Biden, who needs a win, enters a sprint for his economic program

WASHINGTON – President Biden, his aides and allies in Congress face a sprint in September to secure a legislative victory that could def...

WASHINGTON – President Biden, his aides and allies in Congress face a sprint in September to secure a legislative victory that could define his first presidency.

Democrats chase House party leaders made a deal this week to advance the two-track approach that Biden hopes will result in a $ 4 trillion overhaul of the federal government’s role in the economy. This agreement sets up a potentially perilous vote on part of the agenda by September 27: a bipartite agreement on roads, broadband, water pipes and other physical infrastructure. It also prompted the House and Senate leaders to step up their efforts to complete a bigger bill, Democrats only to fight climate change, expand access to education and invest heavily in workers and families, all within this same window.

If the party factions can bridge their differences over time, they could achieve a signature legislative achievement for Mr. Biden, on par with the New Deal or the Big Society, and fund dozens of programs for Democratic candidates and the president to campaign in the months to come.

If they fail, Mr Biden could see both halves of his economic agenda wiped out, at a time when his popularity crumbles and few or none of his other priorities stand a chance of getting past Congress.

Mr. Biden finds himself at a perilous time seven months into his tenure. His withdrawal of US troops from Afghanistan turned into chaos race to evacuate tens of thousands locals by the end of the month. After hosting a July 4th party at the White House for “declare independence” of the Covid-19 pandemic, he saw the Delta variant run wild among unvaccinated populations and send hospitalizations and death rates from the virus skyrocket in states like Florida.

President approval ratings have gone down in recent months, even on an issue that has been one of the first strengths of his tenure: the economy, where some recent polls show more voters disapproving of Mr Biden’s performance than approving him.

The country is experiencing what will likely be its strongest year of economic growth in a quarter of a century. Corn consumer confidence has collapsed in the face of rapidly rising prices for food, gasoline and used cars, as well as shortages of home appliances, medical devices and other products resulting from disruptions in the global supply chain caused by a pandemic.

Workers did not flock to open jobs as quickly as many economists had hoped, creating long waits in restaurants and elsewhere. Private forecasters lowered their growth expectations in the second half of the year, citing supply constraints and the threat of the Delta variant.

White House economists still expect solid job gains for the remainder of the year and an overall growth rate that far exceeds what all forecasters expected in early 2021, before Mr. Biden is only steering a $ 1.9 trillion stimulus package through Congress. But the White House economics team lowered internal forecasts for growth this year, citing supply constraints and a possible consumer response to the further spread of the virus, a senior administration official said this week.

Aware of the cut and what White House economists believe will be a major drag on economic growth next year as stimulus spending dries up, administration officials staged a multi-week blitz to pressure moderate and progressive Democrats in Congress to pass spending bills that officials say could help reinvigorate the recovery – and perhaps change the narrative of the difficult end of summer by Mr. Biden.

The importance of the package to Mr Biden was clear on Tuesday, when the president anticipated a speech on the evacuation efforts from Afghanistan to welcome the House’s passage of a measure that paves the way for a series of votes on its broader program.

“We are getting closer to a real investment in the American people, to positioning our economy for long-term growth and to building an America that surpasses the rest of the world,” Mr. Biden said.

There are still many steps to be taken before Mr Biden can sign both bills – but his party has only given itself a few weeks to complete them. The infrastructure bill is drafted. But the House and Senate must agree on spending programs, revenue increases, and the overall cost of the larger bill, balancing the desires of progressives who see a generational chance to expand government to fight inequalities and curb climate change and moderates who pushed for a smaller package and resisted some of the tax proposals to pay for it.

It’s a timeline reminiscent of what Republicans set for themselves in the fall of 2017, when they rushed a nearly $ 2 trillion package of tax cuts to President Donald J. Trump’s office without a single Democratic vote.

Democratic leaders say they spent months laying the groundwork for the party to move forward quickly. The leaders of the committee were asked to complete their work by September 15.

Senate Finance Committee Chairman Ron Wyden of Oregon released discussion drafts to fund the $ 3.5 trillion budget reconciliation spending – the biggest Democrats-only bill – in increasing taxes on high incomes and businesses. On Wednesday, he provided detailed details of a plan to increase taxes on profits multinational companies earn and reserve abroad.

“I am encouraged by where we are,” Mr Wyden said in an interview.

Mr Wyden consulted with administration officials, other prominent Senate Democrats such as Sherrod Brown of Ohio and Mark Warner of Virginia and his House counterpart, Representative Richard E. Neal of Massachusetts, who heads the Ways and Means Committee. Other key Democrats say they are also concerned with resolving differences not only between moderates and liberals, but also between the House and the Senate.

“We are writing a bill with the Senate, because there is no point in making a bill that will not be passed by the Senate, in the interest of getting things done,” President Nancy Pelosi said of California at its weekly press conference. “We don’t want to go as slow as the slowest ship, but we don’t want to underutilize any resources either.”

As part of a deal to get the votes needed to approve the $ 3.5 trillion budget proposal on Tuesday, Pelosi promised centrist and conservative Democrats that she would only pass a reconciliation plan that would have the support of the 50 Senate Democrats and authorized the strict Senate rules that govern the expedited process.

“I’m not here to pass email bills – I’m here to pass bills that will become law and help the American people,” said Rep. Stephanie Murphy of Florida, one of the Democrats. which initially announced that it would not support the progression of the budget. “The reality is that we are governing in a two-chamber Congress where we also have to work with the Senate, so I think this is the most efficient and effective way to get results.”

Source Link



Africa,875,Americas,4235,Art & Culture,15459,Arts,6654,Arts & Design,1788,Asia,3451,Automobile,494,Baseball,716,Basketball,574,Books,4063,Business,5528,Celebrity,2633,Cricket,648,Crime,158,Cryptocurrency,1822,Dance,614,Defense,836,Diplomatic Relations,2496,Economy,1250,Editorial,260,Education,1368,Elections,308,Energy & Environment,3105,Entertainment,23173,Environment,3781,Europe,4388,Faith & Religion,235,Family & Life,817,Fashion & Style,3459,Finance,20790,Food & Drink,3934,Football,1154,Games,97,Gossip,10289,Health & Fitness,4283,Health Care,948,Hockey,237,Home & Garden,920,Humour,994,Latin America,49,Lifestyle,17788,Media,527,Middle East,1622,Movies,1883,Music,2810,Opinion,3520,Other,12504,Other Sports,5251,Political News,11324,Political Protests,2324,Politics,18211,Real Estate,2061,Relationship,106,Retail,3116,Science,2797,Science & Tech,10569,Soccer,300,Space & Cosmos,379,Sports,12774,Technology,3612,Tennis,649,Theater,1810,Transportation,313,Travel,2698,TV,3839,US,1013,US Sports,1481,Video News,3531,War & Conflict,1069,Weird News,998,World,17296,
Newsrust - US Top News: Biden, who needs a win, enters a sprint for his economic program
Biden, who needs a win, enters a sprint for his economic program
Newsrust - US Top News
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy Table of Content