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.
Markets opened slightly higher to kick off the final trading week of the year as investors continue to watch the Omicron variant in the U.S. Sean O'Hara, President, Pacer ETFs joined Cheddar's Opening Bell to discuss what drove early market activity.
Carlo and Baker kick off the weirdest week of the year with all the news you missed over the holiday weekend, including calls for the CDC to shorten its isolation window as Omicron sweeps through the country.
Former professional tennis player Patrick McEnroe joined Cheddar to discuss the troubling issues surrounding player Peng Shuai who appeared potentially to have been silenced following her social media post accusing former Vice-Premier Zhang Gaoli of sexual assault. Shuai's subsequent disappearance, reappearance, and apparent retraction of the accusation in an interview only added to worries. "When this happened, all of us in the tennis community were very concerned. And, by the way, another thing Peng said in this interview was that she doesn't speak very good English," McEnroe noted. "Well I can assure you, she speaks darn good English, 'cause I spoke to her on many occasions over the last 15 years."
Universities like UCLA, Yale, and Duke have announced they're implementing remote learning amid the COVID omicron variant surge, despite President Biden recommending that K-12 schools should continue in-person education. Jared C. Bass, senior director for Higher Education at American Progress, joined Cheddar to break down what institutions of higher education might be considering differently. "I think some universities are allowing periods of a bit of a respite to allow students to get testing and make sure when they do return back to campus that they're healthy," he noted.
The S&P closed at a record at the major markets ended Thursday's session higher for a third straight day. Adam Coons, Portfolio Manager at Winthrop Capital Management, joins Cheddar News' Closing Bell, where he discusses what has investors feeling jolly before Christmas, and gifts investors with winning buying opportunities entering 2022.
The Supreme Court will hear arguments on President Joe Biden's vaccine mandates for large companies and health care workers on January 7, 2022. The mandates will remain in place until then.
Carlo and Baker cover the heartening news on the Covid front ahead of the holiday, plus President Biden punting student loan repayments again, a new space telescope and Love, Hate, Ate: Christmas Eve Eve Edition!
This year's worldwide semiconductor shortage limited the supply of everything from new cars to smartphones; and now, many in the chip industry expect the shortage to continue deep into 2022, and maybe even 2023. Semiconductor senior research analyst for Robert W. Baird & Co., Tristan Gerra, joins Cheddar News' Closing Bell to discuss.
