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Key House Democrat opens the door to circumventing Republicans on multitrillion-dollar infrastructure package

President Joe Biden. Pete Marovich/Pool/Getty Images Biden met with a bipartisan group of House members on Thursday to discuss infrastructure spending. House Transportation Chair Peter DeFazio floated the idea of using reconciliation for the bill on CNBC. Ranking member Sam Graves immediately pushed back on Democrats passing a bill without Republican support.  Visit the Business section of Insider for more stories. After his $1.9 trillion stimulus package passes, President Joe Biden is set...
Tags: Transportation, Congress, White House, US, Trends, Joe Biden, House, Republican, Biden, Graves, Cnbc, Oval Office, American Society of Civil Engineers, Peter DeFazio, DeFazio, Jen Psaki


Treasury Department invests $9 billion in low-income and minority communities

Treasury Secretary Janet Yellen. Andrew Harnik/AP Photo The Treasury Department invested $9 billion in a program to invest in low-income and minority communities. The program would direct funds toward institutions that lend to low-income communities. This new funding is part of Biden's efforts to ensure equitable distribution of COVID-19 financial relief. Visit the Business section of Insider for more stories. To help the people who have struggled the most during COVID-19, the US Treasury ...
Tags: Congress, America, Trends, Joe Biden, Program, Treasury, Janet Yellen, Biden, Treasury Department, MDI, US Treasury Department, MDIs, Community Development Financial Institutions CDFI, Ayelet Sheffey, American Rescue Plan, Janet Yellen Andrew Harnik


Unemployment benefits will expire in 10 days if Congress doesn't pass a stimulus bill. Here's what else could expire this month.

Senate Minority Leader Mitch McConnell and Senate Majority Leader Chuck Schumer. Photo by Caroline Brehman and Manuel Balce Ceneta via AP Photo Unemployment benefits will expire on March 14 if Congress doesn't pass the stimulus bill before then. Democrats are working quickly to pass it, but Republicans — saying they're worried about its size —want to slow it down. Unemployment benefits, paid sick and family leave, small business aid, and rental aid are set to expire. Visit the Business sec...
Tags: Twitter, Congress, Senate, Trends, Joe Biden, House, Wisconsin, Mitch McConnell, Biden, PPP, Ron Johnson, Foundation, Sen Ron Johnson, Housing and Urban Development, Chuck Schumer, Center on Budget and Policy Priorities


Republicans are balking at how much state aid is in Biden's stimulus, but Democrats maintain it's necessary for a full recovery

Sen. Mitt Romney (R-UT) is one of the moderates who claimed state aid in the stimulus is excessive. Caroline Brehman/CQ-Roll Call, Inc via Getty Images Biden's stimulus includes $350 billion in state and local aid, but tax revenues are only slightly down. Democrats argue that more state aid is needed to ensure long-term economic recovery. Critics say aid should be further targeted. States surprisingly haven't lost much tax revenue — yet. Visit the Business section of Insider for more stori...
Tags: Utah, Congress, Senate, White House, Trends, Joe Biden, Gop, Idaho, Maine, Jp Morgan, The New York Times, Nevada, Getty, Republican, Biden, Urban Institute


Here's why Democrats want to bring back earmarks and Republicans want to ban them forever

Sen. Marco Rubio (R-FL). Joe Raedle/Getty Images/Bloomberg via Getty Images Democrats want to bring back earmarks, but face strong opposition from Republicans. Republicans, who banned earmarks a decade ago, want to permanently do away with them, citing past abuses. Democrats argue that members of Congress use them to receive funding for community projects. Visit the Business section of Insider for more stories. Earmarks used to be a major - and controversial - tool for getting difficult le...
Tags: Florida, Congress, California, Montana, Senate, West Virginia, Barack Obama, Trends, Alaska, House, Arizona, Republican Party, Rubio, Shelby, Manchin, Steve Daines


3 million vaccine doses per day could boost employment by more than 2 million, report finds

Diana Carolina, a pharmacist at Memorial Healthcare System, receives a Pfizer-BioNTech Covid-19 vaccine at Memorial Healthcare System, on December 14, 2020, in Miramar, Florida. Joe Raedle/Getty Images Budget experts found 3 million COVID-19 vaccines per day would boost employment by 2 million in July. The increase in shots would also boost GDP growth by a percentage point in the third quarter. Biden's stimulus targets pandemic and unemployment aid, but higher vaccinations rates would spee...
Tags: Congress, Senate, US, Trends, Joe Biden, Food And Drug Administration, University of Pennsylvania, Pfizer, Biden, Congressional Budget Office, CBPP, Center on Budget and Policy Priorities, John Ricco, Ricco, Memorial Healthcare System, Miramar Florida


Earmarks are coming back as House introduces 'community-project funding' guidelines

Tasos Katopodis/Getty Images The House Appropriations Committee introduced new guidelines for community-project funding, formerly known as earmarks. The new guidelines include increased transparency and accountability measures so members cannot abuse the system. Republicans banned earmarks in 2011, and Democrats in the House and Senate hope the reforms will gain bipartisan support. Visit the Business section of Insider for more stories. After earmarks were banned in 2011 due to corruption...
Tags: Congress, California, Senate, Trends, Alaska, House, Mitch McConnell, Fox News, Leahy, Mccarthy, Kevin McCarthy, House Appropriations Committee, Government Accountability Office, Steny Hoyer, Don Young, Patrick Leahy


Democrats unveil an ultramillionaire tax on the top 0.05% of American households

Drew Angerer/Getty Images Democrats introduced a bill to put a 2% tax on households with net worths over $50 million. The wealth tax would work to combat wealth inequality and include anti-evasion measures. Progressive lawmakers have praised the tax, but moderates and conservatives have pushed back on it. Visit the Business section of Insider for more stories. In an effort to combat wealth inequality, Democrats on Monday unveiled a bill that would impose a 2% wealth tax on American househ...
Tags: Minnesota, Congress, California, Washington, Elizabeth Warren, US, Trends, Pennsylvania, Warren, Medicare, Amy Klobuchar, University Of California Berkeley, Vermont, Irs, Progressive, Bernie Sanders


Democrats unveil an ultra-millionaire tax on the top 0.05% of American households

Drew Angerer/Getty Images Democratic lawmakers introduced a bill that would place a 2% wealth tax on households with net worths over $50 million. The wealth tax would work to combat wealth inequality and include anti-evasion measures to ensure everyone is paying their fair share. Progressive lawmakers have championed the wealth tax, but more moderate and conservative lawmakers have pushed back on it.  Visit the Business section of Insider for more stories. In an effort to combat wealth in...
Tags: Minnesota, Congress, California, Washington, Elizabeth Warren, US, Trends, Pennsylvania, Warren, Medicare, Amy Klobuchar, University Of California Berkeley, Vermont, Irs, Progressive, Bernie Sanders


Democratic senator's first bill provides 5 million essential workers with a pathway to citizenship

California Secretary of State Alex Padilla Justin Sullivan/Getty Images A bill introduced on Friday by California Sen. Alex Padilla called for a pathway to citizenship for essential undocumented workers. 5 million undocumented workers were on the frontlines during COVID-19, and the bill would grant them Permanent Legal Resident status. A pathway to citizenship would also stimulate the economy through tax contributions and higher wages for Americans. Visit the Business section of Insider fo...
Tags: Texas, Congress, California, Mexico, US, America, Trends, Joe Biden, Cnn, United States, Democratic, Center for American Progress, Padilla, Alex Padilla, Ted Lieu, Joaquin Castro


House committee introduces reformed community-project funding guidelines to avoid misusage

Tasos Katopodis/Getty Images The House Appropriations Committee introduced new guidelines for community-project funding, formerly known as earmarks. The new guidelines include increased transparency and accountability measures so members cannot abuse the system. Republicans banned earmarks in 2011, and Democrats in the House and Senate hope the reforms will gain bipartisan support. Visit the Business section of Insider for more stories. After earmarks were banned in 2011 due to corruption...
Tags: Congress, California, Senate, Trends, Alaska, House, Mitch McConnell, Fox News, Leahy, Mccarthy, Kevin McCarthy, House Appropriations Committee, Government Accountability Office, Steny Hoyer, Don Young, Patrick Leahy


HUD urges Congress to pass Biden's $1.9 trillion stimulus to help struggling homeowners

Banners against renters eviction reading "no job, no rent" is displayed on a controlled rent building in Washington, DC on August 9. ERIC BARADAT/AFP via Getty Images HUD is urging Congress to pass the American Rescue Plan to provide further aid to the housing market. The $1.9 trillion stimulus has measures for emergency rental assistance and homeless relief, among others. A HUD official says further extending eviction and foreclosure bans isn't in the bill, but is on Biden's radar. Visit ...
Tags: Texas, Congress, Senate, White House, America, Trends, Joe Biden, Washington Dc, House, Hud, Biden, Centers For Disease Control And Prevention, Center on Budget and Policy Priorities, Ayelet Sheffey, American Rescue Plan, Getty Images HUD


60% of Republican voters support Biden's $1.9 trillion stimulus plan, poll finds

President Joe Biden waves after being sworn in during his inauguration on the West Front of the US Capitol on January 20, 2021, in Washington, DC. Jonathan Ernst/Getty Images 60% of Republicans support Biden's $1.9 trillion stimulus plan, a new Morning Consult poll found. Only 17% of total voters opposed the president's stimulus package. The opinions of Republican voters conflict with those of Republican lawmakers, who say the plan is too costly.  Visit the Business section of Insider for ...
Tags: Congress, Washington, Senate, White House, Barack Obama, Trends, Joe Biden, Pennsylvania, Maine, House, Republican, Biden, Wall Street Journal, Susan Collins, Vermont, Collins


One of Texas' most prominent left-leaning economists knows exactly why its power grid failed

Power lines in Texas City, Texas. THOMAS SHEA/AFP via Getty Images Economist James K. Galbraith said policymakers failed Texas during the state's recent power outage. Texas' deregulated electrical system incentivized the cheapest production without accounting for resilient machinery. Galbraith says the only way to fix the system is to turn it into a public utility. Visit the Business section of Insider for more stories. Millions of Texans lost power last week and were stuck living in freez...
Tags: Energy, New York, Texas, Trends, Markets, Economy, Harvard, Ted Cruz, New York Times, Rick Perry, Fox News, US Congress, Wall Street Journal, Cruz, Dallas Morning News, James


The benefits of Biden's child allowance could be worth 8 times its cost, new report finds

President Joe Biden. Angela Weiss/AFP A new report found that the benefits of Joe Biden's proposed child allowance is worth eight times its cost. The benefits include money back to taxpayers that would result from increases in childrens' health and earnings. Expanding child credits to reduce child poverty has received bipartisan support. Visit the Business section of Insider for more stories. As part of his $1.9 trillion American Rescue Plan, President Joe Biden proposed a conversion of th...
Tags: Utah, US, Trends, Joe Biden, Mitt Romney, Columbia University, Biden, Romney, Center on Poverty and Social Policy, Ayelet Sheffey, Niskansen Center, Joe Biden Angela Weiss


Republicans cite lack of outreach for split on stimulus, but Biden made his plans clear weeks ago

President Joe Biden. Jabin Botsford/The Washington Post via Getty Images Republicans are citing Biden's lack of outreach as a reason for not supporting his $1.9 trillion stimulus. But Biden met with 10 GOP senators weeks ago, and he made clear he would prioritize speedy relief over bipartisanship. The plan just passed the House Budget Committee, and Democrats plan to get it on Biden's desk by mid-March. Visit the Business section of Insider for more stories. When President Joe Biden met wi...
Tags: Washington Post, Senate, White House, West Virginia, Trends, Joe Biden, Gop, Maine, South Dakota, Biden, The Washington Post, Vermont, Collins, Sen Bernie Sanders, Oval Office, Schumer


Republicans see Democrats' $15 minimum wage increase and counter with $10 instead

Mitt Romney and Tom Cotton at a news conference in 2014. Danny Johnston/AP Photo Republican Sens. Tom Cotton and Mitt Romney propose raising the minimum wage to $10 an hour by 2025. Biden has proposed a Bernie Sanders-backed $15 wage increase as part of the $1.9 trillion stimulus. The proposal comes as Biden reportedly doubts whether $15 can pass and a moderate Democrat suggested $11. Visit the Business section of Insider for more stories. To counter the Democrats' proposal of raising the ...
Tags: Utah, America, West Virginia, Trends, Cotton, Joe Biden, Arkansas, Arizona, Treasury, Mitt Romney, Janet Yellen, Biden, Vermont, Bernie Sanders, Sanders, Democratic


5 ways Biden just tweaked the PPP to help the smallest businesses survive

President Joe Biden speaks in the State Dining Room at the White House on February 5, 2021. Stefani Reynolds-Pool/Getty Images Biden made changes to the Paycheck Protection Program on Monday to ensure equitable access to small business relief. The changes included a 2-week period for only businesses with under 20 employees to apply to the program. The SBA will also work to ensure access to those with student loan debt and/or unrelated prior felony charges.  Visit the Business section of In...
Tags: Maryland, Congress, White House, US, Trends, Joe Biden, Biden, PPP, Small Business Administration, SBA, Paycheck Protection Program, Ayelet Sheffey, Depts of Treasury and Education


NYC still has the most homeowners worth over $30 million in the world, study says

New York City. Westend61/Getty Images NYC, Los Angeles, and London house the highest number of individuals with net worths over $30 million. New York takes the top spot globally, per a that includes second and third residences. There's a problem for NYC, though: the ultra-rich may be choosing to primarily live — and pay taxes — elsewhere. Visit the Business section of Insider for more stories. Out of all of the cities in the world, New York City still has the highest number of ultra-rich...
Tags: Florida, New York, Texas, London, New York City, US, Los Angeles, Trends, Bloomberg, Chicago, Paris, Manhattan, Monaco, Aspen, London Hong Kong, Ayelet Sheffey


Rents are skyrocketing in many of the small cities people fled to in 2020

Americans across the country are struggling to pay rent during the coronavirus pandemic. Erik McGregor/LightRocket via Getty Images A Realtor.com report found that rent in some smaller cities saw double-digit growth over the past year. Larger cities, on the other hand, saw big drops in rents as working from home allowed residents to leave. The divergence in urban rents shows how the pandemic is reshaping the economy's housing sector. Visit the Business section of Insider for more stories. ...
Tags: Sacramento, Trends, Joe Biden, New Orleans, Biden, Seattle, Riverside, National Low Income Housing Coalition, Hillary Hoffower, San Francisco Washington DC, Erik McGregor LightRocket, Ayelet Sheffey


Here's the Democratic wish list after Biden's 'go big' stimulus

Speaker of the House Nancy Pelosi (D-CA) and Senate Majority Leader Chuck Schumer (D-NY) speak after a press conference on Capitol Hill on December 20, 2020 in Washington, DC. Tasos Katopodis/Getty Images Democrats are setting their sights past Joe Biden's stimulus — on funding for infrastructure, climate change, and more. They could draft another reconciliation bill, but some have already introduced bills on immigration and health care.  Biden has said he will not propose any additional f...
Tags: New York, Congress, Colorado, California, Washington, Senate, White House, Virginia, Massachusetts, Trends, Joe Biden, Democrats, House, New Jersey, Capitol Hill, Nancy Pelosi


House Democrats want to raise another $1.2 trillion in taxes on the wealthy just by auditing them more

Rep. Ro Khanna (D-CA), seen on the House steps of the Capitol during votes on Friday, December 4, 2020. Tom Williams/CQ-Roll Call via Getty Images California Rep. Ro Khanna introduced a bill to require more aggressive tax auditing of the ultra-rich. It would provide $100 billion for the IRS to pursue audits that could bring in another $1.2 trillion in revenue. Khanna's bill is a less controversial alternative to Sen. Elizabeth Warren's wealth tax. Visit the Business section of Insider for...
Tags: UK, Congress, California, Wall Street, Trends, House, Treasury, Argentina, Warren, University of Pennsylvania, Irs, Gamestop, Democratic, Capitol, Sen Elizabeth Warren, Larry Summers


Biden talks infrastructure with top labor leaders - with $2 trillion in spending on the line

President Joe Biden. Pete Marovich/Pool/Getty Images President Biden met with labor leaders on Wednesday to discuss job creation through new infrastructure. Biden emphasized his infrastructure proposals — which his campaign gave a $2 trillion price tag. Republicans have pushed back on Biden's spending plans, but bipartisan talks are beginning. Visit the Business section of Insider for more stories. President Joe Biden met with top labor leaders on Wednesday to discuss the potential for COV...
Tags: Transportation, US, America, Trends, Joe Biden, North America, Biden, Democratic, Oval Office, AFL CIO, Trumka, Shelley Moore Capito, Richard Trumka, Jen Psaki, Pete Buttigieg, Sean McGarvey


Biden to spend another $1.6 billion to expand COVID-19 testing in schools and underserved areas

Terra Fondriest for The Washington Post via Getty Images President Joe Biden has announced a $1.6 billion investment in expanded COVID-19 testing. Funds will go to testing K-8 schools and underserved communities, and increased genome sequencing. Biden also called on Congress to pass his stimulus plan, which includes $50 billion for testing. Visit the Business section of Insider for more stories. President Joe Biden announced on Wednesday that he will invest $1.6 billion to expand the avai...
Tags: Congress, Washington Post, Cdc, White House, Milwaukee, US, Trends, Joe Biden, Biden, Centers For Disease Control And Prevention, Dept of Defense, Ayelet Sheffey, American Rescue Plan, Dept of Health and Human Services, Terra Fondriest


Biden wants to go big on the economy but go small on student-debt reform

President Joe Biden participates in a CNN town hall at the Pabst Theater in Milwaukee, Wisconsin, February 16, 2021. SAUL LOEB/AFP via Getty Images President Joe Biden said at his first town hall that he will not cancel $50,000 in student-loan debt. Congress should introduce legislation to cancel the debt, Biden has consistently said. Several leading Democrats believe Biden can act, using powers under the Higher Education Act.  Visit the Business section of Insider for more stories. Presid...
Tags: Education, Congress, Senate, White House, Trends, Joe Biden, Cnn, Harvard, Yale, House, Wisconsin, Warren, Biden, Kamala Harris, Penn, Democratic


Biden asked for 6 months of extra unemployment benefits. Here's why House Democrats gave him 5.

Speaker of the House Nancy Pelosi (D-CA), Ways and Means Chairman Richard Neal (D-MA), and other members conduct a news conference in the Capitol. Tom Williams/CQ-Roll Call, Inc via Getty Images House Ways and Means extended extra unemployment benefits through August, rather than September. Experts and lawmakers argue that Americans need at least six months of jobless pandemic relief. Pension funding diverted money from unemployment aid, an economist says.  Visit the Business section of In...
Tags: Congress, Oregon, Trends, Bloomberg, Joe Biden, House, Biden, Committee, Ron Wyden, Congressional Budget Office, House Ways and Means Committee, Ways and Means Committee, Richard Neal, Committee for a Responsible Federal Budget, Richard Neal D MA, Marc Goldwein


Biden helps more than 10 million homeowners by extending the foreclosure moratorium through June

President Joe Biden speaks before signing executive orders on his first day in White House on January 21, 2021. (Photo by MANDEL NGAN/AFP via Getty Images) The White House announced the extension of the moratorium on home foreclosures through June 30. The extension will help the 10 million Americans who fell behind on mortgage payments during COVID-19. Biden called on Congress to pass his stimulus to give more relief to renters and homeowners.  Visit the Business section of Insider for mor...
Tags: Congress, White House, America, Trends, Joe Biden, House, Nancy Pelosi, Biden, Donald Trump, Center on Budget and Policy Priorities, Mandel Ngan AFP, Ayelet Sheffey, Housing and Urban Development Urban Affairs, Homeowners Assistance Fund


A $1,400 stimulus check will allow 22.6 million Americans to pay their bills in full through mid-July, new report finds

President Joe Biden delivers remarks in the State Dining Room at the White House on February 5, 2021. Stefani Reynolds-Pool/Getty Images A Morning Consult report found that 22.6 million Americans will be able to pay their bills through mid-July with $1,400 stimulus checks. The report recommended lower income thresholds, increased child payments, and extended unemployment aid to mitigate risks that the pandemic could bring. The House Committee on Ways and Means included unemployment benefit...
Tags: Oregon, White House, Trends, Joe Biden, Wyden, Democratic, Sen Ron Wyden, House Committee on Ways and Means, Ways and Means Committee, Ayelet Sheffey, Stefani Reynolds Pool Getty Images


Providing a path to citizenship as part of Biden's infrastructure plan would boost economic growth, more than 60 economists say

Information packs are distributed by the U.S. Citizenship and Immigration Services following a citizenship ceremony at the John F. Kennedy Presidential Library in Boston Reuters Over 60 economists signed a letter urging President Joe Biden to include a path to citizenship for undocumented immigrants as part of his infrastructure plan. The group said that the policy would boost economic growth and improve wages for all Americans. Biden began infrastructure spending talks with a group of bip...
Tags: Congress, Mexico, US, Barack Obama, Trends, Joe Biden, Biden, Donald Trump, U S Citizenship and Immigration Services, Center for American Progress, Office of Management and Budget, Council of Economic Advisors, Brian Deese, U S Dept of Labor, Jeff Zients, Neera Tanden


Pelosi says a $15 minimum wage increase will be included in the House's pandemic relief package

Getty Speaker of the House Nancy Pelosi said a $15 minimum wage increase will be included in the House's stimulus package. Democratic lawmakers are working with the parliamentarian to ensure the minimum wage increase complies with the Byrd rule. Sen. Bernie Sanders of Vermont disagreed with the CBO's findings earlier this week that a minimum wage increase will add to the federal budget deficit. Visit the Business section of Insider for more stories. Speaker of the House Nancy Pelosi said ...
Tags: Senate, Trends, Joe Biden, House, Biden, Msnbc, Vermont, Bernie Sanders, Sanders, Democratic, Sen Bernie Sanders, Pelosi, CBO, Chuck Schumer, Congressional Budget Office, Speaker of the House Nancy Pelosi