My quick reaction:
Pelosi is not giving up because she knows what is at stake. With 14 states having adopted more restrictive voting laws this year, more than 400 election reform bills currently working their ways through state legislatures, and with the Republicans holding a majority in 61 state legislative chambers versus just 37 held by Democrats, the 2022 mid-term elections is set to be an uphill struggle for the Democrats. The only chance the Democrats have is by enshrining into federal law aspects of the 2020 elections that proved decisive for their victory, i.e. the proposed For the People Act which seeks to expand mail-in voting and weaken the voter ID laws in the many states that have them. Even if Schumer and Pelosi can get Manchin on board, they will still need 10 Republican Senators to back the bill or resort to the nuclear option of abolishing the filibuster rule. The coming showdown on this issue, perhaps at the start of next year, will be extremely contentious and likely destabilizing for the markets.