The House on Tuesday voted to lift the debt ceiling by $480 billion, temporarily averting widespread economic calamity after weeks of partisan gridlock and sending the bill to President Joe Biden’s desk.
The House briefly interrupted its weeklong recess to pass a rule governing debate for three separate bills to which the ceiling raise was attached. It passed on a party-line vote given Republicans continuing opposition to lifting the ceiling.
Democrats are pushing to permanently expand monthly child tax credits in their spending package, but a new poll shows that just 35% of Americans support extending the payments beyond July 2022.
The expanded payments began in July as a part of President Joe Biden’s coronavirus relief package signed in March. While the Politico/Morning Consult poll released Wednesday found that 50% of Americans supported the increase in payments, 12 points higher than those who opposed them, 52% of Americans said the payments should not be extended beyond their set expiration.
More than half of the country’s governors would like a moment of the president’s time – and soon: Twenty-six Republican governors are urging Joe Biden to do more to address the deteriorating situation along the southern U.S. border.
“As chief executives of our states,” they write in a letter postmarked for Monday and first obtained by RealClearPolitics, “we request a meeting with you at The White House to bring an end to the national security crisis created by eight months of unenforced borders.”
The GOP chief executives are requesting an audience “within 15 days” given that the “the crisis that began at our southern border now extends beyond to every state and requires immediate action before the situation worsens.”
House Speaker Nancy Pelosi on Sunday floated the idea of passing the bipartisan infrastructure bill and Democrats’ $3.5 trillion budget simultaneously in an attempt to balance moderates and progressives’ mutually exclusive demands.
Pelosi asked the House Rules Committee to look into the possibility after nine centrist Democrats vowed to block the budget if it came up for consideration before the infrastructure bill passed.
The Senate on Tuesday passed its bipartisan infrastructure bill, moving what would be the largest public works package in decades one step closer to becoming law months after negotiations first began.
The bill, which advocates praised as the largest investment in America’s infrastructure since the construction of the interstate highway system in the 1950s, passed 69-30. Nineteen Republicans joined every Democrat in voting for the package.
Over the course of the pandemic, federal overspending has exploded even by Congress’s lofty standards. While trillion-dollar deficits were a cause for concern before 2020, spending over just the last two years is set to increase the national debt by over $6 trillion. It’s bizarre, then, that the only thing that members of opposing parties in Congress can seem to work together on is fooling the budgetary scorekeepers with phantom offsets for even more spending.
In total, the bipartisan infrastructure deal includes around $550 billion in new federal spending on infrastructure to take place over five years. Advocates of the legislation claim that it is paid for, but they are relying on gimmicks and quirks of the budget scoring process to make that claim.
Take the single biggest offset claimed — repurposing unused COVID relief funds, which the bill’s authors say would “raise” $210 billion (particularly considering that at least $160 billion have already been accounted for in the Congressional Budget Office (CBO) baseline). Only in the minds of Washington legislators does this represent funds ready to be used when the national debt stands at over $28 trillion.
The U.S. economy reported an increase of 943,000 jobs in July and the unemployment rate fell to 5.4%, according to Department of Labor data released Friday.
Total non-farm payroll employment increased by 850,000 in July, according to the Bureau of Labor Statistics report, and the number of unemployed persons decreased to 8.7 million. Economists projected 845,000 Americans would be added to payrolls prior to Friday’s report, The Wall Street Journal reported.
“The jobs recovery is continuing, but it’s different in character to any we’ve seen before,” payroll software firm ADP economist Nela Richardson told the WSJ. “I had been looking at September as a point when we could gain momentum—with schools back in session and vaccines widely available. But with the delta variant, we need to rethink that.”
Senate Majority Leader Chuck Schumer set up a critical vote on the bipartisan infrastructure bill Saturday after talks to expedite the process fell apart late Thursday.
Both Republicans and Democrats engaged in marathon talks Thursday in a bid to vote on a package of amendments and to advance the sweeping public works package. Doing so, however, required approval from all 100 senators, and Tennessee Republican Sen. Bill Haggerty refused to go along even as his Republican colleagues urged him to do so.
In a statement, Hagerty attributed his objection to the Congressional Budget Office’s estimation that the bill would add $256 billion to the national debt over 10 years.
More evidence to confirm what many Republican lawmakers and free-market advocates such as Americans for Limited Government were saying from the start of the Covid pandemic, lockdowns would be one of the most tragic mistakes in American history.
The Rand Corporation and economists from the University of Southern California have released a new study examining the effectiveness of pandemic lockdowns, using data from 43 countries and all 50 US states.
“We fail to find that shelter-in-place policies saved lives,” the authors report. In the weeks following the implementation of these policies, excess mortality actually increases—even though it had typically been declining before the orders took effect.
And across all countries, the study finds that a one-week increase in the length of stay-at-home policies corresponds with 2.7 more excess deaths per 100,000 people.
Transportation Secretary Pete Buttigieg said Monday that a mileage tax won’t be included in President Joe Biden’s infrastructure proposal.
Buttigieg told CNN anchor Jake Tapper the tax is “not part of the conversation about this infrastructure bill,” despite floating the idea of taxing people based on how far they drive last week.