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The 50 million barrels that President Joe Biden said the country would release from the nation’s Strategic Petroleum Reserve would be the biggest in American history and almost twice as much as the largest previous release. The release, which Biden announced Tuesday, is roughly 8 percent of the 621 million barrels in reserve, according to data from the Department of Energy. The first sale was a test sale of 5 million barrels in 1985, and the second was in 1990, when President George H. W. Bush sold 5 million barrels to test the readiness of the system. The following year, he authorized the first emergency sale of 17.3 million barrels of reserve oil to firms after the launch of Operation Desert Storm. In 1996, a pipeline blockage prompted the first exchange of nearly 1 million barrels.
Persons: Joe Biden, Biden, Hurricane Harvey, Isaac, Gustav, Ike, Dan Brouillette, It’s, ” Sen, Joe Manchin, Donald Trump, George H, Bush Organizations: nation’s Strategic Petroleum Reserve, Department of Energy, Hurricane, Libyan, Trump Energy, CNBC, Congress, U.S . Energy Information Agency, Exchanges, Operation, Storm Locations: Hurricane
Democrats' $1.75 trillion Build Back Better (BBB) Act could soon become law — bringing a host of tax reforms with it. From extra taxes on adjusted gross income to higher limits on SALT deductions, here's who would be affected by the proposed tax changes in the BBB plan. Including state and local taxes, the BBB could give some of the country's highest earners a sizable tax bill. Under the BBB, the country's popular enhanced child tax credit (CTC) would be extended for an additional year, through 2022. The country's earned income tax credit would also be extended through 2022, a priority for House Democrats.
Persons: Biden's, here's, Bill Kambas, Withers, , Ron Wyden, Sen, Joe Manchin, Biden Organizations: Senate, Affordable, BBB, CNBC, Companies, CTC, Urban Institute, Washington D.C, House Democrats Locations: New York, New Jersey, Washington
U.S. lawmakers, officials, Trump, on oil reserve release
  + stars: | 2021-11-23 | by ( ) www.reuters.com   time to read: +6 min
Tapping the Strategic Petroleum Reserve will not fix the problem. "President Biden has either eliminated or severely restricted access to America's oil and natural gas resources on federal lands and waters. Begging OPEC and Russia to increase production and now using the Strategic Petroleum Reserve are desperate attempts to address a Biden-caused disaster. CHRISTOPHER GUITH"America’s real strategic petroleum reserve is in places like the Permian Basin and the Gulf of Mexico. Instead of ineffectual band aids, the White House should focus on policies that will encourage domestic production of oil and natural gas.
Persons: BRIAN DEESE, JOE MANCHIN, Biden, JOHN BARRASSO, CHARLES SCHUMER, Biden’s, KEVIN MCCARTHY, Biden's, CHRIS VAN HOLLEN, GARRET, DONALD TRUMP, CHRISTOPHER GUITH, David Morgan, Katharine Jackson, Susan Heavey, Heather Timmons, Chizu Nomiyama, Matthew Lewis Organizations: U.S . Strategic Petroleum Reserve, reuters.com Register U.S, West Texas, DEMOCRATIC U.S, OF, Strategic Petroleum Reserve, Keystone XL, U.S, REPUBLICAN, Petroleum Reserve, DEMOCRATIC, REPUBLICAN U.S, Biden, Strategic Reserves, COMMERCE, The, Thomson Locations: Washington, Congress, Russia, OPEC, United States, California, U.S, Gulf of Mexico, Saudi Arabia
"I objected and continue to object to the fact that the single largest part of this bill is a $275 billion tax giveaway to millionaires and the wealthy. Regardless of the net tax change, there’s no excuse for that provision being in this bill," Golden said on Twitter. The change would mainly benefit wealthy taxpayers in coastal states that are heavily Democratic. The SALT cap was imposed under a tax reform law enacted in 2017 when Republicans controlled Congress and fellow Republican Donald Trump was president. Senate Majority Leader Chuck Schumer is aiming to pass Biden's domestic investment bill by the end of this year.
Persons: Elizabeth Frantz WASHINGTON, Joe Biden's, Jared Golden, Golden, Republican Donald Trump, Chuck Schumer, Joe Manchin, Richard Cowan, Scott Malone, Leslie Adler Organizations: U.S, Capitol, REUTERS, U.S . Congress, Taxation, Representatives, Senate, Twitter, Democratic, Republicans, Republican, Thomson Locations: Washington , U.S
I understand the urge to take serious steps to prevent overdoses: My own sister died of a fentanyl and heroin overdose last year. Almost two-thirds of drug overdose deaths in the provisional data involved synthetic opioids (including fentanyl and its analogs). The classwide classification policy, implemented in 2018, places fentanyl analogs in Schedule I, a classification for substances that are most strictly prohibited at the federal level. Although the Biden administration insists that it supports harm reduction strategies, the classwide ban on fentanyl analogs is a step away from those priorities. Come January, Congress and the Biden administration should let this policy expire.
Persons: Joe Biden, , Biden, Rob Portman, Joe Manchin, Organizations: Centers for Disease Control, Senate, Prosecutors, Drug, Alliance, Hamilton Locations: Ohio
Alexi Rosenfeld | Getty ImagesAs Democrats' Build Back Better plan advances to the Senate, one key proposal — paid family leave — may be at risk of getting dropped from the $1.75 trillion package. It included four weeks' paid family and medical leave for all workers, from employees to independent contractors. New estimates from the Congressional Budget Office indicate the paid leave measure as proposed would cost around $205 billion over 10 years. However, in an interview with Face the Nation on CBS on Sunday, Sen. Kirsten Gillibrand, D-N.Y., a staunch supporter of the issue, said, "Joe Manchin has come a long way on paid leave." There's not a lot in this package for new parents if paid family leave falls away.
Persons: Alexi Rosenfeld, Sen, Joe Manchin, Manchin, Kirsten Gillibrand, There's, Adrienne Schweer Organizations: Getty, Center, D.C, Congressional, Democratic, Social Security, CBS, Sunday Locations: Washington
The Joint Committee on Taxation first estimated Democrats' economic plan will cut taxes for the rich. But the committee issued a correction on Tuesday saying the bill will raise taxes for the rich, instead. This comes even as Democrats' bill retains a Trump tax cut from 2017. Instead of cutting taxes for the wealthy, as was first projected, Biden's plan will raise their taxes — even while keeping President Donald Trump's tax cuts. This contrasted the committee's initial estimate that Democrats' plan would cut taxes for the rich by 1.7 percentage points, as NBC's Sahil Kapur reported.
Persons: Joe Biden's, Donald Trump's, Sahil Kapur, Biden, Joe Manchin, Kyrsten, Insider's Joseph Zeballos, Vermont Sen, Bernie Sanders, Manchin, Sanders Organizations: Taxation, Trump, Senate, Democratic, House Democrats, Democrats, Democrat, GOP, Twitter Locations: Vermont, New York, California
The Senate is expected to turn to the legislation after it returns next week from Thanksgiving recess. Senate Majority Leader Chuck Schumer, D-N.Y., told reporters Saturday that he hopes to pass the bill by Christmas. In an appearance on MSNBC this month, he said the Build Back Better Act is "not the right place for this piece of legislation." The parliamentarian, who is likely to have the last word, has rejected two previous immigration provisions by Democrats that would offer a path to citizenship, which the House bill policy wouldn't guarantee. But if the removal of other items creates fiscal space for the Medicare benefits, they could come back into play.
Persons: Joe Biden's, Bernie Sanders, Jon Tester, Joe Manchin, Tester, Sen, Robert Byrd, Chuck Schumer, Manchin, Kirsten Gillibrand, there's, Tom Suozzi, Josh Gottheimer, Mikie Sherrill, Bill Pascrell, , Sanders, Bob Menendez, Raul Ruiz Organizations: WASHINGTON, Democratic, Press, Republicans, MSNBC, CBS, Social Security, Congressional, Office, Congressional Hispanic Caucus Locations: Montana, D, U.S
The $2 trillion social-spending bill passed the House Friday and now heads to the Senate. See all newslettersRep. Alexandria Ocasio-Cortez said if the social-spending bill doesn't pass trust will be broken among progressive and centrist Democrats. In an interview with The New York Times that was published Sunday, the New York congresswoman said the stakes of passing the Build Back Better Act are "really, really high." House Democrats passed the $2 trillion social-spending package on Friday morning without any Republican support. The bill now heads to the Senate and will need the support of all 50 Democrats in order to pass.
Persons: Alexandria Ocasio, Cortez, Joe Biden, Biden, Sen, Joe Manchin Organizations: Senate, The New York Times, New York, Progressive Caucus, House, Times, Democrats Locations: Alexandria, West Virginia
Rep. Alexandria Ocasio-Cortez said it's not enough for Democrats to say they're not Trump. She said voter turnout will suffer if Democrats make promises they don't keep. See all newslettersRep. Alexandria Ocasio-Cortez said the idea that voters should opt for Democrats simply because they are not former President Donald Trump is a "deeply demoralizing message." Ocasio-Cortez added voter turnout will suffer if Democrats make promises they don't keep. "And this notion that saying 'We're not Trump' is enough — this is such a deeply demoralizing message," she told The Times.
Persons: Alexandria Ocasio, Cortez, it's, Donald Trump, You've, Let's, Trump, Joe Manchin Organizations: The New York Times, New York, Times, Progressive, Democrats Locations: Alexandria, Sens
The first is Joe Manchin’s approval rating in West Virginia. The second is Joe Biden’s approval rating in West Virginia. Gail: This gives me another chance to point out that West Virginia gets around twice as much in federal aid as its residents pay in federal taxes. The first is the spread between Biden’s approval and disapproval ratings, the second is Kamala Harris’s. It’s deeply unwise to try to change the entire shape of government based on a tiebreaking vote in the Senate.
Persons: Bret, Gail, Joe Manchin’s, Joe Biden’s, he’s, it’s, Gee, Kamala Harris’s, don’t, Biden, Reagan, Obama, Biden’s, It’s Locations: West Virginia, Virginia, Afghanistan
AOC called out the executive action Biden is sitting on for the climate, student debt, and immigration in a NYT interview. Canceling student debt via executive action is something Biden has been considering for months. See all newslettersAOC thinks President Biden has the power to do a lot more. "There is an enormous amount of executive action that they're sitting on that I think is underutilized," Ocasio-Cortez told the New York Times. We've got executive action on the table with respect to climate.
Persons: Biden, Alexandria Ocasio, Cortez wasn't, Cortez, We've, Democratic holdouts Sens, Joe Manchin, Kyrsten Sinema, Donald Trump's, wasn't Organizations: New York Rep, New York Times, Democratic holdouts, Times, Higher, Education Department, Trump Locations: Alexandria, Paris, Cortez
Sinema threatened to quash Biden's plan that included universal pre-K and childcare assistance if Pelosi didn't speed up on infrastructure, per the NYT. Sinema is one of two wild card Democratic votes on a spending bill carrying the bulk of Biden's agenda. Democrats can't lose either of their votes for the spending plan to become law in the 50-50 Senate. At the same time, progressives were refusing to vote on the infrastructure bill without the social spending plan. House Democrats approved the so-called Build Back Better Act Friday morning on a party-line vote, barreling past united GOP opposition.
Persons: Sinema, Pelosi, Sen, Kyrsten, Joe Biden's, Nancy Pelosi, Joe Manchin, Joe Kennedy, Massachusetts, Pelosi didn't, yank, Chuck Schumer, Manchin Organizations: Democratic, Service, New York Times, The Times, Sinema, Biden, Democrats Locations: Arizona, West Virginia
Workers on federal contracts will have a new minimum wage of $15 an hour starting January 30, 2022. It builds on an executive order President Joe Biden signed in April that would hike pay for workers under federal contracts. For a small subset of workers, the regulations accomplish a Biden campaign push that the administration still has not been able to implement nation-wide: A $15 minimum wage. July marked 12 years since the federal minimum was last raised; it still sits at $7.25 an hour. In January, EPI found that 32 million workers would benefit from a federal minimum wage of $15; that includes one-third of Black workers.
Persons: Joe Biden, Marty Walsh, Paul Light, Ben Zipperer, Kyrsten Sinema, Joe Manchin, I'm, Sen, Elizabeth Warren of, Jen Psaki, Biden, EPI, Walsh Organizations: The Department of Labor, Labor Department, Service, Department of Labor, Labor, Wall Street Journal, New York University, Biden, Democratic, Elizabeth Warren of Massachusetts, House Press Locations: Sens
Biden's renomination of Jerome Powell for Fed chair is his latest stiff arm to progressive Democrats. The left saw its social-spending proposal whittled down and lost its leverage in the infrastructure vote as Biden courted centrists. Progressives opposed Powell but never offered an alternative, a former Fed analyst told Insider. Biden tapped Powell to serve a second term as the Fed's leader on Monday, confirming what most experts anticipated for weeks. Despite Biden's centrist choice of Powell, there are signs of a more progressive Fed.
Persons: Jerome Powell, Biden, centrists, Powell, Joe, Alexandria Ocasio, Cortez, Rashida Tlaib, Sen, Elizabeth Warren, Sheldon Whitehouse, Jeff Merkley, Thom Tillis, Mitt Romney, Kaleb Nygaard, Nygaard, Lael Brainard, There's, Brainard, Norbert Michel, Alex Wong, Joe Manchin, Kyrsten Sinema, Nancy Pelosi, Ilhan Omar, there's, that's Organizations: Service, Democrats, Republican, Yale Program, Financial Stability, Chicago Fed, Fed, Center for Monetary, Cato Institute, Federal, Biden, Sens, Progressives Locations: Alexandria
Joe Manchin of West Virginia and Kyrsten Sinema of Arizona are influential swing votes who haven't yet given a thumbs up to the House bill. Senate Democrats want to pass it by Christmas. Here are five provisions that could fall out of the House bill in the next few weeks. ImmigrationThere is a measure within the House bill to provide up to 6.5 million unauthorized immigrants with provisional work permits. The official has already shot down two past Senate Democratic measures aimed at establishing a path to citizenship.
Persons: Manchin, Joe Biden's, Joe Manchin, Kyrsten, He's, Michael Bennet of Colorado, Jon Tester, Bernie Sanders, Sanders, Manchin hasn't, Nancy Pelosi, Chuck Schumer Organizations: Democratic Sens, Republicans, West Virginia Democrat, House Democrats, Montana, Democrat, GOP, Democratic, Schumer Locations: West Virginia, Arizona, Vermont, New York, California, Manchin
Republican Rep. Kat Cammack of Florida was booed on the House Floor after she referred to the Build Back Better spending bill as "Build Back Broke." Cammack said she was voting "hell no" on the bill and was designated by some Republican fellow House members to issue their votes on their behalf. House Democrats passed the sweeping spending bill Friday night, sending it to the Senate. build back broke, and as the member designated by Mr. Loudermilk of the state of – Madam Speaker, the House is not in order." —Congresswoman Kat Cammack (@RepKatCammack) November 19, 2021In a statement, Cammack referred to the bill as a "dumpster fire."
Persons: Kat Cammack, Cammack, Joe Biden's, Letlow, Loudermilk, Nancy Pelosi, boo's, Sen, Joe Manchin Organizations: Democrats, Senate, Service, . House Representative, Republican Locations: Florida, Louisiana, H.R,
Manchin and Sinema are drawing financial backing from GOP donors, per The New York Times. Republican Rep. Liz Cheney of Wyoming, a conservative who has been one of the most outspoken critics of former President Donald Trump, has received major contributions from Democratic donors this year. "Those are two good people — Manchin and Sinema — and I think we need more of those in the Democratic Party," he told The Times. Between January 2019 and September 2020, Sinema raked in $6.1 million in campaign donations, with $4.5 million cash on hand. Manchin and Sinema are both up for reelection in 2024 — but they have not yet officially announced their plans.
Persons: — Sens, Joe Manchin, Kyrsten, Joe Biden, Kamala Harris's, Biden, Manchin, Sinema, nix, John Lewis, Evan Vucci Manchin, Liz Cheney, Donald Trump, Kenneth Langone, I've, Stanley Hubbard, tamp, , John LaBombard Organizations: New York Times, Democratic, , White House, The New York Times, The Times, AP, Republican, CNBC, Democratic Party, Times, Arizona Locations: Sens, Manchin, paring, West Virginia, Arizona, Dallas, Wyoming, Sinema
Rep. Ro Khanna said that President Biden will receive robust progressive support in a 2024 bid. A recent Washington Post report detailed how Biden allies are signaling the president's plans to run for office again. Many liberals have lauded Biden since taking office over his push for progressive legislation. On the heels of a Washington Post report that Biden will seek a second term in the White House, Khanna said that progressives would stand behind the president. "President Biden will enjoy strong support from many progressives when he runs for reelection," the California Democrat told the newspaper.
Persons: Ro Khanna, Biden, Bernie Sanders, Joe Biden, Khanna, West Virginia Sen, Joe Manchin's, Independent Sen, Larry Cohen, Sanders, Biden's, Organizations: Washington, Service, Washington Post, California Democrat, Post, Independent, Our Locations: West Virginia, Vermont
AOC said that party leaders will have a tough time corralling votes if reconciliation doesn't pass soon. The congresswoman told the NYT that the process for passing Build Back Better has been "demoralizing for a lot of folks." The House voted to advance the reconciliation bill, but it faces uncertainty in the Senate. "I think the stakes are really, really high," the New York Democrat said. "With the bipartisan infrastructure plan, there's all of these headlines going around.
Persons: Alexandria Ocasio, Cortez, Joe Biden's, Nancy Pelosi, Democratic Sen, Joe Manchin Organizations: Senate, Service, The New York Times, House, New York Democrat, Progressive Caucus, Democratic, The Times Locations: Alexandria, California, West Virginia, Cortez
Along with several Republicans, Manchin just voted for an infrastructure law that will be even bigger, adding $259 billion to the deficit. He has one stance on Joe Biden's Build Back Better agenda and another on the bipartisan infrastructure bill that Biden signed into law this week. Manchin voted to pass the $1 trillion infrastructure plan in early August despite it not being fully paid for. Not only does it boost the deficit, but the CBO estimates the infrastructure plan will cost the US about $256 billion. Republicans have knocked the Build Back Better plan as an inflationary risk, arguing it would boost price growth beyond its already fast pace.
Persons: Manchin, There's, Sen, Joe Manchin, Joe Biden's, Biden, Mitch McConnell, Trump, , Mitch McConnell —, Joe Biden, Fitch, Bernie Sanders, he's Organizations: CBO, Congressional, Office, Democratic, Progressives, Republican Party, Republicans, Moody's, Reuters Locations: West Virginia
WASHINGTON — When I got the invitation from the French ambassador for a black-tie gala called “Améthyste,” I wondered what that name meant. Was it a promotional party for a French jewelry company or maybe a new perfume? Little did I know that I could have done my homework at the party, because the Hundred Years’ War is still raging in the French and British Embassies in D.C.Once more unto the breach, dear friends! Améthyste, it turned it, was a French troll of the British: It’s the name of a French nuclear submarine. We few, we unhappy few …Suffice it to say, British and Australian diplomats were nowhere to be seen at the party, at the residence of Ambassador Philippe Étienne, where Joe Manchin was, naturellement, busy holding court.
Persons: WASHINGTON, , Henry V ”, Laurence Olivier, Kenneth Branagh, Tom Hiddleston, Agincourt, Philippe Étienne, Joe Manchin Organizations: Columbia University, D.C, British Locations: British, French
In the absence of a decision, lawmakers have been weighing in themselves on the two known candidates: Powell and Fed Governor Lael Brainard. Manchin said on Thursday that he was looking favorably at the prospect of Powell being renominated as Fed chair after the two spoke and discussed his views on inflation, according to a spokesperson. Merkley voted against Powell's first nomination and Whitehouse voted in favor. Biden is expected to choose a nominee for Fed chair before next Thursday's Thanksgiving holiday. It is not clear that Biden needs the support of the three Democrats to get his Fed chair nominee approved.
Persons: Joe Manchin, Jonathan Ernst, Joe Biden, Jerome Powell, Powell, Lael Brainard, Brainard, Sheldon Whitehouse, Jeff Merkley, Powell's reappointment, Biden, Pat Toomey, Jon Tester, Manchin, Merkley, Powell's, Whitehouse, Jonnelle Marte, Ann Saphir, Jonathan Oatis Organizations: U.S, Capitol, Washington , D.C, REUTERS, Federal, U.S . Senate, Bloomberg, Democratic, Thomson Locations: Washington ,, U.S, Rhode Island, Oregon
The House voted 220 to 213 to pass Biden's Build Back Better bill, with one Democrat joining all Republicans in opposing the measure. Cheers erupted on the House floor after House Speaker Nancy Pelosi declared the bill passed, followed by chants of "Nancy" by Democrats. And it is better," Pelosi said on the House floor. A provision in the House bill guaranteeing paid leave is opposed by Sen. Joe Manchin, D-W.Va., and is at risk of being stripped out. The House vote came two weeks after Congress cleared an infrastructure package that boosts spending to $1.2 trillion for highways, roads, bridges, broadband expansion and other projects.
Persons: WASHINGTON, Joe Biden, Nancy Pelosi, Nancy, Pelosi, Kevin McCarthy, McCarthy, centrists, Sen, Joe Manchin, Chuck Schumer, Biden, Schumer Organizations: Democratic, Republicans, Senate, Democrats, Congressional, Office, CBO, Treasury Department, New Locations: America
House Democrats passed Biden's $2 trillion social spending bill Friday morning. Now it heads to the Senate, where Joe Manchin could still delay the bill — or tank it completely. Manchin hasn't committed to backing the bill yet, and could still delay or sink it in the weeks to come. House progressives balked, and used the infrastructure bill as leverage to prod the centrists into backing the social spending bill. As it heads to the Senate, Manchin has repeatedly warned about the prospect of the bill contributing to rising prices across the board.
Persons: Kevin McCarthy, Joe Manchin, Joe Biden's, Jared Golden of, Nancy Pelosi, Alexandria Ocasio, Aaron P, Bernstein, Scott Applewhite, Elon Musk, McCarthy, Biden, Pelosi, didn't, FDR, Cortez, Sen, Al Drago, Manchin hasn't, , centrists, Manchin Organizations: Biden's, Democratic, Senate, Service, Democrats, GOP, Capitol, Congressional, CBO Locations: West Virginia, Jared Golden of Maine, California, America, Alexandria, Cortez, China, Afghanistan, Washington, Cortez of New York
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