Tag: Inflation Reduction Act

…meanwhile…

FRIDAY 5/19/23

Haley Welcomes DeSantis – From Des Moines, where Decision ’24 already is heating up, former North Carolina governor and UN ambassador Nikki Haley grabbed a bit of spotlight from Florida Gov. Ron DeSantis (above), who is expected to announce his presidential candidacy next week.

“Welcome to the race. We’ve been waiting,” Haley said in an exclusive interview with The Hill. “I’m glad that he’s going to be out there because I want the American public to see who they’re choosing from.”

Haley was the second GOP candidate to announce, after Donald J. Trump, in February.

Meanwhile, back in Florida: Disney has cancelled plans for a $900 million Florida campus in Orlando’s Lake Nona and will close one of its most expensive attractions, the “Star Wars” adventure hotel, according to The Wall Street Journal.

Lake Nona, where more than 2,000 new employees were to work, is dead, Josh D’Amaro, head of Disney’s Parks, Experiences and Products division said.

“Given the considerable changes that have occurred since the announcement of this project, including new leadership and changing business conditions, we have decided not to move forward.”

Though “changing conditions” include Disney’s “significant” job and budget cuts, they also include a governor, DeSantis, who is not acting a Republican when it comes to his treatment of big business.

•••

Feinstein Resists Early Retirement – “Early” for the 89-year-old senator from California means before her current term is up in January 2025. Sen. Diane Feinstein (D-CA) already has announced she will not run again, and Democratic Reps. Barbara Lee, Adam Schiff and Katie Porter each have announced their intention to fill her shoes. 

Feinstein appeared “shockingly diminished” upon her return to the Senate last week after she was out more than two months for complications from shingles. Key among them was the revelation of a previously unreported case of encephalitis, The New York Times reports. The shingles also spread to Feinstein’s face and neck, resulting in Ramsey Hunt syndrome. 

While the drumbeats for her early retirement continue and she continues to resist, Feinstein only needs to remain in office to the March 5, 2024 primary, when Democratic voters in the state will choose from Lee, Porter and Schiff. Democratic Gov. Gavin Newsom has stated his intention of choosing California’s first female senator, which could set up Lee as the catbird seat candidate for next year.

--TL

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THURSDAY 5/18/23

Santosland Diaries -- House Republicans defeated a symbolic House Democrat resolution to expel truth-challenged Rep. George Santos by referring the resolution to the Ethics Committee, by a 221-204 party line vote. Democrats on the Ethics Committee voted “present” to avoid conflict of interest, according to NPR. The unsuccessful expulsion resolution was introduced by Rep. Robert Garcia (D-CA).

Garcia raised the question of privilege, which allows members to force a vote on certain resolutions without support of House leadership. House leaders then have two days to bring the resolution to the floor.

Santos was indicted last week on federal criminal charges, including wire fraud, money laundering, theft of public funds and making false statements to the House.

Doing the math: It takes two-thirds majority to expel a congress member for what would be only the fourth time in U.S. history, Roll Call reports. If successful, it would reduce Speaker Kevin McCarthy’s four-vote majority to just three. McCarthy said the Justice Department’s investigation of Santos should proceed as the congress member continues to participate in floor votes. 

On MSNBC’s All in With Chris Hayes, Rep. Becca Balint (D-VT) said other House Republicans “cheer” Santos’ vote as he helps them make laws. 

“They are certainly interested in protecting him,” Balint said. 

--TL

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WEDNESDAY 5/17/23

Deal or No Deal? – Anyone who ever has been involved in labor negotiations from either side will recognize the pattern of the dance between President Biden and Speaker Kevin McCarthy (R-CA) over raising the debt ceiling in time to avoid economic disaster. For weeks, months even, each side stands firm while blaming the other for not negotiating in good faith. 

Biden will not give up hard-fought programs like the Inflation Reduction Act to assure the federal government will pay its debts incurred over the last fiscal year. McCarthy and his thin House majority will not pay those debts unless the White House cuts back on its spending. The two sides get closer, closer, closer, though they never seem to be close to a deal until the last possible minute. Then suddenly, a breakthrough. Or not, though Congress and the president have always come through in the past. 

With barely two weeks to go until a very likely economic meltdown as early as June 1, if the government doesn’t pay its bills, we’re in that amorphous period where the union is determined not to strike and the employer truly does not want the down-time, but progress is not obvious.

Tuesday, Biden said he would cut short a diplomatic trip to Asia, which begins with a G7 summit in Hiroshima. But Biden has cancelled a planned trip afterward to Australia, next week in order to concentrate on the debt ceiling. Both Biden and McCarthy “showed signs of optimism” after an hour-long meeting in the Oval Office Tuesday afternoon (labor negotiations are never that short), The New York Times reports.

“We just finished another good, productive meeting with congressional leadership about a path forward to make sure America does not default on its debt,” Biden said.

McCarthy told reporters that he could see a deal reached “by the end of the week.”

Apparently the White House sees the Republican light on calling back unspent COVID relief bills.

We predict a spoiled Memorial Day weekend for one or both of the chambers.

--TL

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TUESDAY 5/16/23

Durham Reports on Trump Investigation – John Durham, a special counsel appointed in 2019 by then-Attorney Gen. William Barr to investigate the investigators in alleged Russian tampering into the 2016 Trump campaign, released more than 300 pages of criticism for the way the FBI handled the probe, The Washington Post reports. 

According to Durham’s report, the FBI’s investigation of Trump’s first presidential campaign – codenamed ‘Crossfire Hurricane’ was based on “raw, unanalyzed and uncorroborated intelligence.” 

Conversely, the FBI “proceeded cautiously” on alleged influence by a foreign actor in the 2016 Clinton campaign, WaPo says. The FBI’s conduct in Crossfire Hurricane previously came under fire in a 2019 report by the Justice Department’s inspector general, which did not find “documentary or testimonial evidence of intentional misconduct” on the part of the Trump campaign. 

Democrats have denounced the Durham report, which comes after an investigation from which no one was sent to jail.

Trump, who predicted four years ago the special counsel would uncover the “crime of the century” on Monday claimed victory, writing in social medial; “the American Public was scammed, just as it is being scammed right now by those who don’t want to see GREATNESS for AMERICA!”

--TL

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Meanwhile This Week

MONDAY MAY 15, 2023

More UK Arms to Ukraine – The United Kingdom will send “hundreds” more missiles and attack drones to the Ukraine, British Prime Minister Rishi Sunak announced in a meeting with President Volodomyr Zelinskyy in England, Monday, Time reports. Sunak told Zelinskyy, who landed at Sunak’s Chequers country retreat; “your leadership, your country’s bravery and fortitude are an inspiration to us all.”

On Sunday for the third stop on a whirlwind European tour that also included Paris and Rome, Zelinskyy told reporters in Berlin he is not interested in negotiating a peace deal with Russian leader Vladimir Putin, whom he called “insane.” 

“It’s a joke for him. He does not understand what is happening. He is an insane human,” Zelinskyy said, according to a Ukrainian government readout of a press conference following his talks with German Chancellor Olaf Scholz, as reported by Newsweek. 

“Putin started the war. Russia took lives. The war is on our land. …

“We have not proposed an artificial plan,” Zelinskyy continued. “We have proposed how to get out of this situation, to end the war, according to the law, respecting the UN Charter, international law, people, values.” Ukraine’s Peace Formula is a 10-point plan that outlines Kyiv’s conditions for peace, and Zelinskyy says he is “not interested” in meeting with Putin for peace talks.

•••

Erdogan Beats Earthquake – Incumbent Recep Tayyip Erdo¨gan pulled out an upset, but not quite a victory, against Republican People’s Party (CHP) challenger Kiliçda Ro¨glu in Turkey’s presidential election Sunday. Erdogan received 49.51% of the vote, not enough to avoid a runoff, but well ahead of Ro¨glu’s 44.88%, a “bitter disappointment” for the challenger who had led in many polls. 

Third-party candidate Sinan Og¨an took 5.17% of the vote, indicating the potential to flip Sunday’s vote in the runoff.

Erdo¨gan, Turkey’s president for 20 years, took his hit in the polls over a slow government response February’s earthquake, which claimed 50,000 lives, and his low interest rates to revive the economy that resulted in 85% inflation, according to The Guardian.

The bigger picture: Though his nation is a NATO member, Erdo¨gan has cozied up to Vladimir Putin, in part by refusing to enforce Western sanctions against Russia after its 2022 invasion of Ukraine, and buying heavily discounted Russian oil, The New York Times reports. Erdo¨gan opposes Sweden’s application for NATO membership unless Stockholm first hands over Kurdish refugees, particularly those from the Kurdistan Workers’ Party. Erdo¨gan during his tenure also has jailed dissidents and suppressed independent media.

Though Western officials assiduously avoid being accused of interfering in Turkish politics, “it is an open secret that European leaders, not to speak of the Biden administration, would be delighted if Erdo¨gan were to lose,” the NYT says.

•••

More Debt-Ceiling Tuesday – President Biden is scheduled to resume talks with Congressional leaders over the debt ceiling Tuesday, NBC News and Bloomberg News reported Sunday, after a weekend of talks between Congressional and White House staffers. Biden was quoted from Rehoboth Beach, Delaware, Sunday as being “optimistic” over reaching a deal by a potential June 1 deadline for the federal government running out of money to pay its bills. 

“I think they’re moving along, hard to tell,” Biden said. “We have not reached the crunch point yet.”

•••

Up On The Hill – Both chambers are in session Monday through Thursday. The Senate only is in session Friday.

--Compiled and edited by Todd Lassa

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COMMENTS: editors@thehustings.news

Say Goodbye, Joe

By Stephen Macaulay

Warren Buffett is the chairman and CEO of Berkshire Hathaway, a multinational holding company with a wide range of investments. The so-called “Oracle of Omaha”—a moniker he earned because of prescient investment decisions that have made a whole lot of people a whole lot of money — is 92. His sidekick (a.k.a., Berkshire vice chairman) Charlie Munger is 99.

And so we wonder about Joe Biden, president of the United States (a.k.a., leader of the free world), who is 80. His birthday is November 20, 1942, so fifteen days after the 2024 presidential election, he will be 82.

If Buffett or Munger make a mistake — a big mistake — in their roles at Berkshire Hathaway, then, comparatively speaking, the fallout will be limited. Lots of people will lose lots of money, but the losses are bounded.

If Biden makes a mistake — a big mistake — in his role as the guy who has access to the nuclear codes, then comparatively speaking, the fallout will be horrifying.

Too much? Weren’t people feeling profoundly uneasy a few years back knowing that Trump had access to the codes?

According to recent polling by Gallup, Biden averaged a 41% job approval rating during his second year in office (January 20, 2022 to January 19, 2023).

Arguably, 41% is the very definition of “meh.”

And while people might pound the desk and say “But Trump was worse!,” while true, Gallup measured that in his second year (January 20, 2018 to January 19, 2019) Trump was at 40.4%.

Arguably, 0.6% is the very definition of “not much.”

Consider this:

There are three things that are required of someone who is running for president:

  • Natural-born citizen of the United States
  • At least 35 years old
  • Resident of the U.S. for 14 years

Scranton, Pennsylvania-born Biden checks all those boxes. No question about it.

But here’s an interesting thing: Biden first ran for president in 1988. That’s 35 years ago.

So arguably someone who was born the year he made his first unsuccessful attempt could run against the Biden.

As he might put it, “C’mon, man.”

Biden has been committed to public service since winning a seat on the New Castle County Council in Delaware in 1970. More than half a century ago.

There can be little doubt of the man’s dedication to helping make his county — or his country — a better place.

Certainly being president puts him in a good place to do this — and he has certainly done a considerable amount of good, with things including the Inflation Reduction Act to the CHIPS and Science Act to actual infrastructure funding rather than another week of bloviation.

Certainly he has a list of other accomplishments that he’d like to check off. While this is laudable, it simply may be something he may not even get a chance to start working on. It seems as though the country — yes, even Democrats — thinks there needs to be change of a generational nature.

In his State of the Union he said he wanted to “finish the job.” 

The job is never finished. There is always something else to do in the same way the Buffett has another investment to make.

One of the phrases heard over the past few years was that there are too many politicians who are putting “party ahead of country.”

All of his good work notwithstanding, it seems as though if Joe Biden decides to run again he’ll be putting “personal interest ahead of country.”

Stepping down doesn’t mean he’s out. He becomes the quintessential “elder statesman.” His predecessor didn’t get that gig.

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COMMENT in this column or email editors@thehustings.news. Tell us whether you lean “right” or “left” in the subject line.

Manchin’s Waterloo?

Nearly everybody (including us) named Sen. Joe Manchin III (D-WV) “most powerful person on Capitol Hill” after the November 2020 election. Now his primacy of the last 22 months could be his downfall. 

The Hill reports that Manchin’s “side-deal” with Senate Majority Leader Chuck Schumer (D-NY) “to enact permitting reform by the end of the year” is on “life support” as Senate Republicans look to punish the West Virginia senator for supporting President Biden’s Inflation Reduction Act. 

What would Manchin’s predecessor, Sen. Robert Byrd (D-WV) do?

In his deal with Schumer to pass the IRA, Machin was to get Democratic support for a permitting reform bill that would assure approval of West Virginia’s Mountain Valley Pipeline project, which would return a Byrdian victory to the three-term Democratic senator from West Virginia, where 68% of voters chose Donald J. Trump over Joe Biden in 2020. Because centrist Democrat Manchin delivered the crucial majority vote for the Inflation Reduction Act last August, the GOP is angling to kill the permitting reform bill (which needs 10 Republicans to pass without filibuster) to strengthen their chances of defeating his possible re-election bid in 2024. 

Upshot: “Permitting reform” is a traditionally Republican-friendly issue. But not in today’s national political climate.

Comment in the space below in this column or the one on the right, or email editors@thehustings.news.

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GOP Senate Campaign Goes for Broke

A CHIPS Act and Inflation Reduction bill ago, the GOP was tipped to retake the House of Representatives for sure and likely the Senate along with it, thanks to President Biden’s low poll numbers, high inflation rates and conventional wisdom regarding a president’s party’s midterm election prospects. Now the Republican Party’s prospects for retaking the Senate from its 50-50 split (with Vice President Harris breaking ties) are dimming, which also makes a huge gain in the House less likely. 

The Republican Senatorial Committee is looking downright DNC-like, yanking potential defeat from the jaws of victory. On Sunday The New York Times scooped via campaign records how the committee, headed by Sen. Rick Scott of Florida, had collected a record $181.5 million in campaign funds by last July and splurged all but $23.2 million of that on a digital fund drive that has many donors cutting off subsequent contributions. The committee reportedly sent millions of text messages with provocative text messages like “Should Biden resign?” followed by “Reply YES to donate,” which if you did and already had card information stored with the party, sucked cash from your account immediately. 

Such party leaders as Senate Majority Leader-in-waiting Mitch McConnell (R-KY) “are fretting aloud that Republicans could squander their shot at retaking the Senate in 2022, with money one factor as some first-time candidates have struggled to gain traction,” according to the NYT.

Have you been frustrated by such modern methods of raising cash, for either party? If so, tell us about it in the Comments box below or in the left column if appropriate -- or email editors@thehustings.news and let us know in the subject line whether you lean right or left.

--TL

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EV Incentives and Requirements

Pundit-on-the-left Ken Zino makes his case in the column on the other side (full commentary in The Gray Area) for Canada’s effective public-private partnership intending to foster a quick move from gas- and diesel-powered vehicles to electric cars and trucks. Zino compares Canada’s initiative with the Inflation Reduction Act recently signed by President Biden, and argues that congressional Republicans will oppose it at any cost.  

This comes as the California Air Resources Board releases the state's plan to ban sales of gas- and diesel-powered cars and trucks by 2035. Sixteen other states, mostly on the East and West Coasts, are expected to comply with the latest incarnation of the California Waiver to EPA rules, which would result in electric vehicle market share of roughly 40% in 13 years.

Agree or disagree. Right or left. Here’s your chance to voice your opinion. Hit the Comment box in this column below or email us at editors@thehustings.news.

We are also following the Justice Department’s affidavit for the FBI’s search of former President Donald J. Trump’s Mar-a-Lago estate on August 8 (48th anniversary of President Nixon’s resignation). A federal magistrate has ordered the Justice Department to release its heavily redacted affidavit on Friday, same day another judge has ordered Trump’s attorneys to explain his request for a “special master” to oversee the official explanation of the search.

--TL

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Sinema’s Defense of the Interest Tax Provision

Senate Democrats were on edge last week when Sen. Krysten Sinema (D-AZ) reportedly had to study the entire 755-page Inflation Reduction Act before committing to providing the final necessary vote to pass the filibuster-proof budget reconciliation package. Sinema held out until Democrats removed the bill’s carried interest tax provision and tweaked the 15% minimum corporate tax. 

While fighting for the rights of hedge fund managers once was considered a “Republican” sort of thing, that is easily disproved by how bi-partisan investment professionals are when they contribute to political campaigns. 

According to Open Secrets, Sinema received $2,257,315 in campaign contributions from securities and investment individuals and political action committees, between 2017 and 2022 ($318,000 of that was from PACs, the rest from individual investment managers).

In the end it worked out for the bill, as Senate Majority Leader Chuck Schumer (D-NY) dropped the new tax for hedge fund managers from the bill, costing $580 million, according to The Hill, and replaced it with a new tax on corporate buybacks to bring in an additional $1.3 billion. 

--TL

•••

Hope for Democrats This November? ...

Last week, Minority Leader Mitch McConnell (R-KY) predicted the November midterm elections could go either way for the Senate, with his fellow Republicans taking a slight majority, or Democrats taking a slight majority. No one is predicting either party will win a filibuster-proof edge. 

Will the Senate’s passage of the Inflation Reduction Act help stem the traditional midterm sweep by the president’s opposing party? What do you think of the bill’s provisions?

Enter your opinion in the Comment box in this or the right column, or email editors@thehustings.news (subject to editing for length and clarity, but not civilly stated content). 

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Senate Passes Inflation Reduction Act, 51-50

The Senate has passed the $739-billion Inflation Reduction Act 51-50, along party lines with Vice President Harris providing the tiebreaker, The Hill reports. The corporate tax/climate change/healthcare legislation survived a Vote-o-Rama that included an amendment by Sen. John Thune (R-SD) that extended a SALT cap (state and local deductions) that is part of the 2017 Trump tax cut bill. 

Ruled by the Senate parliamentarian as eligible for budget reconciliation, Democrats were able to pass it without fear of a Republican filibuster.

Thune’s amendment, which passed with the support of seven Democrats including Arizona Sen. Krysten Sinema, was considered a threat to the bill because the deduction ceiling hurts many households in blue states and districts, according to The Hill’s report. But a subsequent amendment replaced the SALT cap extension with another revenue stream. Several Democrats offered hugs to Sinema as the vote on the final passage happened, the report says. 

Sinema’s support had been Democrats’ biggest concern after compromise on the bill, a heavily reduced version of President Biden’s $3-trillion-plus Build Back Better proposal, that was negotiated between Senate Majority Leader Chuck Schumer (D-NY) and Sinema ally Sen. Joe Manchin (D-WV).

--Todd Lassa

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COMMENTS: editors@thehustings.news

What Does This Mean for the Midterms?

Will Republican candidates have any success in using the $739-billion Inflation Reduction Act as an argument against Democrats in the November midterm elections? 

What do you think of the bill’s provisions? 

Enter your opinion in the Comment box in this or the left column, or email editors@thehustings.news (subject to editing for length and clarity, but not civilly stated content). 

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…meanwhile…

(CHART: Bureau of Labor Statistics)

(FRI 8/5/22)

528,000 more jobs in July…That’s about twice the number economists had predicted for last month, NPR reports. The Labor Department’s Bureau of Labor Statistics says the unemployment rate dropped by 0.1 points, to 3.5% and marks the return of the unemployment rate and nonfarm employment numbers to pre-pandemic, February 2020 levels. Widespread employment gains came in leisure and hospitality, and professional and business services, and health care, BLS reports. 

•••

China censures Pelosi … The Chinese government has censured House Speaker Nancy Pelosi (D-CA) and her direct family members, over her visit to Taiwan as part of a five-nation diplomatic trip to Asia this week, NPR reports. U.S. Secretary of State Antony Blinken has repeatedly noted Pelosi and her delegation have a right to visit the breakaway island nation and accused Beijing of overreacting, and Pelosi told a Tokyo press conference, “They will not isolate Taiwan by preventing us from traveling there.”

•••

Sinema signs on … The Senate will begin procedural votes today on the $739-billion Schumer-Manchin Inflation Reduction Act, with a Vote-o-Rama of unlimited amendments expected by the middle of next week. Sen. Krysten Sinema’s (D-AZ) crucial vote on the filibuster-proof budget reconciliation (subject to Senate parliamentarian approval) was secured late Thursday when Democratic leaders agreed to tweak the 15% minimum corporate tax by removing accelerated depreciation, according to Politico, and swap out killing the carried interest tax provision in favor of taxing large corporate buybacks, according to our fellow news aggregates at The Recount. 

Upshot: Sitting in the Catbird seat since Sen. Joe Manchin (D-WV) signed on with Majority Leader Chuck Schumer (D-NY) last week, Sinema could have made these negotiations much worse for her fellow Senate Democrats. But we find the specificity of her demands, particularly restoration of the carried interest tax provision for wealthy hedge fund managers, curious at the very least.

--Todd Lassa

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COMMENTS: editors@thehustings.news

Manchin Vindicated?

Where does Sen. Joe Manchin (D-WV) go for an apology? Anti-MAGA conservative columnist Tim Allen asks in The Bulwark<https://thetriad.thebulwark.com/p/joe-manchin-was-right-about-pretty> following the senator’s deal with Majority Leader Chuck Schumer (D-NY) to introduce the Inflation Reduction Act tackling climate change, health care and pharmaceuticals and closing tax loopholes to pay for it all. 

But Republicans senators are much-less convinced, making it clear it will need a nod from the Senate parliamentarian to run the bill through budget reconciliation in order for it to pass without threat of a filibuster. 

Manchin was “taken to the cleaners” on Inflation Reduction, according to Sen. Pat Toomey (R-PA), who has taken the heat for torpedoing the $400 billion veterans’ burn pit bill. 

Comment in the box below in this column below or email editors@thehustings.news.

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