After claiming the Democrats did “jiu jitsu” on the $2 trillion coronavirus aid package in order to focus more on individuals rather than corporations, Speaker Nancy Pelosi, who turns 80 today, said the House will take up the measure tomorrow.
While she said Thursday that she is “very proud of the product” and expects it to pass with strong bipartisan support, she does not expect unanimous consent.
Echoing warnings of public health officials nationwide, Pelosi said getting coronavirus under control “won’t happen unless we respect science, science, science. And for those who say we choose prayer over science, I say science is an answer to our prayers.”
Pelosi, who worked closely with Treasury Secretary Steven Mnuchin on negotiating the Phase III bill, said “with all the respect in the world” for Mnuchin, “there was this idea they put forth there would be a $500 billion slush fund for the Secretary of the Treasury with no accountability, whatsoever. Are you kidding?” Pelosi said she is pleased the new language in the bill has a Treasury inspector general and a five-person Congressional oversight committee to oversee the distribution of those funds.
Pelosi is expected to introduce the 880-page Coronavirus Aid, Relief, and Economic Security (or CARES) Act to the House tomorrow. House Majority Leader Steny Hoyer said the chamber will likely consider the bill by voice vote, with an option for House members to debate on the floor.
The bill faced last-minute opposition from both sides of the Senate aisle. Some Republicans argued provisions of the act disincentivized people from working while Democrats argued there was too much relief for corporations, rather than individuals.
While listing off changes to the bill that she was happy with, Pelosi noted that money to major corporations like airlines are conditional upon those funds going directly to workers.
“With all three of our bills, we have put families and workers first,” she said. She also expressed hope that a potential Phase IV of the relief bill will offer even more worker protections and increased state and local funding.
As she urged people to continue staying home and following warnings of health officials, Pelosi said “the markets are not going to succeed unless we take care of people,” she said.
Without naming the president directly, Pelosi pushed back on the administration’s suggestion that the federal government ease social distancing guidelines and urged him to invoke the Defense Production Act to increase production of ventilators and coordinate distribution. If the nation does not act carefully, she warned “the light at the end of the tunnel may be a train coming at us.”
She also said she was disappointed that Republicans would not agree to an increase in food stamp benefits. In response, she has included that as a priority for another phase of the deal. Other priorities include expanding Family and Medical Leave Act and workplace health and safety protections, expanding the allowance of pension smoothing, and creating a better funding formula for the District of Columbia, which was classified as a territory rather than a state in the Phase III plan.
Though Pelosi said ‘nothing surprises me around here,” she found it “curious” that Washington D.C. was treated “in a very discriminatory way.”
“It doesn’t make sense unless you have some other motivation,” she said.
Still, Pelosi said, “We will have a victory tomorrow for America’s workers.”
But although she may be planning to celebrate a legislative victory tomorrow, her more personal birthday celebration will have to wait until she can hug her grandchildre
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.
