•   
  •   
  •   

Politics On The Money — Biden: America should 'rest easy' about prices

02:55  24 november  2021
02:55  24 november  2021 Source:   thehill.com

Equilibrium/Sustainability — Presented by Southern Company — COVID-19 kills snow leopards at US zoo

  Equilibrium/Sustainability — Presented by Southern Company — COVID-19 kills snow leopards at US zoo Today is Monday. Welcome to Equilibrium, a newsletter that tracks the growing global battle over the future of sustainability. Subscribe here: thehill.com/newsletter-signup. Three snow leopards at a Nebraska zoo died of complications from COVID-19 this weekend - the latest such deaths among captive species in zoos around the world, The Washington Post reported.The snow leopards "were beloved by our entire community inside and outside of the zoo," the Lincoln Children's Zoo said in a statement. Just a few thousand of these cats are estimated to remain in the wild.

Biden also 'reassured' Americans that they could " rest easy " knowing that stores would be well-stocked this season, something that they probably appreciated after months of near record-setting inflation (and certainly the highest in 30 years) not just in the US, but across the world. Patrick DeHaan, senior petroleum analyst at GasBuddy.com, said pump prices in the U.S. should decline 5 cents to 15 cents in the next two weeks. “It’s a little bit disappointing,” he added. “Motorists will get some decline in prices but it will be on the smaller side.”

Biden announces release of strategic oil reserves to lower prices . 'Today we're launching a major effort to moderate the price of oil.'.

Happy Tuesday and welcome to On The Money, your nightly guide to everything affecting your bills, bank account and bottom line. Subscribe here: thehill.com/newsletter-signup.

On The Money — Biden: America should 'rest easy' about prices © Julia Nikhinson On The Money — Biden: America should 'rest easy' about prices

Today's Big Deal: President Biden is seeking to assure Americans about the cost of gas and gifts. We'll also take a further look at the president's decision to stick with Jerome Powell as Federal Reserve chair.

For The Hill, we're Sylvan Lane, Naomi Jagoda and Aris Folley. Reach us at slane@thehill.com or @SylvanLane, njagoda@thehill.com or @NJagoda and afolley@thehill.com or @ArisFolley.

On The Money — Biden puts oil industry on notice

  On The Money — Biden puts oil industry on notice Happy Wednesday and welcome to On The Money, your nightly guide to everything affecting your bills, bank account and bottom line. Subscribe here: thehill.com/newsletter-signup.Today's Big Deal: President Biden is pushing for a probe of high gas prices. We'll also look at the House's prospects for a Friday vote on the Build Back Better plan and a very angry letter from former President Trump.But first, Ciara 1-2-stepped up to the podium in the White House briefing room today.For The Hill, I'm Sylvan Lane. Write me at slane@thehill.com or @SylvanLane. You can reach my colleagues on the Finance team Naomi Jagoda at njagoda@thehill.

Biden earlier Tuesday addressed the surging inflation, telling families that they can " rest easy " knowing that "grocery stores are well-stocked with turkey and everything else you need for Thanksgiving." The president said he has been in contact with major retailers who confirmed "that their shelves will be well-stocked in stores this holiday season." Jordan pointed to Biden 's Build Back Better plan, a .75 trillion social spending and climate package, arguing that there is not a "rational sane person on the planet" who believes Biden 's claim that the package would not impact the deficit.

Happy Monday and welcome to On The Money , your nightly guide to everything affecting your bills, bank account and bottom line. Powell, Brainard tapped to lead Fed. President Biden said Monday he renominated Federal Reserve Chair Jerome Powell to preserve the “stability and independence” of the central bank as the U.S. faces challenges on the road to a full economic recovery.

Let's get to it.

President optimistic about gas, goods prices

  On The Money — Biden: America should 'rest easy' about prices © Provided by The Hill

President Biden, in Tuesday remarks about the rising costs of goods and gas this Thanksgiving, argued in an optimistic tone that the economy is ready for the holiday rush.

The president said that high gas prices are a problem in the U.S. and globally. But he touted the release by the Department of Energy of 50 million barrels of oil from the nation's Strategic Petroleum Reserve, which the White House announced earlier on Tuesday.

"This is a problem, not just here in the United States, but around the world," Biden said in remarks at the White House, referencing the record-high cost of gas in Europe and Asia.

More info on the release of oil reserves:

Two cheers for Democrats' proposed drug payment reforms

  Two cheers for Democrats' proposed drug payment reforms The proposed reform is mostly well-designed, but its price caps on older drugs need stronger safeguards.The recent proposal by congressional Democrats takes a better approach. It would reform Medicare's Part D benefit by capping seniors' exposure to catastrophic out-of-pocket costs, strengthen the incentive for drug plans to negotiate lower prices from manufacturers, and only cap prices for older post-patent drugs where competition is inadequate. The proposed reform is for the most part well-designed, but its price caps on older drugs need stronger safeguards to ensure they do not erode patent protections that are necessary to reward the development of new drugs.

“My message to the American people is this: America is moving again and your life is going to change for the better,” Biden said in prepared remarks, highlighting provisions for replacing lead pipes, implementing broadband and improving public transit. With inflation soaring and the administration working to bring the economy back from its coronavirus pandemic doldrums, Biden 's choice to lead the central bank could prove particularly consequential as Republicans go on the attack ahead of next year's midterms. Fed-watchers consider Powell likely to win another term after his current one is up in

President Biden is authorizing the release of 50 million barrels of oil from the Strategic Petroleum Reserve in a bid to lower soaring prices at the pumps. The emergency measure was last used after Hurricane Katrina and before that during the Persian Gulf War as oil prices surged in the aftermath of both cases. Biden is taking oil from the reserve, which has 604.5 million total barrels across four sites in Louisiana and Texas, with gas prices at a seven-year-high, inflation hitting historic records and America facing a winter heating crisis.

  • Of the 50 million barrels being released from the reserve, 32 million will eventually be returned to it over the coming years once fuel prices fall back down in a bid to ensure the reserve remains stocked. Another 18 million barrels will be released as an acceleration of an oil sale Congress had already authorized.

  • The announcement was made in concert with India, Japan, South Korea and the United Kingdom, all of which agreed to release oil from their own reserves.

  • Biden has also asked the Federal Trade Commission to investigate whether the oil and gas industry acted in any illegal or anti-competitive way that could result in higher gas prices for consumers.

Read more from The Hill's Alex Gangitano here.

LEADING THE DAY

Biden sidesteps Fed fight, disappointing progressive allies

President Biden sidestepped a battle over the leadership of the Federal Reserve by disappointing progressive allies and sticking with Jerome Powell, whom former President Trump nominated as Fed chairman four years ago.

Senate rules could undercut Democrats’ prescription drug plan

  Senate rules could undercut Democrats’ prescription drug plan Democrats want to lower drug costs for commercial health plans — if the Byrd Rule will let them.Democrats have a multi-pronged strategy for addressing drug prices in the Build Back Better Act. First, they would allow Medicare to negotiate with pharmaceutical manufacturers on the prices of a certain number of prescription drugs, something they have been promising to do for years. But Democrats also want to limit drug companies’ ability to hike the prices of their medications for everyone — regardless of what kind of health insurance they have — in the future.

Biden said he is going to force the government to buy american made products as much as possible. He talked about cars, steel and there was an emphasis on electric and alternative vehicles as well. Look at the PAVE etf. We know a big infrastructure push is coming, but guessing exactly which companies will get the big contracts is a tough game, and I say that as someone in the construction industry. If you feel really bullish PAVE has value options for September, in the money .

Press question mark to learn the rest of the keyboard shortcuts. As of right now, Biden is speaking about the huge infrastructure plan. This plan is spread out over 8 I think it has already run up on the "plan", and should be considered overpriced or fairly priced for its financials and that anything more


Video: Biden's approval takes a hit amid rising costs (CBS News)

Senate aides predict Powell will easily have enough votes to secure confirmation to a second term atop the central bank and warned that Biden would have had a much tougher fight on his hands had he instead picked Lael Brainard, the only Democrat on the seven-member board and the favorite of a number of progressives.

  • An aide said choosing Brainard to replace Powell would have risked an all-out battle that could have ended in defeat if Republicans managed to convince Sens. Joe Manchin (D-W.Va.) or Kyrsten Sinema (D-Ariz.) to vote with them. Biden offered an olive branch to progressives by nominating Brainard for vice chair.

  • Senate Republicans have made rising inflation a top political issue in recent months, and some Democratic strategists see Powell as a better messenger to respond to criticisms about rising prices because he is a Trump appointee.

  • Progressives warn Powell's reluctance to use the Fed to prepare the U.S. economy for the potentially devastating effects of climate change is short-sighted, though Powell is believed to have softened his aversion to letting Fed decision-making be influenced by climate considerations.

    Biden mum on Line 5 dispute between Canada and top Michigan Democrat

      Biden mum on Line 5 dispute between Canada and top Michigan Democrat President Joe Biden faces pressure to fulfill an aggressive climate portfolio that reduces American dependence on fossil fuels, lowers gas prices ahead of the holiday season, and appeases an important diplomatic ally and trade partner that has invoked a decades-old treaty between the two countries over oil flow. © Provided by Washington Examiner All three collided last week during Biden’s closely held meeting with Canadian Prime Minister Justin Trudeau, whose government has made clear that it is backing the Calgary firm that operates a pipeline Michigan Democrats have tried in vain to shut down.

Read more from The Hill's Alexander Bolton here.

TAX UPDATE

Biden plan would raise average tax rate for households above $1M: JCT

Households with income of at least $1 million would see their average tax rate increase in 2022 under House Democrats' social spending and climate bill, according to a corrected report released by the Joint Committee on Taxation on Tuesday.

The average tax rate for those taxpayers would increase from 29.9 percent under current law to 33.1 percent, the report said.

The corrected report comes after the committee, Congress's nonpartisan tax scorekeeper, released a report Friday that found that the average tax rate in 2022 for taxpayers with income of at least $1 million would decrease slightly, from 29.9 percent to 28.2 percent.

That finding caught the attention of some right-leaning tax experts. However, the committee said Tuesday that it had initially made an error in calculating the average tax rates for 2022.

Read more about the corrected JCT report here.

MONEY TO BURN

Americans planning to spend slightly more on holiday gifts than in 2020: poll

Americans are expected to spend an average of $886 on holiday shopping this year, a slight increase from last year and a bump from 2019, when the average was just above $800, according to the latest Gallup poll released Tuesday.

Analysis: Joe Biden spins a message of hope as an anxious nation readies for Thanksgiving

  Analysis: Joe Biden spins a message of hope as an anxious nation readies for Thanksgiving When a president has to assure Americans there'll be enough turkey for Thanksgiving, it's a sure sign of national malaise. © Alex Wong/Getty Images WASHINGTON, DC - NOVEMBER 23: U.S. President Joe Biden speaks on the economy during an event at the South Court Auditorium at Eisenhower Executive Office Building on November 23, 2021 in Washington, DC. President Biden announced the release of 50 million barrels of oil from the Strategic Petroleum Reserve of the Department of Energy to combat high energy prices which are at a seven-year high across the nation prior to the holiday travel season.

Despite inflation causing the price of many products to soar, the holiday season is expected to be as busy as ever. Retail sales in the U.S. during the season are expected to rise between 3.7 percent and 5.3 percent compared to last year, Gallup found.

"Many factors, most notably inflation and the pandemic, could influence how much consumers spend on gifts this season and where they ultimately shop," Gallup reported. "But as of November, Americans intended to spend a fairly robust amount that should translate into solid holiday sales for the U.S. economy."

Read more here.

Good to Know

  On The Money — Biden: America should 'rest easy' about prices © Provided by The Hill

Following the most recent failed round of negotiations, Kellog's said it would be moving onto the next phase of its contingency plan, which is to hire permanent replacement.

Here's what else have our eye on:

  • Dollar Tree announced on Tuesday that it is increasing its price point to $1.25.

  • Apple has filed a lawsuit against NSO Group, the Israeli spyware developer blacklisted by the Biden administration earlier this month, accusing the firm of targeting and surveilling Apple users.

That's it for today. Thanks for reading and check out The Hill's Finance page for the latest news and coverage. We'll see you tomorrow.

White House looks to rein in gas prices ahead of busy travel season .
The White House is pulling out various stops in an effort to get gas prices under control at the start of what is expected to be a busy holiday travel season. © Associated Press/Evan Vucci White House looks to rein in gas prices ahead of busy travel season The administration is tapping into the strategic petroleum reserve and President Biden has called on the Federal Trade Commission to investigate whether oil companies are responsible for increased prices.

usr: 1
This is interesting!