Get the Need2Know newsletter in your inbox every morning! Sign up here!

Here are the headlines you Need2Know for Monday, December 20, 2021:

BUILD BACK NEVER

The centerpiece of President Biden’s domestic agenda appears to be dead after Sen. Joe Manchin said over the weekend that he will not support the Build Back Better bill. Manchin shocked the White House when he went on Fox News and said he’s a hard “no” on the $2 trillion bill, dooming it at least in its current form. The BBB legislation provided $500 billion for tax breaks and spending on climate change, as well as billions more to expand the social safety net by creating free preschool and expanding child care aid. WASH POST

OMICRON LATEST

Moderna says a booster shot of its Covid vaccine significantly increases the level of antibody protection against the Omicron variant, coming after Pfizer said a booster of its vaccine does the same. Dr. Fauci warned Americans to brace for a “tough few weeks to months” as Omicron becomes the dominant strain in the U.S., while the White House issued an unusually harsh statement warning that the unvaccinated are “looking at a winter of severe illness and death for yourselves, your families and the hospitals you may soon overwhelm.” President Biden is expected to deliver a version of that message when he addresses the nation tomorrow night. CNN

DRONE WAR CASUALTIES

The New York Times published a major investigation over the weekend focused on casualties from the U.S. drone war in the Middle East, finding that civilian deaths were far more widespread than previously known across the Obama and Trump administrations. The Times got its hands on a secret Pentagon archive that describes many drone strikes as relying on “deeply flawed intelligence” that led to thousands of civilian deaths, including many children, in Syria, Iraq and Afghanistan. The Biden administration has significantly pared back the U.S. air war. According to data from Airwars.org, there were 1,600 American airstrikes in Iraq and Syria during the first 11 months of the Trump presidency, and just four in the same period under Biden. NY TIMES

CHILE'S NEXT PRESIDENT

Chile has elected the leftist Gabriel Boric to be its next president, making the 35-year-old former student activist the youngest ever leader of the Latin American country. Boric ran on a platform of reducing inequality, raising taxes on the rich and addressing climate change and beat his far-right competitor by a larger margin than polls anticipated. Boric will take power with Chile in the process of drafting a new democratic constitution focused on gender equality, Indigenous rights and environmental protections. BBC

FUTURES IN THE RED

Stock futures are pointing sharply lower this morning ahead of a shortened trading week, as investors digest the rapid spread of the Omicron variant and the news that the Build Back Better bill appears to be doomed. Goldman Sachs lowered its growth forecast for 2022, citing the difficulties in getting that spending bill passed. December has been a bit of a dud for the markets, with the usual year-end “Santa Claus rally” failing to materialize so far. MARKETWATCH

DISNEY-YOUTUBE DISPUTE

ESPN is back on YouTube TV after Disney reached a deal with Google to reinstate its portfolio of channels on the popular streaming service. ESPN, FX, The Disney Channel and ABC were pulled from YouTube TV on Friday when their carriage agreement lapsed, leading YouTube to drop the monthly price for subscribers by $15. YouTube TV will return to its $65 per month cost now that the channels have been restored. THE VERGE

COVID IN SPORTS

Covid is once again ripping through pro sports, filling up teams’ reserve lists even though virtually every player testing positive for the virus is either asymptomatic or mildly sick. The NFL is amending its strict testing policy and will no longer require asymptomatic vaccinated players to test weekly, and will allow high-risk players to opt out of the rest of the season. The NHL is suspending games that involve cross-border travel until after Christmas, and there are concerns that the hockey league won’t be able to send players to Beijing for the Olympics. In the NBA, five games have been postponed amid a wave of players in the Covid protocol. The league has responded by allowing teams to sign replacement players if their rosters are depleted. ESPN

SPIDEY SAVES THE DAY

Spider-Man didn’t just break all Covid-era box office records, he obliterated them. Spider-Man: No Way Home opened to $253 million over the weekend, the biggest debut of the pandemic (by far), the biggest ever for a Spidey flick, and the third-biggest domestic opening of all time (behind just the final two Avengers movies). And the records fell in spite of the Omicron wave, giving Hollywood some much-needed evidence that people are itching to go back to the theaters --  at least to see big franchise blockbusters. VARIETY

SPOTTED...

…Tom Brady, smashing a Microsoft tablet to pieces on the sidelines as the Saints shut out the Bucs, 9-0: WATCH

…Paul Rudd, hosting SNL in front of an empty Studio 8H. The show sent its live audience and most of its cast and crew home out of “an abundance of caution” over Covid: WATCH THE MONOLOGUE

LEFTOVERS: LONG LIVE THE KING

Hassan Dervish spent 40 years selling ice cream out of a truck in London before he died last week of cancer at the age of 62. Dervish’s funeral procession included a fleet of 10 ice cream trucks playing their jingles as Dervish's fellow vendors came out to pay their respects to the “king of the ice cream”: WATCH

Listen to the N2K Podcast! Looking for more context and analysis on the big stories of the day? Check out our podcast! Hosts Jill and Carlo break down the headlines, every weekday morning Listen on Apple or Spotify, or watch on YouTube, and send us your feedback!

Share:
More In Culture
Elizabeth Holmes Fraud Conviction Might Yield Five to Seven Years in Prison
The six-month trial of Theranos founder Elizabeth Holmes has come to an end with the former tech startup star found guilty of four out of 11 counts of fraud. Michael S. Weinstein, Esq, chair of the white collar criminal defense practice at Cole Schotz, and former Department of Justice trial attorney, joined Cheddar News Wrap to discuss what happens next for the former mogul. "Do I think it's going to be more than five or seven years? Probably yes. I think that's probably a fair range at this point," he said about her potential prison sentence.
CES 2022 Begins on Wednesday
We are just one day away from what has been called the most influential tech event in the world. CES 2022 will officially kick off on Wednesday in Las Vegas, but the annual tech summit is being impacted by COVID-19, like so many other recent events. The Consumer Technology Association originally planned for a hybrid event to take place from January 5-8, with some in-person events and some virtual; however, a few big-name companies announced they will not be attending in-person, so the CTA decided to shorten the event by one day, with it now ending on Friday. Consumer electronics senior analyst Will Greenwald joins Cheddar News' Closing Bell to discuss.
California Starts Largest U.S. Food Waste Recycling Program
California's new composting law will affect what residents do in their kitchens. As of this week, Californians will have to recycle excess food in an effort to reduce emissions caused by food waste. Cities and counties will turn recycled food into compost or use it as a renewable energy source. California's new law is the largest mandatory residential food waste recycling program in the country. Rachel Wagoner, Director of the California Department of Resources, Recycling and Recovery called the law 'the biggest change to trash' since recycling started in the 1980s. She joined Cheddar Climate to discuss.
Sweetgreen Launches Salad Subscription Service 'Sweetpass'
Fast-casual restaurant chain Sweetgreen is rolling out its first salad subscription service called sweetpass as it looks to customers tackling new year weight loss and health goals. Members will receive up to 30 percent off of purchases.
Severe Snowstorm Blankets D.C., Mid-Atlantic Region
Washington DC and the surrounding areas saw a record breaking snow storm Monday as a strong storm system works its way across the eastern U.S. The extreme weather event caused extensive damage in the greater Washington area, leaving thousands in the region without power. Jonathan Porter, Chief Meteorologist, AccuWeather, joined Wake Up with Cheddar to discuss the fierce storm.
Over 3,000 Flights Canceled on Monday Over Severe Weather, Crew Shortages
Airlines canceled more than 3,000 flights on Monday over severe weather and crew shortages. The cancellations come on one of the busiest travel days of the holiday season, and is a continuation of the industry-wide disruption that started before Christmas. Thomas Pallini, Aviation Reporter for Insider joined Wake Up with Cheddar to discuss.
End of Child Tax Credit Could Mean Slide Back Into Increasing Child Poverty
Millions of Americans with young children have relied on the child tax credit since the federal government began issuing checks in July 2021. The last round of payments was sent out just before the Christmas holiday — at the same time as the omicron variant surged. Leah Hamilton, associate professor of social work at Appalachian State University, joined Cheddar to discuss what the end to the tax credit means as the U.S. sees the end of many relief programs and its highest number of COVID cases since the start of the pandemic. "It'll become harder for families to meet their basic needs, increasing national childhood poverty rates and the proportion of families who have difficulty putting food on the table, maintaining stable housing, and paying their bills," Hamilton said. She also pointed to research that the credit as a long-term investment in children offsets claims that it contributes to macroeconomic impacts like inflation.
NYT Piece Claims Silicon Valley Investors and Founders Contorted Legal Tax Break to Avoid Taxes on Investment Profits
Several Silicon Valley insiders are being accused of contorting a 1990s-era tax break to avoid taxes on millions of dollars of investment profits. The tax break is known as the qualified small business stock exemption, and it allows early investors in certain companies to avoid half of the taxes on up to $10 million in capital gains. A piece recently published in the New York Times says venture capital firms like Andreessen Horowitz replicated the tax exemption by giving shares of companies to friends and family, who would otherwise face a 23.8% capital gains bill. The CEO of Roblox is also accused of replicating the tax break for his family members at least 12 times. Although the loophole known as 'stacking' is considered to be legal, the Times piece implies that the exemption has been manipulated for the ultra-wealthy to become more wealthy. Greycroft co-founder and Chairman Emeritus Alan Patricof joins Cheddar News' Closing Bell to discuss.
Load More