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Bidenomics has been hit with a weak jobs report, gas shortages, and inflation fears. The White House says it isn't getting knocked off course.

President Joe Biden. T.J. Kirkpatrick-Pool/Getty Images Biden grappled with a string of disappointing economic news in May, posing a major test for his plans. But the White House appears intent on pushing ahead with another $4 trillion in spending programs. The GOP is stepping up their attacks, criticizing the proposals as job-killers. See more stories on Insider's business page. The past seven days has been the toughest stretch yet for Bidenomics - the product of President Joe Biden&#...
Tags: Congress, Washington, Oregon, Senate, White House, Virginia, West Virginia, Trends, Bloomberg, Joe Biden, Democrats, Gop, House, Treasury, Mitch McConnell, Fox News


Mitch McConnell told Biden the GOP considers Trump's tax cut a 'red line' in infrastructure talks

Senate Minority Leader Mitch McConnell (R-KY) and House Minority Leader Kevin McCarthy (R-CA) address reporters outside the White House. Drew Angerer/Getty Images Mitch McConnell's message was clear on Wednesday: Don't mess with the Trump tax law. "That is our red line," he said after a two-hour White House meeting with Biden. Republicans and Democrats remain far apart on the scope of an infrastructure plan and how to finance it. See more stories on Insider's business page. Sen...
Tags: Congress, California, Kentucky, Senate, White House, Trends, Joe Biden, Democrats, Gop, House, Mitch McConnell, Nancy Pelosi, Biden, Mccarthy, Trump, Don


Joe Manchin says he won't support extending the $300 federal weekly unemployment benefit from Biden's stimulus

Sen. Joe Manchin (D-WV). Susan Walsh/AP Manchin says he won't vote to extend the $300 federal jobless benefit when it expires in September. "We need people back to work," West Virginia's Democrat senator told Politico. There's some division among Democrats on whether the Biden stimulus measure should be renewed. See more stories on Insider's business page. Sen. Joe Manchin said he won't back extending the $300 federal unemployment benefit from President Joe Biden's ...
Tags: Oregon, Senate, Politico, America, West Virginia, Trends, Joe Biden, Gop, Biden, Wyden, Chamber of Commerce, Ron Wyden, Senate Finance Committee, Manchin, Chuck Schumer, Joe Manchin


Mitch McConnell backtracks on his infrastructure red line, bumps GOP price tag to $800 billion for potential bipartisan package

Senate Minority Leader Mitch McConnell (R-KY). AP Photo/J. Scott Applewhite, File McConnell backtracked from his prior red line on the cost of an infrastructure package, bumping it to $800 billion. But he didn't move on his opposition to consider unwinding the 2017 Trump tax cuts. Biden and McConnell are set to meet on Wednesday, along with other Congressional leaders. See more stories on Insider's business page. Senate Minority Leader Mitch McConnell is upping the cost of an infra...
Tags: Kentucky, Senate, White House, US, West Virginia, Trends, Joe Biden, Gop, Mitch McConnell, Nancy Pelosi, Biden, Donald Trump, Trump, Capito, Congressional, McConnell


Obama's former top economist outlines 5 factors that are likely keeping people from returning to work

Jason Furman. Reuters A former top economist to Barack Obama said the April jobs report was "stunning." "It's going to be complicated and messy" for the economy to get back on track, Jason Furman says. He outlined 5 factors likely keeping people from returning to work, including virus fears and school closures. See more stories on Insider's business page. Jason Furman, a former top economist to President Barack Obama, said Friday's April jobs report was a "stunning" one."But yo...
Tags: Obama, White House, Barack Obama, Trends, Joe Biden, Harvard University, Biden, Yellen, Council of Economic Advisers, Furman, Jason Furman, Joseph Zeballos Roig, Jason Furman Reuters


Biden's spending plans could lift wages from the bottom up. It's a page out of Jeff Bezos' playbook - or Henry Ford's.

President Joe Biden's infrastructure plan could boost the middle class. BRENDAN SMIALOWSKI/Getty Images Biden's $4 trillion infrastructure plan promises to raise wages for some workers and create many jobs. The spending plans resemble what Henry Ford and Jeff Bezos did: both founders raised wages as their companies grew. Ford and Bezos increased productivity, which signals that Biden's plan could lift the middle class. See more stories on Insider's business page. President ...
Tags: Amazon, Congress, White House, US, America, Trends, Walmart, Joe Biden, Earth, Ford, Npr, University Of California Berkeley, Jeff Bezos, Federal Reserve, Biden, Henry Ford


How April's dismal jobs report is setting the stage for Biden's $4 trillion economic fight with the GOP

President Joe Biden pauses as he speaks about the April jobs report in the White House on May 7, 2021. SAUL LOEB/AFP via Getty Images Republicans and Democrats drew sharply different conclusions about the April jobs report. Democrats are using it to bolster their case for massive infrastructure spending on issues like childcare. The GOP wants to slam on the spending brakes, arguing stimulus benefits are setting back job growth. See more stories on Insider's business page. In some ways,...
Tags: Congress, White House, US, Barack Obama, Trends, Joe Biden, Gop, House, Nancy Pelosi, Biden, Chamber of Commerce, TX, House Ways and Means Committee, Kevin Brady, Jason Furman, Joseph Zeballos Roig


The Chamber of Commerce calls for an end to $300 federal unemployment benefits after April's lackluster jobs report

Hundreds of unemployed Kentucky residents wait in long lines outside the Kentucky Career Center for help with their unemployment claims on June 19, 2020 in Frankfort, Kentucky. John Sommers II/Getty Images The Chamber of Commerce is urging an end to the $300-per-week federal unemployment benefit. The business lobby group argues the state is "paying people not to work," citing April's dismal jobs report. Democrats and many economists dispute that, arguing jobs were still created with th...
Tags: Kentucky, Trends, Joe Biden, Chamber of Commerce, Frankfort Kentucky, John Sommers, Joseph Zeballos Roig, Neal Bradley, Kentucky Career Center


Mitch McConnell claims Biden's stimulus benefits are setting back the economic recovery

Senate Minority Leader Mitch McConnell. Scott J. Applewhite/AP McConnell claimed on Thursday that Biden's stimulus benefits are causing worker shortages. "We have flooded the zone with checks that I'm sure everybody loves to get, and also enhanced unemployment," he said. Some economists say a labor shortage would cause wages to rise, but that hasn't happened yet. See more stories on Insider's business page. Senate Minority Leader Mitch McConnell on Thursday faulted the Bide...
Tags: Kentucky, Senate, White House, Trends, Gop, Mitch McConnell, Federal Reserve, Biden, Powell, Economic Policy Institute, McConnell, Jerome Powell, Heidi Shierholz, Karine Jean Pierre, Joseph Zeballos Roig, Mitch McConnell Scott J Applewhite AP McConnell


The 3 economic pledges that will shape Biden's $4 trillion bareknuckle fight over infrastructure

Senate Minority Leader Mitch McConnell and President Joe Biden. Chip Somodevilla/Getty Images; Alex Wong/Getty Images Biden is entering a more complicated phase of his presidency, as the fight over his infrastructure plans drags on. Biden's pledges will be tested, including no tax hikes for families earning less than $400,000. McConnell said on Wednesday that "100% of my focus is on standing up to this administration." See more stories on Insider's business page. With the first 100...
Tags: Kentucky, Senate, White House, Nbc News, Trends, Joe Biden, Gop, House, Mitch McConnell, Capitol Hill, Warner, Biden, Kamala Harris, Capito, Sen Mark Warner D Va, Manchin


The White House says it's up to Congress to decide on sending more stimulus checks because they're 'not free'

White House Press Secretary Jen Psaki. Alex Wong/Getty Images The White House said it will be up to Congress to decide if more stimulus checks go out this year. "We'll see what members of Congress propose, but those are not free," Psaki said. Lawmakers are unlikely to approve additional payments as the economy displays signs of improvement. See more stories on Insider's business page. The White House said Tuesday it will be up to Congress to decide if more direct payments go out th...
Tags: Congress, Senate, White House, Elizabeth Warren, Trends, Biden, White House Press, Sens Bernie Sanders, Jen Psaki, Psaki, Economic Security Project, Joseph Zeballos Roig, Jen Psaki Alex Wong Getty, Centrist Democrats


Biden's first 100 days are a big break with the Reagan legacy. He says jobs and families need an active state.

President Joe Biden leaves the House Chamber with Rep. Maxine Waters (D-Calif.) and Sen. Bernie Sanders (I-Vt.) after his joint address to Congress. Melina Mara/Pool/AFP via Getty Images Biden is spending big to expand the nation's safety net in the wake of the pandemic. In his first 100 days, he spent $1.9 trillion and pitched another $4 trillion to assist families and create jobs. "COVID has now created a stormwave of support for government," Barney Frank told Insider. See more stori...
Tags: Obama, Congress, Washington, Mexico, Senate, White House, US, America, Barack Obama, Trends, Reagan, Turkey, Joe Biden, Getty Images, Gop, Margaret Thatcher


Mitch McConnell draws a red line at $600 billion for infrastructure and jobs - and says Trump tax cuts are off-limits

Senate Minority Leader Mitch McConnell (R-KY). Samuel Corum/Getty Images McConnell said the GOP won't cut a deal with Biden above $600 billion on a jobs package. He said there would be "zero" Republican support for Biden's $4 trillion pair of spending packages. Biden has proposed two packages with trillions of spending on physical and social infrastructure. See more stories on Insider's business page. Senate Minority Leader Mitch McConnell drew a $600 billion red line for an in...
Tags: Senate, White House, Trends, Joe Biden, Gop, Mitch McConnell, Fox News, Biden, Donald Trump, Trump, Capito, Louisville Kentucky, McConnell, Joseph Zeballos Roig, Sen Shelley Moore Capito of West Virginia


A House panel was forced to recess briefly after the 'Galaxy Quest' theme started playing in the background

"Galaxy Quest" started playing during a hearing, forcing members to recess. Photo by Dreamworks; Alex Edelman/Getty Images A House hearing was interrupted by audio from "Galaxy Quest" playing in the background. A famous line of the movie could be heard before lawmakers recessed: "By Grabthar's hammer, you shall be avenged!" A Democratic spokesman said it was due to a technical issue and the hearing restarted. See more stories on Insider's business page. A House panel briefly recess...
Tags: Energy, Congress, Trends, Indiana, Cnn, House, Dreamworks, Hollander, Grabthar, Appropriations Committee, House Appropriations, Kristen Wilson, Alex Edelman Getty, Evan Hollander, Joseph Zeballos Roig, Frank Mrvan


Biden's first 100 days is all about jobs and families - and he's willing to spend big in a break with the Reagan legacy

President Joe Biden leaves the House Chamber with Rep. Maxine Waters (D-Calif.) and Sen. Bernie Sanders (I-Vt.) after his joint address to Congress. Melina Mara/Pool/AFP via Getty Images Biden is spending big to expand the nation's safety net in the wake of the pandemic. In his first 100 days, he spent $1.9 trillion and pitched another $4 trillion to assist families and create jobs. "COVID has now created a stormwave of support for government," Barney Frank told Insider. See more stori...
Tags: Obama, Congress, Washington, Mexico, Senate, White House, US, America, Barack Obama, Trends, Reagan, Turkey, Joe Biden, Getty Images, Gop, Margaret Thatcher


Mitt Romney says he favors monthly cash payments for families over Biden's proposed federal childcare program

Sen. Mitt Romney (R-UT). Scott J. Applewhite/AP Romney said he supported providing cash payments over Biden's proposed federally backed childcare. He would give it to families "in a monthly check, and allow them to decide how to spend their money to help their child." Part of Biden's $1.8 trillion plan aims to save families $15,000 a year in childcare costs via subsidies. See more stories on Insider's business page. Republican Sen. Mitt Romney of Utah said on Thursday he would ...
Tags: Congress, Senate, White House, Trends, Joe Biden, Mitt Romney, Capitol Hill, Biden, Romney, Joseph Zeballos Roig, Sen Mitt Romney R UT Scott J Applewhite AP Romney, Republican Sen Mitt Romney of Utah, Center for American Progress Read


Biden to lay out a recovery plan in his first address to a joint session of Congress

President Joe Biden Doug Mills-Pool/Getty Images Biden will address Congress for the first time in his term on the eve of his 100th day in office. The address will take place on Wednesday night at 9 p.m. ET. Here is what the president is expected to discuss during his address. See more stories on Insider's business page. President Joe Biden will address Congress for the first time in his term on the eve of his 100th day in office on Wednesday night at 9 p.m. ET.The president is expecte...
Tags: Politics, Congress, White House, Defense, US, America, Trends, Joe Biden, Gop, House, Associated Press, US Treasury, Nancy Pelosi, Biden, Msnbc, Black


What Biden's new plan does for direct payments to Americans via tax credits - and what it doesn't

President Joe Biden. Chip Somodevilla/Getty Images Biden plans to expand the child tax credit for four more years and make the Earned Income Tax Credit permanent. He also wants to permanently lower premiums within the Affordable Care Act. The child tax credit expansion falls short of Democrats' calls to make it permanent. See more stories on Insider's business page. Cornerstones of President Joe Biden's American Families Plan are helping middle-class families and reshaping the ...
Tags: Utah, Republicans, Congress, Washington, White House, Trends, Joe Biden, Democrats, Gop, Missouri, Mitt Romney, Ohio, Biden, Democratic, Brown, CTC


The 4 major takeaways from Biden's $1.8 trillion economic spending package

President Joe Biden. Mandel Ngan/Getty Images Biden unveiled a new spending plan focused on families with new spending on childcare and education. It aims to flood federal money into sectors of the economy and make the lives of families easier. The plan likely won't attract much Republican support - if any. See more stories on Insider's business page. President Joe Biden is aiming to unleash a flood of new federal spending to cut into inequality and realign the role of the federal ...
Tags: Congress, White House, Barack Obama, Trends, Joe Biden, Gop, Biden, Irs, House Ways and Means, House Appropriations Committee, Neal, Child Tax Credit, John Thune, Richard Neal, Jason Furman, Joseph Zeballos Roig


Biden will unveil $1.8 trillion spending plan to extend cash payments for parents, set up universal pre-K and free community college

President Joe Biden speaks during an event with the CEOs of Johnson & Johnson and Merck at the South Court Auditorium of the Eisenhower Executive Office Building March 10, 2021 in Washington, DC. Alex Wong/Getty Images Biden is unveiling $1.8 trillion in new economic programs for families on Wednesday. The plan extend cash payments for parents and set up universal Pre-K - paid for with tax hikes on the wealthy. Biden's spending plans would rank among the largest in US history. See more...
Tags: Politics, Education, Republicans, Congress, Washington, Senate, White House, US, Trends, Merck, Childcare, Joe Biden, Economy, Policy, Infrastructure, Democrats


Biden unveils $1.8 trillion spending plan to extend cash payments for parents, set up universal pre-K and free community college

President Joe Biden at an event with the CEOs of Johnson & Johnson and Merck on March 10. Alex Wong/Getty Images President Joe Biden is unveiling $1.8 trillion in new economic programs for families on Wednesday. The plan would extend cash payments for parents and set up universal pre-K. Biden's spending plans would rank among the largest in US history. See more stories on Insider's business page. President Joe Biden will unveil a $1.8 trillion economic-aid plan during his address t...
Tags: Politics, Education, Republicans, Congress, Senate, White House, US, Trends, Merck, Childcare, Joe Biden, Economy, Policy, Infrastructure, Democrats, Gop


Biden to propose extending $300 monthly checks for parents through 2025, rejecting pressure from Democrats to make it permanent

President Joe Biden AP Photo/Evan Vucci, File Biden will propose extending the strengthened $3,600-per-child child tax credit only to 2025. After that year, the increased benefit amounts would fall to $1,000 if Congress doesn't act. Republicans are unlikely to support the measure, given its price tag is likely above $1 trillion. See more stories on Insider's business page. President Joe Biden is set to propose a $1.8 trillion new economic spending program on Wednesday evening - and...
Tags: Politics, Congress, Washington, Trends, Joe Biden, Economy, Policy, Gop, Mitt Romney, Biden, Trump, Child Tax Credit, Suzan Delbene, Joseph Zeballos Roig, Sens Josh Hawley, Evan Vucci File Biden


Democrats are pushing Biden at the last minute to put a permanently expanded child tax credit in his latest economic plan

Rep. Rosa DeLauro (D-CT). TASOS KATOPODIS/POOL/AFP via Getty Images Democrats are doubling down on efforts for Biden to keep the expanded child tax credit. "Kids don't grow up in five years," one House Democrat said. Making CTC changes permanent could stumble in the Senate if Democrats decide to bypass the GOP. See more stories on Insider's business page. As President Joe Biden's $1.9 trillion emergency stimulus law was about to clear the House in late February, some Democrats ...
Tags: Republicans, Congress, Senate, White House, Trends, Joe Biden, Democrats, Gop, House, Mitt Romney, Biden, Irs, Democratic, Brown, CTC, American Enterprise Institute


Bernie Sanders approves of Biden raising the federal contract minimum wage to $15, urges Congress to act

Sen. Bernie Sanders (I-VT) and President Joe Biden. Win McNamee/Getty Images Sen. Bernie Sanders praised President Biden's $15 minimum wage for federal contractors. Sanders has been a longtime advocate for raising the federal minimum to $15 an hour. Biden also campaigned on a $15 minimum wage, but it was struck from his stimulus law. See more stories on Insider's business page. While a $15 minimum wage is not a federal mandate, President Joe Biden is making it a reality for federal...
Tags: Congress, Senate, White House, Trends, Joe Biden, Biden, Bernie Sanders, Sanders, Sen Bernie Sanders, Warren Rojas, Nicole Gaudiano, Sen Mitt Romney, Democratic Sen Kyrsten Sinema, Joseph Zeballos Roig, Juliana Kaplan, American Rescue Plan


Joe Biden to issue executive order implementing $15 an hour minimum wage for federal contractors

President Biden speaks to reporters from the White House. BRENDAN SMIALOWSKI/AFP via Getty Images Biden will issue an executive order to enact a $15 an hour minimum wage for federal contractors. It would take effect no later than March 30, 2022, raising pay for hundreds of thousands of employees. It stops well short of an increase to the federal minimum wage, which requires Congress to act. See more stories on Insider's business page. President Joe Biden will issue an executive order o...
Tags: Politics, Jobs, Republicans, Congress, Senate, White House, Barack Obama, Trends, Joe Biden, Minimum Wage, Economy, Democrats, Biden, Stimulus, 15 Minimum Wage, Joseph Zeballos Roig


Top House Democrat unveils plan to establish universal paid family and medical leave programs

Rep. Richard Neal, D-Mass., speaks at a news conference on Capitol Hill in Washington, Friday, July 24, 2020, on the extension of federal unemployment benefits. AP Photo/Andrew Harnik Top House Democrat Richard Neal introduced a plan for universal paid sick and medical leave on Tuesday. The typical worker would get around two-thirds of their past wages replaced. Progressives are urging Biden to prioritize paid leave programs as part of his latest economic plan. See more stories on Insider&...
Tags: Congress, Washington Post, Washington, Massachusetts, US, Trends, Joe Biden, Columbia University, Capitol Hill, Biden, Treasury Department, Neal, House Ways and Means Committee, Top House, Richard Neal, Richard Neal D Mass


House Democrats introduce plan to make permanent $300 monthly checks to parents from Biden's stimulus

President Joe Biden. Jim Watson/AFP via Getty Images House Democrats are pushing to make permanent a child tax credit stimulus payment program. The proposal would provide $250 or $300 checks monthly, depending on the child's age. Biden is likely to temporarily extend it instead, rejecting pressure from Democrats. See more stories on Insider's business page. House Democrats unveiled a bill on Monday to keep the one-year child tax credit expansion, an anti-poverty initiative which f...
Tags: New York, Washington Post, Senate, White House, Trends, Joe Biden, House, New Mexico, Biden, Donald Trump, Irs, House Appropriations Committee, Rosa DeLauro, Suzan Delbene, DeLauro, House Democrats


Sen. Josh Hawley wants to send $1,000 monthly checks to families with kids under 13, but provide less to single parents

Sen. Josh Hawley (R-MO). Caroline Brehman-Pool/Getty Images Hawley rolled out a plan for a new "Parent Tax Credit" on Monday. It would distribute $1,000 cash payments to married couples, and slash that in half for singles. Experts said the plan contained design flaws that could hurt low-income workers during recessions. See more stories on Insider's business page. Sen. Josh Hawley introduced a plan for a "Parent Tax Credit" on Monday aimed at offsetting the high cost of raising a child...
Tags: Utah, Florida, Trends, Joe Biden, Gop, Social Security, Mitt Romney, Biden, The Washington Post, Mike Lee, Irs, Brown, CTC, Romney, Center for American Progress, Hanlon


Sen. Josh Hawley wants to send $1,000 monthly checks to families with kids under 13, but slash aid for single parents

Sen. Josh Hawley (R-MO). Caroline Brehman-Pool/Getty Images Hawley rolled out a plan for a new "Parent Tax Credit" on Monday. It would distribute $1,000 cash payments to married couples, and slash that in half for singles. Experts said the plan contained design flaws that could hurt low-income workers during recessions. See more stories on Insider's business page. Sen. Josh Hawley introduced a plan for a "Parent Tax Credit" on Monday, aimed at offsetting the high cost of raising a chil...
Tags: Utah, Trends, Joe Biden, Gop, Mitt Romney, Biden, The Washington Post, Irs, Rubio, Lee, Brown, CTC, Romney, Center for American Progress, Hanlon, Patrick Brown


Senate GOP moves closer to picking a fight over the debt. Democrats condemn it as 'Obama-era economic sabotage'

Photo by Nicholas Kamm/POOL/AFP via Getty Images Senate Republicans adopted a resolution to press for spending cuts in exchange for raising the debt ceiling later this year. Ted Cruz called it "a step in the right direction," though other senior Republicans downplayed it. A top Democrat branded it as "Obama-era economic sabotage." See more stories on Insider's business page. Senate Republicans are expressing renewed alarm over the nation's rising federal debt, as President Joe Bid...
Tags: Florida, Texas, Obama, Republicans, Oregon, Senate, White House, Alabama, Barack Obama, Trends, Joe Biden, Gop, United States, Ted Cruz, Goldman Sachs, Npr