MGIC Investment Corp【MTG】株式ニュース

MGIC Investment Corporation Reports Fourth Quarter 2025 ResultsFebruary 2, 2026 4:05 PM
PR Newswire (US)

Fourth Quarter 2025 Net Income of $169.3 million or $0.75 per Diluted ShareFourth Quarter 2025 Adjusted Net Operating Income (Non-GAAP) of $168.4 million or $0.75 per Diluted ShareFull Year 2025 Net Income of $738.3 million or $3.14 per Diluted ShareFull Year 2025 Adjusted Net Operating Income (Non-GAAP) of $738.4 million or $3.14 per Diluted ShareMILWAUKEE, Feb. 2, 2026 /PRNewswire/ -- MGIC Investment Corporation (NYSE: MTG) today reported operating and financial results for the fourth quarter of 2025.Tim Mattke, CEO of MTG and Mortgage Guaranty Insurance Corporation ("MGIC") said, "We closed 2025 on a strong note, once again delivering solid financial results and ending the year with more than $303 billion of insurance in-force. We continued to strengthen and add flexibility to our balance sheet, while at the same time returning a significant amount of capital to shareholders totaling $915 million during the year."Grounded in decades of experience across market cycles, we are further strengthened by our disciplined risk management and financial stability. We are proud of the critical role we play in helping low-down payment borrowers achieve the American dream of homeownership sooner and protecting taxpayers from mortgage credit risk," concluded Mattke. SUMMARY FINANCIAL METRICSQuarter ended ($ in millions, except where otherwise noted)Q4 2025Q3 2025Q4 2024Net income$                      169.3$                      191.1$                      184.7Net income per diluted share$ 0.75$ 0.83$ 0.72Adjusted net operating income$                      168.4$                      190.8$                      184.5Adjusted net operating income per diluted share$ 0.75$ 0.83$ 0.72New insurance written (NIW) (billions)$ 17.1$ 16.5$ 15.9Net premiums earned$                      236.0$                      241.8$                      241.3Insurance in force (billions)$                      303.1$                      300.8$                      295.4Annual persistency84.8 %85.0 %84.8 %Losses incurred, net$ 31.2$ 10.9$ 8.7Primary delinquency inventory27,07225,74726,791Primary IIF delinquency rate (count based)2.43 %2.32 %2.40 %Loss ratio 13.2 %4.5 %3.6 %Underwriting expense ratio19.9 %21.1 %20.8 %In force portfolio yield (bps)38.038.338.6Net premium yield (bps)31.232.332.9Annualized return on equity13.1 %14.8 %14.0 %Book value per common share outstanding$                      23.47$                      22.87$                      20.82Adjust for AOCI $ 0.61$ 0.71$ 1.16Tangible book value per share$                      24.08$                      23.58$                      21.98
CAPITAL AND LIQUIDITYAs of($ in billions, except where otherwise noted)December 31, 2025September 30, 2025December 31, 2024PMIERs available assets $ 5.7$ 5.9$ 5.8PMIERs excess$ 2.5$ 2.5$ 2.2Holding company liquidity (millions) $ 1,074$ 858$ 1,076FOURTH QUARTER 2025 HIGHLIGHTSMartin (Marty) P. Klein and Daniela A. O'Leary-Gill were appointed to the Board of Directors of MGIC Investment Corporation and its principal subsidiary, MGIC.MGIC paid a dividend of $400 million to the holding company.We repurchased 6.8 million shares of common stock for $189.1 million.We paid a dividend of $0.15 per common share to shareholders.We executed a traditional excess of loss reinsurance transaction effective December 1, 2025, which provides $250 million of reinsurance coverage on NIW from 2021.We executed a 40% quota share reinsurance transaction with a group of unaffiliated reinsurers covering eligible NIW in 2027.On October 27th S&P revised its outlook to positive from stable on MGIC Investment Corporation and its core operating subsidiaries, including MGIC.FIRST QUARTER 2026 HIGHLIGHTSIn January, through an insurance linked note transaction, we executed a $324 million excess of loss reinsurance agreement that covers certain policies written between January 1, 2022 and March 31, 2025.In January we repurchased an additional 2.7 million shares of our common stock for $73.2 million.We declared a dividend of $0.15 per common share to shareholders payable on March 6, 2026, to shareholders of record at the close of business on February 17, 2026.Conference Call and Webcast DetailsMGIC Investment Corporation will hold a conference call February 3, 2026, at 10:00 a.m. ET to allow securities analysts and shareholders the opportunity to hear management discuss the company's quarterly results. Individuals interested in joining by telephone should register for the call at https://register-conf.media-server.com/register/BI8ca568b2a2fb4358aa00824b68076bd3 to receive the dial-in number and unique PIN to access the call. It is recommended that you join the call at least 10 minutes before the conference call begins. The call is also being webcast and can be accessed at the company's website at http://mtg.mgic.com/ under "Newsroom." A replay of the webcast will be available on the company's website through March 3, 2026.About MGICMortgage Guaranty Insurance Corporation (MGIC) (www.mgic.com), the principal subsidiary of MGIC Investment Corporation, serves lenders throughout the United States, helping families achieve homeownership sooner by making affordable low-down-payment mortgages a reality through the use of private mortgage insurance. At December 31, 2025, MGIC had $303.1 billion of primary insurance in force covering 1.1 million mortgages.This press release, which includes certain additional statistical and other information, including non-GAAP financial information and a supplement that contains various portfolio statistics, are all available on the Company's website at https://mtg.mgic.com/ under "Newsroom."From time to time MGIC Investment Corporation releases important information via postings on its corporate website, and via postings on MGIC's website for information related to underwriting and pricing, and intends to continue to do so in the future. Such postings include corrections of previous disclosures and may be made without any other disclosure. Investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information for MGIC Investment Corporation alerts can be found at https://mtg.mgic.com/shareholder-services/email-alerts. For information about our underwriting and rates, see https://www.mgic.com/underwriting. Safe Harbor StatementForward Looking Statements and Risk Factors: Our actual results could be affected by the risk factors below. These risk factors should be reviewed in connection with this press release and our periodic reports to the Securities and Exchange Commission ("SEC"). These risk factors may also cause actual results to differ materially from the results contemplated by forward looking statements that we may make. Forward looking statements consist of statements which relate to matters other than historical fact, including matters that inherently refer to future events. Among others, statements that include words such as "believe," "anticipate," "will" or "expect," or words of similar import, are forward looking statements. We are not undertaking any obligation to update any forward looking statements or other statements we may make even though these statements may be affected by events or circumstances occurring after the forward looking statements or other statements were made. No investor should rely on the fact that such statements are current at any time other than the time at which this press release was delivered for dissemination to the public.While we communicate with security analysts from time to time, it is against our policy to disclose to them any material non-public information or other confidential information. Accordingly, investors should not assume that we agree with any statement or report issued by any analyst irrespective of the content of the statement or report, and such reports are not our responsibility.Use of Non-GAAP financial measuresWe believe that use of the Non-GAAP financial measures of adjusted pre-tax operating income (loss), adjusted net operating income (loss) and adjusted net operating income (loss) per diluted share facilitate the evaluation of the company's core financial performance thereby providing relevant information to investors. These measures are not recognized in accordance with accounting principles generally accepted in the United States of America (GAAP) and should not be viewed as alternatives to GAAP measures of performance.Adjusted pre-tax operating income (loss) is defined as GAAP income (loss) before tax, excluding the effects of net realized investment gains (losses), gain and losses on debt extinguishment and infrequent or unusual non-operating items where applicable.Adjusted net operating income (loss) is defined as GAAP net income (loss) excluding the after-tax effects of net realized investment gains (losses), gain and losses on debt extinguishment and infrequent or unusual non-operating items where applicable. The amounts of adjustments to components of pre-tax operating income (loss) are tax effected using a federal statutory tax rate of 21%.Adjusted net operating income (loss) per diluted share is calculated in a manner consistent with the accounting standard regarding earnings per share by dividing (i) adjusted net operating income (loss) by (ii) diluted weighted average common shares outstanding, which reflects share dilution from unvested restricted stock units.Although adjusted pre-tax operating income (loss) and adjusted net operating income (loss) exclude certain items that have occurred in the past and are expected to occur in the future, the excluded items represent items that are: (1) not viewed as part of the operating performance of our primary activities; or (2) impacted by both discretionary and other economic or regulatory factors and are not necessarily indicative of operating trends, or both. These adjustments, along with the reasons for their treatment, are described below. Trends in the profitability of our fundamental operating activities can be more clearly identified without the fluctuations of these adjustments. Other companies may calculate these measures differently. Therefore, their measures may not be comparable to those used by us.(1)Net realized investment gains (losses). The recognition of net realized investment gains or losses can vary significantly across periods as the timing of individual securities sales is highly discretionary and is influenced by such factors as market opportunities, our tax and capital profile, and overall market cycles.(2)Gains and losses on debt extinguishment. Gains and losses on debt extinguishment result from discretionary activities that are undertaken to enhance our capital position, and/or improve our debt profile. (3)Infrequent or unusual non-operating items. Items that are non-recurring in nature and are not part of our primary operating activities. MGIC INVESTMENT CORPORATION AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

Three Months Ended December 31,
Twelve Months Ended December 31,(In thousands, except per share data)
2025
2024
2025
2024

Net premiums written
$       230,520
$       232,104
$         938,478
$         933,388Revenues

Net premiums earned
$       236,021
$       241,295
$         965,812
$         970,807Net investment income
61,610
61,324
246,258
244,640Net gains (losses) on investments and other financial instruments
857
(1,644)
334
(9,846)Other revenue
164
469
1,232
2,130Total revenues
298,652
301,444
1,213,636
1,207,731Losses and expenses

Losses incurred, net
31,219
8,698
48,903
(14,861)Underwriting and other expenses, net
45,828
49,139
200,593
218,281Interest expense
8,899
8,899
35,603
35,602Total losses and expenses
85,946
66,736
285,099
239,022Income before tax
212,706
234,708
928,537
968,709Provision for income taxes
43,396
50,008
190,190
205,715Net income
$       169,310
$       184,700
$         738,347
$         762,994Net income per diluted share
$             0.75
$             0.72
$               3.14
$              2.89 MGIC INVESTMENT CORPORATION AND SUBSIDIARIESEARNINGS PER SHARE (UNAUDITED)

Three Months Ended December 31,
Twelve Months Ended December 31,(In thousands, except per share data)
2025
2024
2025
2024Net income - basic and diluted
$          169,310
$           184,700
$          738,347
$           762,994Basic weighted average common shares outstanding
222,391
252,644
232,975
261,684Dilutive effect of unvested restricted stock units
2,448
2,658
2,124
2,311Diluted weighted average common shares outstanding
224,839
255,302
235,099
263,995

Diluted earnings per share
$                0.75
$                0.72
$                3.14
$                2.89 NON-GAAP RECONCILIATIONS

Reconciliation of Income before tax / Net income to Adjusted pre-tax operating income / Adjusted net operating income

Three Months Ended December 31,

2025
2024
(In thousands, except per share amounts)
Pre-tax
Tax Effect
Net(after-tax)
Pre-tax
Tax Effect
Net(after-tax)
Income before tax / Net income
$ 212,706
$   43,396
$    169,310
$ 234,708
$    50,008
$    184,700
Adjustments:

Net realized investment (gains) losses
(1,159)
(243)
(916)
(254)
(53)
(201)
Adjusted pre-tax operating income / Adjustednet operating income
$ 211,547
$   43,153
$    168,394
$ 234,454
$    49,955
$    184,499

Reconciliation of Net income per diluted share to Adjusted net operating income per diluted share
Weighted average shares - diluted

224,839

255,302
Net income per diluted share

$          0.75

$          0.72
Net realized investment (gains) losses

0.00

0.00
Adjusted net operating income per diluted share

$          0.75

$          0.72

Reconciliation of Income before tax / Net income to Adjusted pre-tax operating income / Adjusted net operating income

Twelve Months Ended December 31,

2025
2024
(In thousands, except per share amounts)
Pre-tax
Tax Effect
Net
(after-tax)
Pre-tax
Tax Effect
Net
(after-tax)
Income before tax / Net income
$ 928,537
$ 190,190
$    738,347
$ 968,709
$ 205,715
$    762,994
Adjustments:

Net realized investment (gains) losses
75
16
59
6,914
1,452
5,462
Adjusted pre-tax operating income / Adjusted
net operating income
$ 928,612
$ 190,206
$    738,406
$ 975,623
$ 207,167
$    768,456

Reconciliation of Net income per diluted share to Adjusted net operating income per diluted share
Weighted average shares - diluted

235,099

263,995

Net income per diluted share

$          3.14

$          2.89
Net realized investment (gains) losses

0.00

0.02
Adjusted net operating income per diluted share

$          3.14

$          2.91
MGIC INVESTMENT CORPORATION AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

December 31,
December 31,
December 31,(In thousands, except per share data)
2025
2024
2023ASSETS

Investments (1)
$      5,807,662
$       5,867,560
$       5,738,734Cash and cash equivalents
368,989
229,485
363,666Restricted cash and cash equivalents
6,525
5,142
6,978Reinsurance recoverable on loss reserves (2)
65,055
47,281
33,302Home office and equipment, net
32,454
35,679
38,755Deferred insurance policy acquisition costs
8,377
11,694
14,591Deferred income taxes, net
18,512
69,875
79,782Other assets
331,912
280,519
262,572Total assets
$      6,639,486
$       6,547,235
$       6,538,380

LIABILITIES AND SHAREHOLDERS' EQUITY

Liabilities:

Loss reserves (2)
$         474,884
$          462,662
$          505,379Unearned premiums
93,026
120,360
157,779Senior notes
646,138
644,667
643,196Other liabilities
277,887
147,171
160,009Total liabilities
1,491,935
1,374,860
1,466,363Shareholders' equity
5,147,551
5,172,375
5,072,017Total liabilities and shareholders' equity
$      6,639,486
$       6,547,235
$       6,538,380Book value per share (3)
$             23.47
$             20.82
$             18.61

(1) Investments include net unrealized gains (losses) on securities
$        (152,767)
$        (326,428)
$        (337,909)(2) Loss reserves, net of reinsurance recoverable on loss reserves
$         409,829
$          415,381
$          472,077(3) Shares outstanding
219,367
248,449
272,494 MGIC INVESTMENT CORPORATION AND SUBSIDIARIESADDITIONAL INFORMATION - NEW INSURANCE WRITTEN

2025
2024
Year-to-date
Q4
Q3
Q2
Q1
Q4
2025
2024New primary insurance written (NIW) (billions)$ 17.1
$ 16.5
$ 16.4
$ 10.2
$ 15.9
$ 60.2
$ 55.7

Monthly (including split premium plans) andannual premium plans16.6
16.1
16.0
9.9
15.5
58.6
54.3Single premium plans0.5
0.4
0.4
0.3
0.4
1.6
1.4

Product mix as a % of primary NIW

FICO < 6805 %
4 %
4 %
4 %
4 %
4 %
4 %>95% LTVs 15 %
17 %
13 %
13 %
13 %
15 %
14 %>45% DTI 26 %
27 %
26 %
31 %
29 %
27 %
29 %Singles3 %
2 %
2 %
2 %
2 %
3 %
2 %Refinances17 %
6 %
6 %
6 %
8 %
9 %
4 %

New primary risk written (billions)$    4.4
$    4.4
$    4.3
$    2.6
$    4.1
$ 15.7
$ 14.5 MGIC INVESTMENT CORPORATION AND SUBSIDIARIESADDITIONAL INFORMATION - INSURANCE IN FORCE and RISK IN FORCE

2025
2024
Q4
Q3
Q2
Q1
Q4Primary Insurance In Force (IIF) (billions)$           303.1
$            300.8
$            297.0
$          293.8
$            295.4Total # of loans1,112,727
1,111,855
1,107,526
1,105,863
1,118,308

Premium Yield

In force portfolio yield (1)38.0
38.3
38.3
38.4
38.6Premium refunds (2)(0.4)
(0.3)
(0.1)
0.0
0.0Accelerated earnings on single premium0.3
0.2
0.2
0.2
0.4Total direct premium yield37.9
38.2
38.4
38.6
39.0Ceded premiums earned, net of profitcommission and assumed premiums (3)(6.7)
(5.9)
(5.4)
(5.6)
(6.1)Net premium yield31.2
32.3
33.0
33.0
32.9

Average Loan Size of IIF (thousands)$           272.4
$            270.6
$            268.2
$          265.7
$            264.1

Annual Persistency84.8 %
85.0 %
84.7 %
84.7 %
84.8 %

Primary Risk In Force (RIF) (billions)$              81.2
$              80.6
$              79.5
$            78.5
$              78.8By FICO (%) (4)

FICO 760 & >45 %
45 %
44 %
44 %
44 %FICO 740-75918 %
18 %
18 %
18 %
18 %FICO 720-73914 %
14 %
14 %
14 %
14 %FICO 700-71910 %
10 %
10 %
10 %
10 %FICO 680-6997 %
7 %
7 %
7 %
7 %FICO 660-6793 %
3 %
3 %
3 %
3 %FICO 640-6592 %
2 %
2 %
2 %
2 %FICO 639 &

PMI STOCKS IMPERILED ON SHUTDOWN OF GOVT TALK AND OVER SUPPLY OF PMI STOCKS

The "Enact" ipo(act) has loaded the PMI SECTOR with competing shares causing the market prices to fall.

Democrats Move to Avert Shutdown, but Divisions Imperil Biden’s Agenda
Democrats prepared a spending bill to keep the government funded past a Thursday deadline, but moderates dug in harder against their ambitious social safety net bill.

Asked if she were concerned about votes on the infrastructure bill, Speaker Nancy Pelosi said, “One hour at a time.”
Asked if she were concerned about votes on the infrastructure bill, Speaker Nancy Pelosi said, “One hour at a time.”Credit...T.J. Kirkpatrick for The New York Times
Emily CochraneJim Tankersley
By Emily Cochrane and Jim Tankersley
Published Sept. 29, 2021
Updated Sept. 30, 2021, 10:54 a.m. ET
Follow our live news coverage on the government shutdown and infrastructure bill.

WASHINGTON — Democrats prepared legislation on Wednesday to avert a government shutdown this week, but they were desperately trying to salvage President Biden’s domestic agenda as conservative-leaning holdouts dug in against an ambitious $3.5 trillion social safety net and climate bill that carries many of the party’s top priorities.

Congressional leaders moved to address the most immediate threat, working to complete a bill to prevent a government funding lapse at midnight on Thursday. Yet after days of intensive negotiations to bridge bitter differences in their party over Mr. Biden’s two biggest legislative priorities, the president and top Democrats appeared as far as ever from an agreement on their marquee social policy package, which the White House calls the Build Back Better plan.

That, in turn, was imperiling a $1 trillion bipartisan infrastructure bill that was scheduled for a House vote on Thursday.

The fate of the two measures could define the success of Mr. Biden’s presidency, and the intense negotiations surrounding them have posed a test of his skills as a deal maker, which he highlighted as a calling card during his campaign for the White House. But after days of personal meetings with lawmakers in the Oval Office and phone calls to key players, Mr. Biden remained far

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Dramatizing the challenge, Senator Joe Manchin III of West Virginia, a leading holdout on the social policy bill, issued a lengthy and strongly worded statement on Wednesday evening reiterating his opposition to the proposal as currently constituted, saying it amounted to “fiscal insanity.”

“While I am hopeful that common ground can be found that would result in another historic investment in our nation, I cannot — and will not — support trillions in spending or an all-or-nothing approach that ignores the brutal fiscal reality our nation faces,” Mr. Manchin wrote, denouncing an approach that he said would “vengefully tax for the sake of wishful spending.”

The statement was the polar opposite of what Mr. Biden and top Democrats had hoped to extract from Mr. Manchin and other centrist critics of the bill by week’s end — a firm public commitment to eventually vote for the social policy measure, in order to placate liberals who want to ensure its enactment.

Instead, it further enraged progressives who were already promising to oppose the infrastructure bill until Congress acted on the larger social policy plan, which Democrats plan to push through using a fast-track process known as budget reconciliation to shield it from a filibuster. They have been pressing to push off the infrastructure vote until after votes on the reconciliation bill — or, at the very least, after the centrist holdouts provided a firm sense of what they would accept in that package.

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“I assume he’s saying that the president is insane, because this is the president’s agenda,” Representative Pramila Jayapal, Democrat of Washington and the leader of the Congressional Progressive Caucus, said of Mr. Manchin. “Look, this is why we’re not voting for that bipartisan bill until we get agreement on the reconciliation bill. It’s clear we’ve got a ways to go.”

“I tell you, after that statement, we probably have even more people willing to vote ‘no’ on the bipartisan bill,” she added.

The impasse left unclear the fate of the infrastructure measure. While a handful of centrist Republicans plan to support it, G.O.P. leaders are urging their members to oppose it, leaving Democrats who hold a slim majority short of votes to pass the bill if progressives revolt.

“The plan is to bring the bill to the floor,” Speaker Nancy Pelosi told reporters, returning to Capitol Hill after huddling at the White House with Mr. Biden and Senator Chuck Schumer of New York, the majority leader. Asked whether she was concerned about the votes, she added, “One hour at a time.”

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She spoke shortly after the House passed legislation lifting the statutory limit on federal borrowing until Dec. 16, 2022, an effort to avert a catastrophic federal debt default next month when the Treasury Department says it will breach the current cap.

Senate Republicans blocked a Democratic effort to pair the increase with a spending bill to keep the government funded, and are likely to oppose the House-passed bill, which was approved on a nearly party-line vote of 219 to 212 on Wednesday.

But even as the debt ceiling remained unresolved, Senate leaders scheduled a series of votes for Thursday morning on legislation that would keep the government open through early December and provide crucial aid for disaster relief efforts and Afghan refugees. The House is expected to take up the legislation soon afterward to avoid a shutdown Thursday night.

Politics Updates
Updated
Sept. 30, 2021, 11:17 a.m. ET1 hour ago
1 hour ago
The Senate will vote on a Republican bid to curtail help for Afghans who were evacuated during the U.S. withdrawal.
Paring back the $3.5 trillion social policy bill would be tough, but there are possibilities.
Manchin and Sinema: Two key Democrats whose votes could decide the fate of Biden’s agenda.
Much of the urgency on Wednesday was focused on salvaging the president’s agenda, after Mr. Biden and his aides cleared his schedule on Wednesday in an attempt to broker a deal among Democrats.

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Some Democrats have complained this week that the president has not engaged in talks to their satisfaction. He welcomed groups of progressives and moderates to the White House last week, for example, but met with each separately, as opposed to holding a group negotiating session.

And efforts by Mr. Biden and his team to pressure Mr. Manchin and Senator Kyrsten Sinema of Arizona, another Democratic holdout on the reconciliation bill, appear to have fallen flat. Officials have been working for days to persuade the pair to specify how much they would be willing to spend on the package, calculating that such a commitment would allay the worries of progressives now refusing to support the infrastructure bill.

“Joe Biden is the only president in American history to have passed a relief package of the significance of the American Rescue Plan with zero margin for error in the Senate and three votes to spare in the House,” said Andrew Bates, a spokesman for the White House, referring to the $1.9 trillion pandemic relief package that became law in March. “He knows how to make his case, he knows how to count votes, and he knows how to deliver for the American middle class.”

Both Ms. Sinema and Mr. Manchin visited the White House on Tuesday, but after their meetings, neither they nor White House officials would enumerate the contours of a bill they could support. Top White House officials also trekked to Capitol Hill on Wednesday to huddle privately with Ms. Sinema for more than two hours.

“The president felt it was constructive, felt they moved the ball forward, felt there was an agreement, that we’re at a pivotal moment,” Jen Psaki, the White House press secretary, told reporters on Tuesday, characterizing the meetings. “It’s important to continue to finalize the path forward to get the job done for the American people.”

Mr. Biden held conversations with various lawmakers throughout the day on Wednesday and planned to continue them on Thursday, White House officials said.

Image
Senator Kyrsten Sinema of Arizona and other centrist holdouts haven’t provided a firm sense of what they would accept in the reconciliation bill.
Senator Kyrsten Sinema of Arizona and other centrist holdouts haven’t provided a firm sense of what they would accept in the reconciliation bill.Credit...Sarahbeth Maney/The New York Times
Privately, administration officials said Mr. Biden was continuing to take an encouraging role with Mr. Manchin and Ms. Sinema, and not demanding they agree to anything immediately. Both senators have yet to publicly do so, even as liberal Democrats continue to publicly fume over the reticent.

In his statement on Wednesday, Mr. Manchin said he wanted to set income thresholds for many of the social program expansions Democrats have proposed. He suggested that he would be open to undoing some components of the 2017 tax cut.

Moderate House Democrats, who helped secure a commitment for a vote this week on the infrastructure bill, warned that a failed vote would worsen the already deep mistrust between the two factions of the party.

“If the vote were to fail tomorrow or be delayed, there would be a significant breach of trust that would slow the momentum in moving forward on delivering the Biden agenda,” said Representative Stephanie Murphy of Florida, one of the moderates who sought to decouple the two plans.

Even as they labored to work out philosophical differences in their party on the bill, Democrats suffered yet another setback on Wednesday when the Senate’s top rules enforcer rejected a second proposal to include a path to legal status for about eight million undocumented immigrants in the reconciliation bill.

In a memo obtained by The New York Times, Elizabeth MacDonough, the Senate parliamentarian, wrote that the policy change “vastly outweighs its budgetary impact,” effectively disqualifying it from inclusion in a measure whose contents must have a direct impact on the federal budget.

In their latest effort, Democrats had proposed moving up the date for a process known as immigration registry, which allows otherwise law-abiding undocumented immigrants who have been in the United States continuously since a certain date to adjust their status and gain a pathway to citizenship. The current date, established in 1986, is set at Jan. 1, 1972. Democrats had sought to change that date to Jan. 1, 2010.

After days of personal meetings with lawmakers in the Oval Office and phone calls to key players, President Biden remained far short of a deal.
After days of personal meetings with lawmakers in the Oval Office and phone calls to key players, President Biden remained far short of a deal. Credit...Doug Mills/The New York Times
Last week, Ms. MacDonough rejected Democrats’ initial proposal to grant legal status to several categories of undocumented people, including those brought to the United States as children, known as Dreamers; immigrants who were granted Temporary Protected Status for humanitarian reasons; people working in the country under nonimmigrant visas; close to one million farmworkers; and millions more who are deemed “essential workers.

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She said those changes to immigration law could not be included, under the Senate rules, in the reconciliation package because they represented a “tremendous and enduring policy change that dwarfs its budgetary impact.”

Democrats said they would continue to look for alternative strategies to aid immigrants through the reconciliation proceed."