House leaders are preparing to call lawmakers back to Congress the week of Aug. 8 to pass the Senate's $740 billion climate and deficit reduction package, according to lawmakers and aides.

Why it matters: The current timeline speaks to the Democrats' confidence that they can pass a reconciliation package this August and hand President Biden a victory on some — but not all — of his priorities.

What they're saying: "It's been a momentous 24 hours here in Congress. A legislative 1-2 punch that the American people rarely see," Schumer gleefully told reporters Thursday.

The big picture: Passing a reconciliation bill that addresses climate change, prescription drug reform and health insurance still faces obstacles and isn't a foregone conclusion.

The bottom line: On a day when the Commerce Department reported that GDP contracted for the second straight quarter, President Biden was eager to talk politics over economics.