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Senate Democrats have unveiled a plan to boost unemployment benefits permanently. A pair of Senate Democrats introduced a plan on Wednesday to permanently boost unemployment benefits, making state checks larger to cover most of a worker's lost wages. Currently, laid-off workers are eligible for a $300 weekly federal unemployment benefit — on top of state payouts — which end in early September. Last year, state unemployment offices were overwhelmed with a surge of claims that strained their antiquated systems to the brink. Most Republicans opposed the renewal of boosted federal unemployment benefits as the economy showed signs of recovering.
Persons: Ron Wyden, Michael Bennet of Colorado, , Wyden, Bennet Organizations: Democrats, Oregon, Labor Locations: Sens
Sen. Shelly Moore Capito said a "sweet spot" for a bipartisan infrastructure deal is less than half of what Biden wants. "I would say probably into the $600 or $800 billion, but we haven't put all of that together yet," Capito told CNBC. I would say probably into the $600 or $800 billion, but we haven't put all of that together yet," Capito told CNBC. The Biden infrastructure plan includes major funding to fix roads and bridges and set up clean energy incentives. Capito criticized the Biden proposal's expansive scope, arguing it should be constrained to roads, bridges, airports, broadband, and water infrastructure.
Persons: Sen, Shelly Moore Capito, Biden, Capito, Mitt Romney, Bill Cassidy, Republican Sen, Shelley Moore Capito, Joe Biden, we've Organizations: CNBC, Republican, Republicans, West Virginia Republican, Capitol Hill, Capitol, Biden Locations: West Virginia, Utah, Louisiana
Mitt Romney and Kyrsten Sinema are working together on a minimum wage proposal. Mitt Romney and Kyrsten Sinema are working together on their own minimum wage proposal, after an increase to $15 was stricken from reconciliation for the American Rescue Plan. Last month, an attempt to bridge Democrat moderates and progressives on the minimum wage did not make much progress. Sinema was one of the eight Senate Democrats to vote against including the $15 minimum wage in reconciliation. President Joe Biden campaigned on a $15 minimum wage, and reiterated his support for it in his first presidential town hall.
Persons: Mitt Romney, Kyrsten, Romney, HuffPost, Sen, Chuck Schumer, Ron Wyden, Bernie Sanders, Joe Manchin —, , Manchin, Tom Cotton, Biden, Sinema, Joe Biden Organizations: American, Democrats, Democratic, Senate Finance Committee, American Workers Act, Republican, Senators Locations: Sens
Sen. Roger Wicker downplayed the odds of an infrastructure deal that included rolling back Trump's tax cuts. The law slashed it to that level from 35%, and Biden wants to lift it to 28% to generate federal dollars for his infrastructure plan. Biden administration officials said it was part of an effort to shore up support for their infrastructure plan. The Biden infrastructure plan includes major funding to repair roads and bridges and set up clean energy incentives. Republicans are lining up in opposition to the Biden infrastructure plan.
Persons: Sen, Roger Wicker, Wicker, Biden, Roger Wicker of, Joe Biden's, Psaki, Mitch McConnell, Joe Manchin Organizations: Monday, Republican, Senate, White, Democratic Locations: Roger Wicker of Mississippi, China, West Virginia
IRS chief Charles Rettig said the agency was on track to start monthly child tax credit payments on July 1. Democrats want to make the monthly direct payments permanent for parents. IRS chief Charles Rettig told lawmakers on Tuesday that the agency was on course to start monthly payments of the child tax credit within a few months. Asked whether the organization was ready to issue monthly checks on July 1, Rettig responded: "We are." The one-year child tax credit measure was authorized as part of President Joe Biden's stimulus law in mid-March.
Persons: Charles Rettig, Rettig, We're, it's, Joe, Kevin Brady of Texas, Mike Kelly, Biden Organizations: IRS, Republican, CTC
Biden's infrastructure plan could grow the deficit, the White House said Tuesday. "His only red line is inaction," White House Press Secretary Jen Psaki said. Asked whether financing the entire plan was a red line for President Joe Biden, White House Press Secretary Jen Psaki responded on Tuesday: "His only red line is inaction." The Biden infrastructure plan includes major funding to fix roads and bridges and set up clean energy incentives. Republicans are fiercely opposed to the Biden infrastructure plan.
Persons: Jen Psaki, McConnell, Biden, Joe Biden, , Mitch McConnell Organizations: House Press, Trump, White House Press, Treasury Department, Congressional, Republicans
Biden's infrastructure plan could grow the deficit, the White House said Tuesday. "His only red line is inaction," White House Press Secretary Jen Psaki said. Asked whether financing the entire plan was a red line for President Joe Biden, White House Press Secretary Jen Psaki responded on Tuesday: "His only red line is inaction." The Biden infrastructure plan includes major funding to fix roads and bridges and set up clean energy incentives. Republicans are fiercely opposed to the Biden infrastructure plan.
Persons: Jen Psaki, McConnell, Biden, Joe Biden, , Mitch McConnell Organizations: House Press, Trump, White House Press, Treasury Department, Congressional, Republicans
Sen. Bill Cassidy says he's working on an "alternative" to Biden's multitrillion-dollar jobs plan. "The money in our bill ... would double the amount of money going for roads and bridges" compared to Biden, he said. Cassidy was part of a key GOP working group that made a stimulus counteroffer to Biden this year. Sen. Bill Cassidy, a Republican on the Senate Finance Committee, indicated another major infrastructure plan was being drafted by lawmakers searching for another option besides President Joe Biden's $2.3 trillion proposal. "There is bipartisan appetite for smart infrastructure bills that are built the right way," Senate Minority Leader Mitch McConnell said on Tuesday.
Persons: Sen, Bill Cassidy, he's, Biden, Cassidy, Joe Biden's, we're, Mitch McConnell Organizations: Republican, Senate Finance Committee, GOP Locations: Louisiana
A top advisor said he doesn't need Republican votes in Congress for an infrastructure plan to be bipartisan. Bipartisanship "doesn't say the Republicans have to be in Congress," advisor Anita Dunn told the Post. A top White House advisor said that President Joe Biden's multitrillion-dollar infrastructure plan doesn't need Congressional Republican support to be considered bipartisan. Biden's $2.3 trillion infrastructure plan includes major funding to repair roads and bridges and set up clean energy incentives. Biden is set to meet with a bipartisan group of eight lawmakers on Monday about his infrastructure plan.
Persons: Biden, Anita Dunn, Joe Biden's multitrillion, Mike Donilon, White, Let's, Nancy Pelosi Organizations: White, Republicans, Democrats, Washington Post, Republican, Republicans — Republican, CBS News
Yet the path ahead for Democrats looks very different from the one that produced a $1.9 trillion pandemic relief package, which Biden signed into law in March. Here are four reasons Democratic push for a huge infrastructure package will be tougher than their scramble to pass stimulus. Speaker Nancy Pelosi has suggested she wants the House to approve an infrastructure plan by July 4. The coronavirus relief package was geared to provide immediate relief to cash-strapped families and laid-off workers. Biden's infrastructure plan forms a pillar of his Build Back Better agenda, designed to be a series of long-term initiatives.
Persons: they're, It's, Joe, Biden, Mitch McConnell, we've, Sen, Angus King, Nancy Pelosi, Joe Manchin, Goldman Sachs Organizations: Democratic, Politico, Jobs Plan, Democrats, GOP Locations: Maine, West Virginia
Corporate America is going through growing pains on political activism — but it's still trying to fight off higher taxes. At nearly the same time, corporate America has been far less aligned with the progressive agenda of funding a large infrastructure and jobs plan with a boost to the corporate tax rate. Biden wants to jack the corporate tax rate up to 28%. Amazon CEO Jeff Bezos has said that the company is supportive of a rise in the corporate tax rate, although he didn't specify what rate he supports. Lyft president and cofounder John Zimmer has thrown his support behind the 28% rate.
Persons: it's, Biden, Trump, Donald Trump, Neil Bradley, Josh Bolten, Jeff Bezos, John Zimmer, Alex Wong, Vanessa Burbano, Doug Schuler, Burbano, Rep Don Beyer, Beyer, Sen, Joe Manchin, who's, Don Beyer, Gary Cohn, Mitch McConnell, Schuler Organizations: Republicans, Business, Bloomberg, Amazon, Politico, Companies, Microsoft, HP, Dow, Columbia Business School, Rice University, Rep, Senate, US, Economic Committee, Economic Council Locations: America, Georgia, Texas
Biden unveiled an early budget proposal on Friday that would ramp up spending on education and public housing. The plan offers an early look at Biden's priorities and how he would realign federal spending after Trump. The White House unveiled its initial budget proposal on Friday. It's Biden's budgetary pitch to Congress, which also has a say in drawing up and approving a spending plan. Lawmakers must also strike a deal on the federal budget before funding expires at the end of September.
Persons: Biden, Joe Biden's, Donald Trump's, Nancy Pelosi, Pelosi Organizations: Trump, White House, Education Department, Department of Health, Human Services, Environmental Protection Agency, White, Congress, GOP
Rep. Katie Porter of California called Biden's move to split his infrastructure plan 'a big mistake.' She argued Democrats should merge family policies into a large infrastructure plan. Democratic Rep. Katie Porter of California called President Joe Biden's decision to split up his infrastructure plan into separate jobs and family components a major error. Porter previously expressed a fear that women could be left behind in the Biden plan, CNBC reported. The second part will be known as the American Family Plan, a package expected to contain a multi-trillion investment into childcare and education.
Persons: Katie Porter, Biden, Joe Biden's, he's, Porter Organizations: Democratic, Jobs, American Families, White, CNBC Locations: California
Manchin suggested he may thwart Democratic attempts to bypass Republicans in Congress more than once. "I simply do not believe budget reconciliation should replace regular order in the Senate," Manchin wrote in a Post op-ed. It comes as the White House weighs the path ahead for a massive infrastructure plan. "I simply do not believe budget reconciliation should replace regular order in the Senate," Manchin wrote. The Biden administration outlined a corporate tax plan on Wednesday.
Persons: Manchin, Sen, Joe Manchin, Read, Biden, Donald Trump's Organizations: Democratic, Republicans Locations: West Virginia, Washington, Manchin
A former Trump economic advisor said in a resurfaced interview that he supports Biden's proposed 28% corporate tax rate. His remarks will likely be cited by Democrats as Biden argues for corporate tax hikes to fund infrastructure spending. The Republican tax law in 2017 slashed the corporate tax rate from 35% to 21% and lowered rates for individuals temporarily. The White House unveiled a tax plan on Wednesday that would raise $2.5 trillion over 15 years to cover its spending. It includes a corporate tax hike to 28%, beefed-up IRS funding for better enforcement, and implementing a global minimum tax among other steps.
Persons: Trump, Biden's, Cohn, Biden, Joe Biden's, Donald Trump, Gary Cohn —, John Zimmer, It's, Don Beyer, Gary Cohn Organizations: Yahoo Finance, National Economic, Center for American Progress, Republican, White, Democratic, Economic Committee
Administration officials are already saying they could compromise on raising the corporate tax rate to 28%. But soon afterward, President Joe Biden signaled an openness to compromise with lawmakers on the size of a corporate tax increase. It also amounts to a partial reversal of President Donald Trump's 2017 tax law, which slashed the corporate tax rate from 35% to 21%. Administration officials like Commerce Secretary Gina Raimondo said they are open to a compromise on the corporate tax increases. In addition, Lyft President John Zimmer said he backed Biden's proposed 28% corporate tax hike in a CNN interview on Wednesday.
Persons: Biden, Joe Biden, Donald Trump's, Biden's, Gina Raimondo, Jen Psaki, Jeff Bezos, John Zimmer Organizations: Biden, Administration, Treasury Department, American Jobs Plan, Penn Wharton Budget Model, House Press, Business, Chamber, Commerce, CNN, Republicans
Biden forcefully defended his proposed corporate tax hike, while saying he was open to a compromise. He said he's "sick and tired of ordinary people being fleeced" while large firms get away with little or no income taxes. Biden cited a recent report that indicated 55 large US companies paid no federal income tax last year. President Joe Biden made a forceful pitch for his massive infrastructure package on Tuesday, arguing his proposed 28% corporate tax hike would level the playing field between large companies and average Americans. "If you're a mom or dad, cop, firefighter, police officer, et cetera, you're paying close to that in your income tax."
Persons: Biden, Joe Biden, I'm, That's Organizations: Taxation
The White House said it wanted to approve a massive infrastructure package by the summer. The White House said on Tuesday that it is aiming to get President Joe Biden's multitrillion-dollar infrastructure package approved within months, an ambitious timeline that underscores the administration's desire to quickly muscle a plan through Congress. "We'd like to see progress by May and certainly a package through by the summer," White House Press Secretary Jen Psaki said at a daily news conference. Biden unveiled a large $2 trillion plan last week, the first of two proposals aimed at modernizing the nation's infrastructure. At least two Democratic senators, including Joe Manchin of West Virginia, say major elements of Biden's plan should be adjusted to gain their votes.
Persons: Psaki, Biden, Joe Biden's multitrillion, Jen Psaki, Nancy Pelosi, Pelosi, Joe Manchin, Manchin, Biden's Organizations: House Press, Democrats, Democratic, Republicans Locations: West Virginia
Biden said he wanted to break with Trump in sticking up for the Federal Reserve's independence. While he was in office, Trump pressured Fed Chair Powell against raising interest rates. President Joe Biden said on Tuesday he would safeguard the independence of the Federal Reserve , breaking with his predecessor, Donald Trump, who often tried pressuring the central bank to lower the cost of borrowing. "I think the Federal Reserve is an independent operation," he said, adding he does speak with Treasury Secretary Janet Yellen. Powell, a Trump nominee, has also downplayed the inflation risks stemming from the $1.9 trillion stimulus package.
Persons: Biden, Trump, Powell, Joe Biden, Donald Trump, , Janet Yellen Organizations: Trump, Federal, Federal Reserve, White House, Treasury, NPR Locations: China, United States
Biden has unveiled the first part of his up to $4 trillion plan to overhaul the American economy. The package announced Wednesday, called the American Jobs Plan, would cost about $2 trillion. President Joe Biden on Wednesday introduced a $2 trillion package that will form the first part of a likely $4 trillion infrastructure plan, a colossal measure directed at overhauling the US economy, strengthening its competitiveness abroad, and leveling the playing field for the American middle class. The first is called the American Jobs Plan. The second part, the American Families Plan, to be announced in mid-April, will be geared toward social infrastructure, especially areas like childcare and education.
Persons: Biden, Joe Biden, it's Organizations: American Jobs, Wednesday, Infrastructure, Republicans, American Families, Women's Law, of Labor Statistics Locations: America
Democrats want to provide monthly payments for parents, but the IRS faces challenges rolling out the program. The IRS commissioner recently said it may be a "challenge to get into monthly right out of the box." The beefed-up child tax credit from President Joe Biden's stimulus law has been touted by Democrats as a key measure designed to slash child poverty in half. Democrats want to enable the option of a monthly check — and they've been touting that, too. Rep. Suzan DelBene of Washington, another architect of the child benefit, echoed DeLauro.
Persons: Joe, they've, Biden, Charles Rettig, Elaine Maag, Maag, Samantha Jacoby, Jeffrey Jones, Aaron P, Bernstein, Rettig, We're, Rosa DeLauro, Connecticut, Suzan, Tasos, Jacoby, Barack Obama Organizations: IRS, Democrats, White, Internal Revenue Service, Center, Budget, Treasury, Affordable, Republican, Labor, Health, Human Services, Education, Democratic, House Democratic Locations: Washington, Washington , DC
Biden said Republicans suddenly care about the national debt again, at a Thursday press conference. "I love the fact they found this whole idea of concern about the federal budget. He went on: "I love the fact they found this whole idea of concern about the federal budget. When the federal budget is saving people's lives, they don't think it's such a good idea." He acknowledged the path of the debt is unsustainable, but its current level isn't cause for major concern at this point.
Persons: Biden, Joe Biden, Jerome Powell Organizations: Republicans, Trump, Federal, NPR
A $15 minimum wage increase didn't survive the reconciliation process for the recent stimulus law. Democrats tried and failed to raise the federal minimum wage as they muscled the $1.9 trillion stimulus law through Congress. Democrats included an increase of the federal minimum wage to $15 in the original bill. But some legislators are still dividedDemocrats are split on the path ahead for a minimum wage increase. Schumer said at his weekly press conference on Thursday there were still "differing views" on the minimum wage.
Persons: they've, Emmanuel Saez, Gabriel Zucman, Joe, Sen, Bernie Sanders, Saez, Zucman, Joe Manchin, Manchin, Chris Coons, Jeanne Shaheen of, Maggie Hassan, Tom Carper of, Jon Tester, Sanders, Chuck Schumer, Ron Wyden, Patty Murray, Schumer, We've, we've, Wyden Organizations: University of California, Republican, Democratic, Democrats, Montana, Finance, Oregon, Health, Education, Labor, Pensions, New York Democrat Locations: Berkeley, West Virginia, Chris Coons of Delaware, Arizona, Jeanne Shaheen of New Hampshire, New Hampshire, Tom Carper of Delaware, Vermont, New York, Washington
According to documents obtained by the Times, the proposed infrastructure plan would focus first on infrastructure improvements such as upgrading roads and bridges. White House officials are weighing tax increases on large corporations and the wealthiest Americans to finance at least some portions of the package. White House Press Secretary Jen Psaki said Monday the administration is "considering a range of potential options" for upcoming spending plans. "An infrastructure package goes beyond a very common understanding of roads and bridges," Fitzpatrick told Insider. Sen. John Thune, the Senate's second-ranked Republican, told reporters on Tuesday that splitting up an infrastructure bill was a "pretty cynical ploy" by Democrats to try and attract GOP support for some measures but not others.
Persons: Joe, Ryan Fitzpatrick, Jen Psaki, Fitzpatrick, Sen, John Thune, I'm, Moderate Democratic Sen, Joe Manchin, Axios Organizations: New York Times, Times, White House Press, Capitol, Biden, Universal, House, Republicans, GOP, Democratic, Moderate Democratic, West Virginia Locations: West
Republicans criticized the White House's $3 trillion infrastructure plan on Tuesday. President Joe Biden's economic team is in the early stages of drafting a $3 trillion infrastructure plan that could be split into several packages. Senate Republicans unloaded on the White House proposal, one that hasn't been formally unveiled yet. "That's a hell of a way to make tax policy, you don't make tax policy on the basis of class." White House press secretary wrote in a Monday tweet that Biden would not publicly unveil a proposal this week.
Persons: Sen, John Thune, Joe Biden's, hasn't, Biden, John Thune of, Thune, John Kennedy of, Kennedy, Nancy Pelosi, Pelosi, Bernie Sanders, Janet Yellen, Yellen Organizations: Senate Republicans, GOP, Republican, Senate, Democratic, Democrats, Progressives, New York Times Locations: John Thune of South Dakota, John Kennedy of Louisiana
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