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☆ America needs a broader trade agenda to address supply chain challenges, says Rep. Adrian Smith
▼ + stars: | 2024-05-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAmerica needs a broader trade agenda to address supply chain challenges, says Rep. Adrian SmithCongressman Adrian Smith joins 'Squawk Box' to discuss how the trade agenda became bipartisan, whether the economy needs tariffs on China, and if the country needs a more diverse manufacturing base.

Persons: Adrian Smith Organizations: America Locations: China

☆ Dubai’s Costly Water World
▼ + stars: | 2023-11-18 | by ( Arielle Paul | ) www.nytimes.com time to read: +2 min

At Deep Dive Dubai, the equivalent of six Olympic-size swimming pools of water fills an underwater city shaped like a giant oyster, inspired by the emirate’s pearl-diving heritage. At the foot of the building, the 30-acre Burj Lake and its five dancing fountains use a wastewater reclamation system by Hitachi that reuses the Burj Khalifa’s sewage water to replace fountain water lost each day. The construction of Dubai’s artificial islands also strains the Gulf’s water resources. One study found that the average water temperature around Palm Jumeirah island, designed by HHCP Architects, increased by roughly 13 degrees over 19 years. “Developing close to the water is much more preferred than developing in the desert landscape, and you are increasing the coastline,” Dr. Alawadi said.

Persons: Adrian Smith, Alawadi, Smith Organizations: Dive, Emaar, Hitachi, HHCP Architects Locations: Dive Dubai, Burj, Burj Lake, Persian, Dubai

President Joe Biden on Thursday is expected to criticize the fiscal proposals of House Republicans in his first major economic speech of the year, which he will deliver at a steamfitters union hall in Springfield, Virginia. Biden will talk about his goals of growing the U.S. economy with new factories and construction in communities across the country and creating well-paying jobs for the middle class that don’t require a four-year degree, a White House official said. Biden also is expected to announce a new “Invest in America” Cabinet comprised of the secretaries of commerce, labor, transportation, treasury, energy, and health and human services; the EPA administrator; and senior White House advisers, a White House official told NBC News. In his remarks, Biden will contend that the House GOP's economic agenda would pose a threat to the economy and the working class, the official said. Biden is expected to characterize the House GOP’s economic proposals as a “MAGA economic plan,” the White House official said — a reference to former President Donald Trump’s “Make America Great Again” 2016 campaign slogan.

President Joe Biden lambasted House Republicans’ tax agenda on Monday, targeting the new majority’s push to revoke new Internal Revenue Service funding, abolish the federal tax agency and replace the income tax with a federal tax on consumption. Speaking at the National Action Network’s Martin Luther King Jr. Day breakfast in Washington, D.C., Biden referred to Republicans as "fiscally demented" and pledged to veto their tax legislation, which is all but certain to fail in the Democratic-controlled Senate. President Joe Biden speaks at the National Action Network's Martin Luther King, Jr., Day breakfast, in Washington, DC., on Monday. They didn’t say if elected their plan was to make inflation worse.”The other tax bill in Biden’s crosshairs was introduced last week by Rep. Buddy Carter, R-Ga., and would abolish the IRS, eliminate income taxes and institute a federal consumption tax.

WASHINGTON — After a grueling five-day, 15-ballot floor fight for speaker, House Republicans on Monday night will face what's expected to be the first of many tough legislative battles ahead: Passing a package of rules that will govern how they run the House over the next two years. These are the easy part[s], the speaker vote and the rules vote," Gonzales said on Fox News on Monday. Because of their razor-thin majority, McCarthy’s leadership team can only afford to lose four GOP votes on the rules package for the new Congress. GOP leaders, including new Majority Leader Steve Scalise of Louisiana, indicated Monday that they believe Republicans will be able to stick together and pass the rules package. "Obviously the rules package is the first piece allowing us to get started with our agenda to fight for the American people," Scalise told reporters.

☆ With Kevin McCarthy as Speaker, Congress faces a messy debt ceiling fight — and Biden might have to mint a trillion dollar platinum coin
▼ + stars: | 2023-01-09 | by ( Ayelet Sheffey | Brent D. Griffiths | ) www.businessinsider.com time to read: +6 min

Those included using the debt ceiling as leverage to slash spending on Democratic priorities like Social Security. These GOP demands could be especially problematic for President Joe Biden as Congress will have to raise the debt ceiling by mid-2023. Importantly, the debt ceiling isn't tied to new spending — it allows the government to pay for what Congress has already appropriated. In 2011, amid another debt ceiling standoff between congressional Republicans and then-President Barack Obama, S&P downgraded the US' credit rating, which top officials at the rating agency said was due to the delay in raising the debt ceiling. Other possibilities include using the 14th Amendment to sidestep the debt ceiling.

☆ Trump tax return fight would get dropped by Republicans vying for key U.S. House committee chair
▼ + stars: | 2022-11-17 | by ( Christina Wilkie | ) www.cnbc.com time to read: +2 min

Protestors take part in the 'Tax March' calling on President Donald Trump to release his tax records on April 15, 2017 in New York. The fight began in 2019, when the Democratic-controlled Ways and Means committee asked the IRS for Trump's returns. When Biden took office and the Treasury Department moved to hand over the returns, Trump countersued to stop the release. If the hold is lifted, Treasury would deliver the returns to the Ways and Means Committee, likely within days. Missouri GOP Rep. Jason Smith, who is not related to Nebraska's Adrian Smith, said he too would halt the years long effort to get Trump's tax returns.

☆ Republican takeover of U.S. Congress would mean tax fights are back
▼ + stars: | 2022-11-04 | by ( David Lawder | Gram Slattery | ) www.reuters.com time to read: +6 min

Congressional Republicans' tax strategies and a Democratic White House could ultimately mean a status quo on rates, deductions and credits for the next two years, tax professionals and analysts say. TAX CUTS AND JOBS ACT"We want to make the Tax Cuts and Jobs Act permanent, which will strengthen the economy," a senior House Republican aide told Reuters. That 2017 Republican-passed tax law slashed top-line tax rates on corporations, a permanent feature that Democrats failed to reverse with control of Congress over the last two years. AIMING AT THE IRSOther targets for Republican tax legislation include rolling back a new 15% domestic corporate minimum tax for large companies and $80 billion in new funding for the Internal Revenue Service in Biden's climate and healthcare law. It will be used to fill thousands of IRS positions coming empty due to retirements and budget cuts; Republicans have described the hires as an 'army' aimed at harassing taxpayers.

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