The Senate cleared the massive package by a 92-6 vote after the House approved the COVID-19 package by another lopsided vote, 359-53. The six Republican senators voting against the bill were Marsha Blackburn of Tennessee, Rand Paul of Kentucky, Rick Scott of Florida, Ron Johnson of Wisconsin, Mike Lee of Utah and Ted Cruz of Texas.
Washington Wire
—China hit back with reciprocal actions Tuesday against unnamed American officials in the latest back-and-forth, following a U.S. announcement of new visa restrictions on Chinese officials. The visa action came in response to a State Department announcement Monday that said the U.S. will deny visas to Chinese Communist Party officials whose policies or…
Relief Package Includes $600 Payments; $284B In Business Loans
A new federal relief package is said to feature direct “stimulus” payments of $600 to qualified adults and $600 per child. It would fund another $20 billion for small business grants and $15 billion to live event venues, according to early reports. The $600 direct payments are to be paid to individuals making up to $75,000 per year and couples making $150,000.
—China’ s government on Monday called on Washington not to enforce a measure that might expel Chinese companies from U.S. stock exchanges if they fail American government audits. The law, signed Friday by President Donald Trump, is a response to complaints Chinese companies were failing to comply with stricter U.S. government oversight imposed following the…
Deal On Fed Removes Obstacle To Agreement On COVID Relief
Sen. Pat Toomey, R-Pa., had been pressing a provision to close down Fed lending facilities that Democrats and the White House said was too broadly worded and would have tied the hands of the incoming Biden administration. The bill, lawmakers and aides say, would establish a temporary $300 per week supplemental jobless benefits and $600 direct stimulus payments.
China's top diplomat on Friday denounced U.S. decisions to blacklist Chinese entities and officials, describing the moves as an “emotional lashing out” against Chinese policies in its territories. Chinese Foreign Minister Wang Yi said during a live webcast hosted by the Asia Society that senior U.S. officials were engaging in a form of “McCarthyism,” while…
Snags On COVID-19 Relief May Force Weekend Sessions
The central elements of a hard-fought compromise appeared in place: more than $300 billion in aid to businesses; a $300-per-week bonus federal jobless benefit and renewal of soon-to-expire state benefits; $600 direct payments to individuals; vaccine distribution funds and money for renters, schools, the Postal Service and people needing food aid.
Congress Nears Stimulus Deal; Is It A Preview Of A New Normal?
Several sources familiar with the negotiations confirm that the talks are converging on an agreement that would remove two contentious items from the final package: a liability shield for businesses against lawsuits, which Republicans want, and badly needed financial aid to state and local governments, which Democrats want.
The Federal Reserve said Wednesday that it will keep buying government bonds until the economy makes “substantial” progress— a step intended to reassure financial markets and keep long-term borrowing rates low indefinitely. The Fed also reiterated after its latest policy meeting that expects keep its short-term benchmark interest rate near zero.
What Should Be Included In The Next COVID-19 Relief Bill
Both parties in Washington seem intent on passing another COVID relief bill this month, but it matters what’s in it and especially how it’s paid for. Republicans above all need to repurpose the unused funds from the Treasury backstop for the Federal Reserve’s 13(3) pandemic lending facilities.
Democrats Squeezed As COVID-19 Relief Talks Continue
Top Washington negotiators continued to reach for a long-delayed agreement on COVID-19 relief, but rank-and-file Democrats appeared increasingly resigned to having to drop, for now, a scaled-back demand for fiscal relief for states and local governments whose budgets have been thrown out of balance by the pandemic.
—Hundreds more U.S. hospitals will begin vaccinating their workers Tuesday as federal health officials review a second COVID-19 shot needed to boost the nation’ s largest vaccination campaign. If FDA advisers give it a positive recommendation on Thursday, the agency could greenlight the vaccine from drugmaker Moderna later this week. Johnnie Peoples, a 43-…
‘Do It Right Now’: Trump Wants Stimulus Checks In COVID-19 Deal
Lawmakers working on a bipartisan $908 billion relief package plan to release their bill Monday, but it’s not expected to include stimulus checks because of opposition from some Senate Republicans. A $916 billion proposal from the Trump administration included a round of $600 direct payments.
Budget Toll From Virus Hits Both Democratic, GOP-Led States
No “blue state bailout” is a rallying cry for many congressional Republicans as attempts to provide more federal aid to a nation stricken by an ever-worsening coronavirus pandemic remain stuck in neutral. Yet it’s not just Democratic states asking for help amid plunging tax revenue, rising joblessness and a stuttering economy.
Trump made the announcement hours after his administration confirmed that senior U.S. officials, including some White House aides who work in close proximity to Trump and Vice President Mike Pence, would be offered coronavirus vaccines as soon as this week under federal continuity of government plans. “People working in the White House should receive the…
Among them: China’ s crackdown on Hong Kong’ s democracy; an apocalyptic explosion in Beirut; the shocking helicopter-crash death of basketball icon Kobe Bryant and his daughter. As most of the world battled COVID, armed conflicts broke out between Armenia and Azerbaijan and in Ethiopia's Tigray region. Due to past instances of sexual assault and sexual abuse,…
Increasingly deep into the process of selecting Cabinet members and other senior staff, the incoming Biden administration has a distinctly Obama feel. Susan Rice, Obama's former national security adviser, was named the director of Biden's White House Domestic Policy Council. That's on top of Biden already tapping Obama’ s agriculture secretary, Tom Vilsack,…
The country’s needs are such that omission of direct payments should not be allowed to stand in the way of passing a substantial package that contains aid for state and local governments and small business and extended unemployment benefits, plus nutrition assistance and money for health, all of which are included in a bipartisan proposal.
WASHINGTON- The U.S. government and 48 states and districts sued Facebook Wednesday, accusing it of abusing its market power in social networking to crush smaller competitors and seeking remedies that could include a forced spinoff of the social network's Instagram and WhatsApp messaging services. The FTC said Facebook has engaged in a “a systematic…
Biden Wants 100M Coronavirus Vaccine Shots In First 100 Days
“100 million shots in the first 100 days,” Biden said in Wilmington, Delaware. Biden said he plans to sign an executive order on his first day in office to mandate mask-wearing where he has the authority to do so, like on federal grounds and in interstate travel.
Trump also wants Congress to strip out a provision of the bill that allows renaming of military bases that now honor Confederate leaders. A total of 140 Republicans joined 195 Democrats to back the bill, which now goes to the Senate. If Trump vetoes the bill, “we will come back to vote to override,” said Rep. Adam Smith, D- Wash., the chairman of the House Armed Services…
The White House's $916 billion proposal was sweeter than the bipartisan compromise package and Senate Republicans' offer, signaling a better shot at a deal before Congress takes its winter vacation. The proposal, which Treasury Secretary Stephen T. Mnuchin presented to House Speaker Nancy Pelosi, was the first offer from the White House since before the Nov. 3…
Nearly 12 million renters will owe an average of $5,850 in back rent and utilities by January, Moody's Analytics warns. Last month, 9 million renters said they were behind on rent, according to a Census Bureau survey. A separate analysis by the Federal Reserve Bank of Philadelphia, looking at people who had jobs before the pandemic, found 1.3 million such…
—In a meeting with leaders of some of the nation’ s top civil rights organizations, President-elect Joe Biden reaffirmed Tuesday that his administration will prioritize racial justice and assemble a diverse Cabinet that can tackle pressing equity issues. The meeting, which was closed to the news media, follows increasing pressure Biden has received to ensure…
A decision hasn't been finalized and the dynamics could shift in the coming days as Biden builds out his Cabinet with an eye to ensuring diverse leadership in the top ranks of his administration. But Jones, who lost reelection last month, and Garland, whose Supreme Court nomination was snubbed by Republicans, appear increasingly well positioned ahead of other…
Lloyd Austin III, a former U.S. commander in Iraq, to be the next secretary of defense. Austin, 67, was the first and only Black man to lead U.S. Central Command, which oversees military actions in the region that includes Iraq, Afghanistan, Yemen and Syria. While in that post, he directed U.S.- led military intervention to counter the rise of Islamic State in Iraq and Syria…
That decision could delay the delivery of a second batch of doses until manufacturer Pfizer fulfills other international contracts. Pfizer's vaccine is expected to be endorsed by a panel of Food and Drug Administration advisers as soon as this week, with delivery of 100 million doses— enough for 50 million Americans— expected in coming months.
Last month 9 million renters said they were behind on rent, according to a Census Bureau survey. About 29% of Black families and 17% of Hispanic renters were behind, the Census Bureau reported. A separate analysis by the Federal Reserve Bank of Philadelphia, looking at people who had jobs before the pandemic, found 1.3 million such households are now an average of…
During the presidential race, Republicans had argued that, if elected, Joe Biden would serve as a figurehead for the Democratic Party's progressive activists. Inauguration Day isn't until January 20, but the president-elect's initial Cabinet and transition-team choices suggest a return to the Washington, D.C.- style establishmentarianism that reined…
As his administration draws to a close, some of those backers are approaching President-elect Joe Biden with skepticism, but not antagonism. Texas- based megachurch pastor Robert Jeffress, a stalwart evangelical booster of Trump, said Christians are obliged“ to pray for what appears to be President-elect Biden. The possibility that Biden could“ be pulled away…
The Federal Reserve Bank of St. Louis issued the following Regional Economist article on Dec. 4 by economist David Andolfatto:. In the second quarter of 2008, U.S. federal debt held by the public totaled about $5.3 trillion, or 35% of gross domestic product. Since the Congressional Budget Office projects that federal budget deficits of 4%-5% of GDP will persist in…
Senate Approves Christopher Waller For Fed Board Seat
The vote in favor of Waller’s appointment was 48-47. Waller, research director for the St. Louis Federal Reserve Bank, taught economics for nearly 25 years before joining the St. Louis Fed in 2009. He has endured far less scrutiny than Judy Shelton, the controversial nominee he was paired with and who was voted down in the Senate last month.
Fed Reports Slowing US Economic Activity Due To Virus Surge
The Fed report released Wednesday said that overall, the Fed’s 12 regional banks characterized the economic expansion as “modest or moderate.” But it noted that three Midwest regions and the Philadelphia region reported activity had begun to cool in early November as COVID-19 cases surged.
—China on Thursday accused critics in the U.S. government of“ an escalation of political suppression” against Beijing following a report of new visa restrictions on members of China’ s ruling Communist Party and their immediate family members. Foreign ministry spokesperson Hua Chunying said China would“ make representations” to the U.S. following the report…
Both Parties Lining Up Behind $908B COVID-19 Relief Package
Joe Manchin, D- W.Va., led off a bipartisan group of 16 U.S. senators and representatives announcing a $908 billion COVID-19 emergency relief framework package they hope to bring to both floors for a vote. If passed into law, this package would serve retroactively from Tuesday– Dec. 1– through March 31.
Coronavirus Relief Edges Forward, Biden Calls For ‘Immediate’ Action
House Speaker Nancy Pelosi resumed discussions with Treasury Secretary Steven Mnuchin, who he said would review a proposal she and Senate Minority Leader Chuck Schumer presented to their GOP counterparts on Monday. Senate Majority Leader Mitch McConnell began circulating his own proposal that tweaked his initial $500 billion relief bill.
—President Donald Trump teased running again for president in 2024 as he hosted a holiday reception at the White House on Tuesday evening. It showed dozens of people crammed into the Cross Hall of the White House state floor, standing closely together. In the video, Trump is heard continuing to air baseless allegations of election fraud to explain his defeat by…
Biden Unveils Economic Team At Critical Moment For Recovery
Janet Yellen, announced Monday as Biden’ s nominee for treasury secretary, served as chair of the Federal Reserve from 2014 to 2018, when she placed a greater emphasis than previous Fed chairs on maximizing employment and less focus on price inflation. Biden also named Cecilia Rouse as chair of his Council of Economic Advisers.
McConnell: Senate Will Vote To Add Christopher Waller To Fed Board
Senate Majority Leader Mitch McConnell signaled Monday that he plans to hold a Senate vote this week on the long-delayed nomination of Christopher Waller to the Federal Reserve Board. Waller was first named by Trump on Twitter in July 2019, but the nomination wasn’t formally announced until January.
WASHINGTON- President Donald Trump faces what could be his last Supreme Court test in office on Nov. 30, when his lawyers defend his plan to exclude millions of undocumented immigrants from the congressional apportionment process. Three panels of federal judges have disagreed, sending the issue to the Supreme Court. The administration has argued that while…
It's hard to overstate the enthusiasm among economists over Joe Biden's selection of Janet Yellen as the next secretary of the Treasury. She won't just be the first woman to hold the job; she'll be the first person to have held all three of the traditional top U.S. policy positions in economics- chair of the Council of Economic Advisers, chair of the Federal Reserve…
President-elect Joe Biden has said fixing the economy will be one of his administration’s top priorities when he takes office…
—Congress is bracing for President-elect Joe Biden to move beyond the Trump administration’ s state-by-state approach to the COVID-19 crisis and build out a national strategy to fight the pandemic and distribute the eventual vaccine. Republicans have resisted big spending but agree additional funding is needed. As Congress weighs a new round of COVID-19…
Awaiting Janet Yellen At Treasury: Yet Another Daunting Crisis
Yellen, President-elect Joe Biden’s apparent choice for treasury secretary, served on the Federal Reserve’s policymaking committee during the 2008-2009 financial crisis. And now, according to a person familiar with Biden’s transition plans, she has been chosen to lead Treasury with the economy in the grip of a pandemic.
—President-elect Joe Biden is set to formally introduce his national security team to the nation, building out a team of Obama administration alumni that signals his shift away from the Trump administration’ s“ America First” policies and a return to U.S. engagement on the global stage. Biden's emerging Cabinet marks a return to a more traditional approach to…
—The federal government recognized President-elect Joe Biden as the“ apparent winner” of the Nov. 3 election, formally starting the transition of power after President Donald Trump spent weeks testing the boundaries of American democracy. She acted after Michigan on Monday certified Biden’ s victory in the battleground state, and a federal judge in…
Biden Taps Janet Yellen For Treasury Secretary: Report
President-elect Joe Biden has chosen former Federal Reserve Chair Janet Yellen to serve as treasury secretary, a pivotal role in which she would help shape and direct his economic policies.
Report: Biden Drops Clues On Treasury, Fed Appointees
President-elect Joe Biden’s first Cabinet picks are coming Tuesday and several names and clues are being leaked. But one popular candidate to lead the Treasury Department might be staying at the Federal Reserve, according to a tweet Monday afternoon.
Biden’s 1st Cabinet Picks Expected Tuesday Amid Road Blocks
—President-elect Joe Biden’s first Cabinet picks are coming Tuesday and planning is underway for a pandemic-modified inauguration in January as his team moves forward despite road blocks from the Trump administration. He is being watched to see whether he will make history by nominating the first woman to lead the Pentagon, or the Treasury Department.
The six picks, including former Secretary of State John Kerry, mark a reinstatement of a more traditional approach to America’ s relations with the rest of the world and reflect Biden’ s campaign promises to have his Cabinet reflect the diversity of America. In choosing foreign policy veterans, Biden appears to be seeking to upend President Donald Trump’ s war on…
But as time wore on, the plans always fell victim to political gridlock and President Donald Trump's propensity for Twitter controversies, and soon “Infrastructure Week” became a Washington punchline for the White House's lack of message discipline. Now, with Joe Biden poised to take office in January, infrastructure's bipartisan appeal makes federal…
WILMINGTON, Del.- Bernie Sanders and Elizabeth Warren, leaders of the Democratic Party's left wing, are at risk of being excluded from the senior ranks of President-elect Joe Biden's administration as the incoming president balances the demands of his party's progressive base against the political realities of a narrowly divided Senate.
Also, like it or not, Dec. 31 looms as the witching hour when a number of benefits provided in the CARES Act, the coronavirus relief measure passed in March, expire. Which is why Congress needs to pass an additional relief package now, in the lame-duck session that began Monday, and not wait for the arrival of the Biden administration and a new Congress.
Kevin McCarthy easily won reelection as House Republican leader, a stunning turnaround as the entire GOP leadership team was rewarded by their colleagues for reducing the Democrats’ House advantage in the November election. Republicans saw little reason to shake up their leadership after not a single GOP lawmaker in the House lost reelection.
None of the experts is currently affiliated with the U.S. government, raising questions about whether Biden is being provided the most up-to-date information about dangers facing the nation. Vice President-elect Kamala Harris received a more formal briefing on Tuesday as a member of the Senate Intelligence Committee, though still has relatively limited…
Pelosi, D- Calif., faced no announced rivals for the post Wednesday as the chamber's Democrats planned their first-ever virtual leadership elections in response to the pandemic. “Let us all be advocates for unity in the Democratic party, where our values are opportunity and community,” Pelosi wrote to Democrats this week. The first female speaker, Pelosi has won…
A version of this editorial first appeared in USA Today. Which is why Congress needs to pass an additional relief package now and not wait for the arrival of the Biden administration and a new Congress. Just last month, Federal Reserve Chairman Jerome Powell- an appointee of President Donald Trump- urged more stimulus, even at the expense of greater deficits.
BRUSSELS- NATO could pay a heavy price for leaving Afghanistan too early, its chief warned Tuesday, after a U.S. official said President Donald Trump is expected to withdraw a significant number of American troops from the conflict-ravaged country in the coming weeks. It is unlikely that NATO could even wind down its operation without U.S. help.
Judy Shelton Nomination To Federal Reserve Seat Fails Senate Vote
Sen. Kamala Harris, D-Calif., needed a police escort to make it to the Senate floor in time to cast the key vote against the Judy Shelton nomination to the Fed board. Senate Majority Leader Mitch McConnell, R-Kent., voted No, which allows him to return the nomination to the floor.
