue plan, people getting shots in their arms so they can be safe and making sure they get direct checks in their pockets and other hel

democratic senator debbie stabenow reacting to that the last hour. >> i think it's stunning they're going to be able to go home and say what they wanted to do was give you less help, less checks in your pockets, less opportunities to get vaccines so you can be safe and your family can be safe, let's support from your schools. i don't know how that is a winning message. >> the final version of the bill includes a third round of stimulus checks, being $1,400 for those who qualify, billions of dollars in funding to state and local governments and $300 a week in jobless benefits until september with a tax relief provision. notably absent from that bill is that $15 federal minimum wage hike. all senate republicans, and in fact eight members of the democratic caucus, voted against that provision. the bill heads back to the house for one final vote before reaching the president's desk. congressman jackson lee telling nbc, despite the changes, she does expect democratic support in the house. >> the democratic party is a big tent party. but it is now about america, and i don't like the compromises

one of the newest members of our committee is debbie stabenow. this is something she works on even today. sadly, flint is not an isolated incident. there are multiple flints waiting to happen across our country. every four years, the american society of civil engineers puts out a report card that assesses the state of our infrastructure. we have created a poster here for you. you can see how her grades are coming along. they continue to be a cause for concern. on the report card, our drinking water system gets a c minus, estimating there is a main break every two minutes in america. over 9000 swimming pools. that's true. our wastewater treatment facilities are faring even worse. a grade of d plus. we have one million miles of sewer pipes. on average, they are 45 years old. systems date back more than a century. those are not the kind of grades we want. i am sure those are not the kind of grades you want your children to bring home. cities and towns around the nation struggle maintaining their drinking water systems. they need to maintain their sy

debby stabenow was on talking about bringing jobs and processing and supply chains back to thecountryrginia. manchin has signed on for her with that. everybody has things they like to spend money on. it gets more complicated when you figure out how to pay for it how will you pay for >> well, first, you're exactly right, becky, about what the need, right? you've got -- where i live in northern new jersey, our roads and bridges, eighth worth in the country. we have water and sewer issues we've put some down payment in the american rescue plan we just passed and broad band is a huge issue in the rural parts of my district there are needs and across the country there are different needs. the way you pay for it, there are plenty of ways to pay for it without raising taxes. brian talked about things like user fees. there's a huge issue where you close the tax gap worth a trillion dollars public, private partnerships that can be 10 to 15% of this. debt financing you can borrow cheap knowing it's going to create jobs and bring economic growth back to the table infrastructure bank is something

we heard from debbie stabenow and others in senate who said we're held hostage by of overseas companiesps in the united state send incentives, but the a automakers are to blame? >> when covid happened a year ago, all of the automakers cut production schedules which cut their orders from the suppliers. w who actually deal with the semiconductors the automakers don't have the relationship with the chip makers tha that is done through suppliers the economy shutdown we saw a "v" shaped recovery in the auto industry as the lockdowns lifted in the auto industry, it is just in time delivery relies on precise and undisrupted supply scheduling. that hit the market. what you are seeing now going forward is not only the chip shortage, becky, but you are seeing the perfect storm of a few other things a fire at a company called r renesys. it serves the auto industry. it will take 30 days to do repairs and another 30 days to ramp up. you had the texas winter storm that shutdown the electrical system there you know, that stopped the flow of petrol chemical base materials with coatings and resins that