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☆ Congress may revisit the expanded child tax credit in the lame duck session. But terms may not be as generous as in 2021
▼ + stars: | 2022-12-09 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

House and Senate champions and impacted families appear at a Dec. 7 Washington, D.C., event for expanding the child tax credit during the lame duck session. Millions of children were lifted out of poverty in 2021, thanks to a more generous child tax credit that included monthly checks sent out to more families. Now, the lame duck session of Congress offers a last chance this year to renew the expanded child tax credit that lapsed in December 2021. As the end of year approaches, many Democrats on Capitol Hill have raised their voices in support of reinstating the more generous child tax credit. The child tax credit was increased in 2021 from $2,000 per child to up to $3,600 per child under 6 and up to $3,000 for children ages 6 through 17.

Biden had been hopeful that Russian President Vladimir Putin would be more apt to free Griner once America’s midterm elections were done, a calculation that proved correct. Still detained in Russia is Paul Whelan, a businessman whom the White House has also been working to free without success. In a 2012 interview with NBC’s “Meet the Press” when he was vice president, Biden came out in favor of same-sex marriage, and he is expected to sign the measure into law. White House officials acknowledged the headwinds and worried that the midterm elections would be a repudiation of Biden’s record. “When I look at what the Biden White House has done, I think experience and patience really paid off,” said Jennifer Palmieri, who served as White House communications director during the Obama administration.

☆ Senate MAGA mutineers work on new ways to punish Mitch McConnell
▼ + stars: | 2022-12-07 | by ( Warren Rojas | ) www.businessinsider.com time to read: +3 min

Some Senate Republicans recently tried and failed to strip Mitch McConnell of his leadership post. Ted Cruz is among the conservatives determined to "stand up and fight" against business as usual. He called any such compromise "indefensible," and urged others to also dig in their heels so House Republicans have a better negotiating position next year once their narrow majority takes effect. House Minority Leader Kevin McCarthy, who is trying to fend off House conservatives determined to deny him his dream of becoming speaker, has also been pushing to quash any lame duck breakthroughs. "Any Republican that's out there trying to work with them is wrong," McCarthy recently said on Fox News.

☆ Senate MAGA mutineers incensed their red wave never came work on new ways to punish Mitch McConnell
▼ + stars: | 2022-12-07 | by ( Warren Rojas | ) www.businessinsider.com time to read: +3 min

☆ Exit Interview, Part 1: House
▼ + stars: | 2022-12-06 | by ( Ylan Mui | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailExit Interview, Part 1: HouseRepresentative Kevin Brady will finish out his thirteenth and final term in office later this year. As former Chairman of the powerful House Ways and Means committee, Rep. Brady counts the 2017 Tax Cuts and Jobs Act as one of his signature achievements. We'll get his reflections on more than 25 years serving in Congress, his expectations for the ongoing Lame Duck session, and a forecast of what he thinks his colleagues can achieve legislatively in the next Congress, with a razor-thin majority. CNBC's Ylan Mui interviewed him at the 2022 CNBC CFO Council Summit on November 30, 2022.

☆ The effort to ban members of Congress from trading stocks is mostly dead — at least for now
▼ + stars: | 2022-12-06 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +9 min

Time has largely run out in this Congress to ban lawmakers from trading stocks. On Monday, he told Insider in a statement that he would "keep pushing to get this debated on the floor and get it passed." Democratic senators formed a working group, with Senate Majority Leader Chuck Schumer's blessing, to draft legislation to ban stock trading among lawmakers. In the Senate, Democratic Sen. Elizabeth Warren of Massachusetts told Insider that it was "not yet" time to declare the effort dead, pointing to ongoing discussions. "I support a stock ban for members of Congress," he told reporters in September.

WASHINGTON — A bipartisan Senate duo has launched a last-minute push to enact immigration reform before the end of the year. Under the proposal, the boost in border security would include higher salaries for border patrol agents, and increased staffing and other resources for border patrol and border protection. “They have clearly found a successful equation here," the Senate aide said. If they can strike a deal, pro-immigration reform members are hoping to attach their proposal to a bill to keep the government funded that must pass later this month. I’ve been in touch w/ my colleagues & will carefully review their proposal,” Senate Majority Whip Dick Durbin, D-Ill., tweeted on Monday.

☆ 'This is a crisis.' Why more workers need access to retirement savings
▼ + stars: | 2022-12-02 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

As many as 57 million Americans lack access to a workplace retirement savings plan, said Ed Murphy, president and CEO of Empower, a provider of retirement services. "If they don't access through payroll deduction, they just flat out don't save." The lack of retirement plan coverage presents an opportunity for the financial industry and government to work together to find solutions, Walsh said. California is one of a handful of states that has implemented automatic individual retirement accounts to help bridge that gap for workers who lack access to retirement plans through their employers. Those that opt out are required to begin offering their own retirement plan, per California rules.

☆ Markets looking for the next catalyst might latch on to worries about 2023
▼ + stars: | 2022-12-02 | by ( Patti Domm | In | ) www.cnbc.com time to read: +6 min

Markets could be volatile and in search of a catalyst in the week ahead, as investors consider year-end trades in the lull before the Federal Reserve's December 13-14 policy meeting. Stocks were higher in the past week, with the year's worst performing sectors, communications services and consumer discretionary companies, leading the gains. On the geopolitical front, Arone said investors will watch the Dec. 6 runoff election in Georgia's senate race . Week ahead calendar Monday Earnings: Sumo Logic , Gitlab 9:45 a.m. Services PMI 10:00 a.m. ISM services 10:00 a.m. Initial jobless claims 10:00 a.m. Quarterly services survey Friday 8:30 a.m. PPI 10:00 a.m. Consumer sentiment 10:00 a.m. Wholesale trade

☆ Democrats’ Push to Help DACA ‘Dreamers’ Faces Steep Odds in Lame-Duck Session
▼ + stars: | 2022-12-01 | by ( Michelle Hackman | ) www.wsj.com time to read: 1 min

WASHINGTON—With weeks left until they lose control of the House, Democrats are scrambling to see whether they can cobble together enough support to reach a deal allowing the young immigrants known as Dreamers to stay legally in the U.S. But their plans face skepticism from Republicans, who say it would be imprudent to change any aspect of the immigration system without first taming record illegal crossings at the southern border. Concerns over those crossings have been heightened by an imminent court-ordered end to Title 42, the pandemic-era policy that has limited access to the border for asylum seekers for the stated purpose of reducing the spread of Covid-19. Government officials warn there could be an even larger border surge when the policy is lifted later this month.

☆ Democrats Want a Lame-Duck Spending Blowout
▼ + stars: | 2022-12-01 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

When is $5 trillion still not enough? Answer: When you’re a progressive about to lose your grip on total power. That’s how to read Democrats’ attempt to jam Republicans into one last, lame-duck, spending hurrah. Democrats want to stuff all 12 of Congress’s annual, overdue spending bills into a giant “omnibus” to finance government through September 2023. According to their media note-takers, the failure to pass an omnibus bill will result in one of two apocalyptic scenarios: a government shutdown, or the ruin of federal agencies forced to maintain spending at current levels.

☆ Outgoing Speaker Nancy Pelosi's husband recently sold 20,000 shares of Visa worth up to $5 million
▼ + stars: | 2022-12-01 | by ( Madison Hall | ) www.businessinsider.com time to read: +6 min

Outgoing House Speaker Nancy Pelosi reported her husband recently sold between $1 million and $5 million worth of stock in Visa. She reported that her husband, Paul Pelosi, made the trade on November 8. He bludgeoned Paul Pelosi with a hammer and said he wanted to break the kneecaps of Nancy Pelosi, who was not present at the time. Following the attack on October 28, Paul Pelosi underwent surgery and continues to recover from his injuries. But it was trending upward when Paul Pelosi sold what Nancy Pelosi, in a congressional filing, affirmed was 20,000 shares.

☆ US leaders who want to send billions more in aid to Ukraine need to ask what kind of war they're willing to pay for
▼ + stars: | 2022-11-30 | by ( Andrew C. Jarocki | Defense Priorities | ) www.businessinsider.com time to read: +6 min

The final weeks of the current Congress will feature debate over another aid package for Ukraine. Before opening the checkbook again, lawmakers need to ask how they want this war to end and how more aid will bring it about. Before Washington opens the checkbook again, lawmakers need to subject aid proposals to a simple Petraeus Test. So far, the story of American support of Ukraine against Russia's terrible invasion attempt has been one of unhesitating generosity. At the very least, legislators must push advocates of more aid for Ukraine to explain exactly how America's national security would be enhanced.

☆ Cannabis giant Curaleaf just laid off over 200 employees as the industry's downturn deepens
▼ + stars: | 2022-11-30 | by ( Jeremy Berke | ) www.businessinsider.com time to read: +3 min

Curaleaf laid off staff in November, Insider has learned. In a statement to Insider, Curaleaf said the cuts were "a part of an effort to control costs and drive efficiencies in the face of economic uncertainties ahead." Darin, who took over the top job in May, said Curaleaf was in discussions with unionized employees at affected Curaleaf locations. From public giants to small startups, cannabis companies are falling on hard times. Like other industries, cannabis companies have been contending with broader trends like rising inflation.

WASHINGTON — The Senate is scheduled to vote Tuesday afternoon on legislation to codify federal protections for marriages between same-sex and interracial couples. A lengthy procedural vote was held open by Schumer on Monday as Democrats sought to cut a deal with GOP senators who threatened to drag out the process unless they received votes on amendments. Then the bill would proceed to a final vote later Tuesday, requiring 60 senators to pass. Most Republicans are expected to oppose the legislation, but Monday's procedural vote suggests the bill will have enough GOP support to pass. Proponents want to pass it in the lame-duck session before Republicans take control of the House on Jan. 3.

☆ Biden Meeting Congressional Leaders to Discuss Lame-Duck Plans
▼ + stars: | 2022-11-29 | by ( Andrew Restuccia | ) www.wsj.com time to read: 1 min

Mr. Biden told Congress that he believes Democrats and Republicans can find common groundWASHINGTON—President Biden met with congressional leaders at the White House on Tuesday morning to discuss the legislative agenda for the remainder of the year. The meeting came as lawmakers return to Washington this week after this month’s midterm elections, which gave Republicans narrow control of the House and left the Senate in Democrats’ hands.

☆ Biden Meets Congressional Leaders to Discuss Lame-Duck Plans
▼ + stars: | 2022-11-29 | by ( Andrew Restuccia | ) www.wsj.com time to read: 1 min

President Biden met on Tuesday with House Minority Leader Kevin McCarthy (in blue jacket), Senate Majority Leader Chuck Schumer, Speaker of the House Nancy Pelosi and Senate Minority Leader Mitch McConnell. WASHINGTON—Congressional leaders signaled that talks on reaching a long-term agreement to fund the government remained difficult ahead of a mid-December deadline, following a meeting with President Biden at the White House. Top Democrats said they are seeking a full-year deal, dubbed an omnibus, that would allow lawmakers to boost spending and allocate money to new priorities. But they acknowledged they might have to settle for a continuing resolution that would extend funding at current levels, without giving Congress the flexibility to deploy money to areas of new importance.

☆ The Parable of the Child Tax Credit
▼ + stars: | 2022-11-29 | by ( The Editorial Board | ) www.wsj.com time to read: +1 min

Members of Congress spoke out on renewing the Child Tax Credit and Earned Income Tax Credit during the press conference at the U.S. Capitol on Feb. 8. The left and some Republicans will argue that only childless ghouls could oppose cash for kids, but the tax credit is a parable about good intentions, unintended consequences, and the insatiable entitlement state. A core Democratic priority in Congress is resurrecting a $3,000 child tax credit for dependents ages six and up, with a $600 bonus for younger children. Congress passed such a larger credit for 2021, dressed up as pandemic relief, with half of the benefit payed in monthly checks. By some miracle the payments expired, but Democrats are eager to bring it back, if not this month then in the new Congress.

☆ Raymond James' Ed Mills expects Congress to have a busy lame-duck session
▼ + stars: | 2022-11-28 | 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 EmailRaymond James' Ed Mills expects Congress to have a busy lame-duck sessionEd Mills, managing director and Washington policy analyst at Raymond James, joins 'The Exchange' to discuss potential congressional actions in the lame-duck session, plans for the appropriations committee and the potential for meaningful crypto regulation.

☆ How Congress may make it easier to set money aside for emergency expenses
▼ + stars: | 2022-11-25 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

That lack of emergency savings may force them to borrow money at high interest rates to pay for the surprise expense, putting their financial security at risk. Now Congress has a window to address that issue by paving the way for new emergency savings plans in the lame duck session. Three emergency savings proposals may be included in a legislative package known as Secure 2.0, which is set to amplify changes to the retirement system brought by the Secure Act in 2019. The letter called for the inclusion of three bills that would amplify emergency savings in the pending retirement package. "We firmly believe emergency savings policy aligns with the goals of the U.S. retirement system and will help boost financial resiliency for American households," they wrote.

☆ Biden says he'll renew push for assault weapons ban following spate of mass shootings
▼ + stars: | 2022-11-24 | by ( Peter Nicholas | ) www.cnbc.com time to read: +2 min

WASHINGTON — President Joe Biden said Thursday he would make a renewed effort to enact a ban on assault-style rifles following a wave of mass shootings that have again put a spotlight on the nation's gun control laws. "The idea that we still allow semi-automatic weapons to be purchased is sick," he said while greeting firefighters in Nantucket, where he and his family are spending the Thanksgiving holiday. The Democratic-controlled House passed a ban in July, in a vote largely along party lines. Patrons prevented more deaths by confronting and disarming the suspect, identified by officials as Anderson Lee Aldrich, 22. The weapon used was in the style of a Colt AR-15, according to Colorado Springs Police Chief Adrian Vasquez.

☆ White House 'open' to debt ceiling deal before year's end
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, Nov 22 (Reuters) - The White House said on Tuesday that it is open to seeing a debt ceiling increase approved before year-end in Congress's post-election "lame duck" session. "That is something we are open to," said White House spokesperson Karine Jean-Pierre. Reporting by Steve Holland and Trevor HunnicuttOur Standards: The Thomson Reuters Trust Principles.

☆ ‘The stakes are high.’ Why there’s a push for Congress to renew the expanded child tax credit this year
▼ + stars: | 2022-11-22 | by ( Lorie Konish | ) www.cnbc.com time to read: +5 min

Larry French | Getty Images Entertainment | Getty ImagesMillions of families received monthly checks of up to $300 per child in 2021, thanks to the expanded child tax credit. "Policy makers can expand the child tax credit, or they can fail to act and see the Rescue Plan's historic gains against child poverty evaporate." Now, the child tax credit has reverted to previous rules, for a total of $2,000 per child up under age 17. The current child tax credit phases in with earnings above $2,500. Sarah Silbiger | Bloomberg | Getty ImagesAs Congress seeks a way to include corporate tax breaks in upcoming legislation, some lawmakers say they will not support those efforts without a renewal of an expanded child tax credit.

☆ For retirement-system changes proposed in Congress via 'Secure 2.0,' December is do-or-die time
▼ + stars: | 2022-11-21 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +4 min

While no specific agenda has been released yet, supporters of the retirement-change proposals collectively called "Secure 2.0" are hopeful that it will be among the pieces of legislation that make it across the finish line. Increasing the extra amounts — so-called catch-up contributions — that individuals age 50 or older can put in their retirement accounts. watch nowThis year, the House passed its version of Secure 2.0, the Securing a Strong Retirement Act (H.R.2954), in late March with a bipartisan vote of 414-5. Secure 2.0 could be attached to a must-pass billAssuming that Secure 2.0 wouldn't get floor time for a vote on its own, supporters are hoping legislators will attach it to a must-pass bill this year. In September, Congress passed a stopgap measure to fund the government's 2023 fiscal year, which started Oct. 1, through Dec. 16.

☆ Even as the midterm election results were 'positive for seniors,' some worry about Social Security amid debt ceiling negotiations
▼ + stars: | 2022-11-19 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

The midterm elections made two key federal programs seniors rely on — Social Security and Medicare — a topic of national conversation. The National Committee to Preserve Social Security and Medicare saw more than 70 of the nearly 100 candidates it had endorsed win, according to its president and CEO, Max Richtman. Some key wins, according to Richtman, included Democratic Sen. Mark Kelly in Arizona over Republican candidate Blake Masters, as well as Democratic Sen. Maggie Hassan in New Hampshire against Republican Donald Bolduc. Both Masters and Bolduc had mentioned privatizing Medicare or Social Security during their campaigns, according to Richtman. Yet even as champions for preserving Social Security have been reelected or newly elected, other leaders have called for rethinking how those programs are approached.

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