Rep. Eric Swalwell (D-Calif. 15th District) is urging his Republican colleagues to get onboard with President Joe Biden's sweeping $2.3 trillion infrastructure plan, saying that the bill addresses many issues that plagued the country even before the onset of the coronavirus pandemic.
"We know that as Americans get back to work, as the economy reopens, we'll be reminded of our crumbling infrastructure," Swalwell told Cheddar.
"Americans want to spend less time in their cars and more time with their families, so that means investing in rails, additional highways, roads, bridges, tunnels."
Swalwell also noted the potential for broadband expansion under the Biden proposal, particularly for students who have lacked access to adequate internet service during the establishment of distance learning.
The president's infrastructure plan calls for a hike in corporate taxes from 21 percent to 28 percent, a move that many Republicans have come out against though the proposal is still below the 35 percent rate that existed before the Trump administration. Swalwell said the GOP has to be "a part of this process" and hopes some are willing to cross the aisle for the benefit of the country at large.
"President Biden ran on a uniting-the-country agenda, and he is reaching across the aisle," Swalwell said. "And I hope he will find partners that will work with him."
"I'm confident, on our side, in the House, we will do what is needed to get done. I hope that on the Republican side in the Senate, that they can achieve 60 votes, meaning at least 10 Republicans cross the aisle for the infrastructure needs that are there."
In hopes of enticing Republican lawmakers to support Biden's plan, the California representative also pointed to the return of earmarks or "member-directed spending," which allow lawmakers to direct funds to specific projects or groups in their districts. Earmarks were temporarily banned by each party in 2011 after President Obama promised to veto any bill containing them during his State of the Union address.
Senate Republicans voted to permanently ban the practice in 2019 but have shown signs they may be willing to re-embrace them, according to The Hill.
Swalwell noted that not only are Democratic lawmakers supporting the American Jobs Plan, their constituents are also backing it.
"I just think good policy is good politics, and if we keep this country open, if the unemployment rate is low, and the economy grows, like Goldman Sachs predicted at 8 percent by the end of the year, I think Americans will want to return to responsible governance to Washington come 2022," he said.
Inflation remains hot as the January PPI has increased by 1 percent, twice what analysts had been expecting with a jump of 9.7 over the year. Beth Ann Bovino, the U.S. chief economist, for S&P Global Ratings, joined Cheddar News to discuss the rapid pace of inflation alongside higher wages, predicting the Federal Reserve will act quickly and forcefully this year. "They haven't changed their forecast, yet, that's gonna come out soon. But we expect that a March rate hike is basically pretty much baked in the cake," she said. "We think six rate hikes in total for 2022."
For black history month, Cheddar is highlighting black business leaders who are driving the need for representation forward. On February 10, the U.S. Chamber of Commerce hosted an event called 'Developing the Black-Owned Business Ecosystem.' The virtual event was organized under the lobbying group's two initiatives -- the Equality of Opportunity Initiative, and the Coalition to Back Black Businesses. The event highlighted the developments needed to develop more black-owned businesses in the U.S. Dr. Anthony Wilbon, Dean of the School of Business at Howard University, joined Cheddar News' Closing Bell to discuss his experience as a speaker at the event.
A newly declassified letter by senators Ron Wyden and Martin Heinrich claimed the CIA. has been conducting a Secret Surveillance Program which has been collecting a bulk of data from American citizens. The letter which was written in April of 2021 urges the CIA to come clean about the kind of data it collects and how many Americans have been impacted. According to these two senators, the program did not have the safeguards of congressional oversight.
Art Hogan, Chief Market Strategist at National Securities, joined Cheddar News' Closing Bell, where he says investors are taking a wait-and-see approach when it comes to the situation between Russia and the Ukraine and elaborates on the impact higher oil prices stemming from the conflict would have on the market.
Last week, Senators Ron Wyden of Oregon and Martin Heinrich of New Mexico, Democrats on the Senate Intelligence Committee, wrote a a letter airing concerns that the CIA is collecting the data of American citizens without their consent. The lawmakers fear that the program might be exploiting private data. Morgan Wright, the chief security advisor at cybersecurity firm SentinelOne, joined Cheddar News to discuss the ramifications of the letter. "We don't have all the dots in one place to connect them," said Wright, cautioning against jumping to conclusions.
Russian President Vladimir Putin and his Foreign Minister Sergey Lavrov said that diplomacy is still possible, while U.S. officials warn that an attack on Ukraine is imminent. Cheddar News speaks with James Astill, Washington bureau chief of The Economist on the latest developments in Eastern Europe.
As the number of Russian troops rose to 130,000 along its Ukrainian border, hopes for a diplomatic solution remain among world leaders. Jason McMann, head of geopolitical risk analysis at Morning Consult, joined Cheddar News to break down the fluid situation. "We saw signs pointing towards an increase in tensions between Ukraine and Russia, whereas today we're seeing some signs that the Russian government may be willing to continue down a path of diplomatic negotiations to try and find some sort of non-military solution," he said.
Nancy Pelosi and House Democratic leaders are now planning to amend the stop trading on congressional knowledge act, otherwise known as the 'Stock' Act. This 2012 law governs how members disclose the purchase or sale of stocks and amending it would close a loophole, eliminating the trading of individual stocks by members of congress. Pelosi has consistently opposed a ban on stock trading by lawmakers and congressional staff...so what's changed? Kedric Payne, Vice President of Campaign Legal Center, joins Cheddar News to discuss.
In a 5-4 vote, the U.S. Supreme Court allowed for a controversial new version of the Alabama congressional map to remain in place. The lower court had previously ordered that the state must redraw that congressional map because it violates the Voting Rights Act by diluting the political power of Black voters. Redistricting expert Yurij Rudensky joins Cheddar News to weigh in.
