Members of Congress and the Congressional Black Caucus form a circle around the flag-draped casket of the late Rep. John Lewis, D-Ga., as he lies in state at the Capitol in Washington, Monday, July 27, 2020. (Jonathan Ernst/Pool via AP)
Here are the headlines you Need2Know for Tuesday, July 28, 2020:
COVID-19: LATEST DEVELOPMENTS: Lawmakers will continue to negotiate over the scope of the next economic relief package today. Republicans opened with a $1 trillion plan that would cut the enhanced unemployment benefit from $600 to $200 a week. The Democrats want to keep that benefit intact through the end of the year as part of their $3 trillion package. At the White House, Trump's national security adviser Robert O’Brien, tested positive, becoming the highest-ranking official and member of the president’s inner circle to contract the virus. Meanwhile, new cases are starting to level off in Texas, Arizona and Florida. REUTERS
BACK TO SCHOOL: What can the U.S. learn from countries that have successfully reopened their schools? A number of studies in countries like Germany and Denmark suggest that the safest way to bring students and teachers back to school depends on a number of variables -- including the age of students. Teens appear to transmit the virus much easier than younger kids, with one South Korean study showing that children under 10 had the lowest transmission rate of any age group, whereas 10-19 year-olds had transmission rates similar to adults. WIRED
LEWIS LIES IN STATE: The late Rep. John Lewis became the first Black lawmaker to lie in state in the Capitol, one of the highest honors that can be given to an American. Lewis’ coffin was brought to the rotunda for a private ceremony for members of Congress. Members of the public have been able to pay their respects outside the building. President Trump said he will not visit the casket. AP
U.S.-CHINA RELATIONS: China has officially taken back control of the American consulate in Chengdu, a symbolic indication of how far and fast the diplomatic relations between the world’s two largest economies have deteriorated. Chinese soldiers took down the U.S. flag outside the mission as crowds of people waving Chinese flags looked on. GUARDIAN
GOLD RECORD RUN: The price of gold is now at a record high, approaching $2,000 an ounce. Gold is typically thought of as a “safe haven” investment where you park your money when you’re worried about the global economy, and the run up in its price suggests investors are increasingly nervous about the recovery -- not just the virus, but the growing tension between the U.S. and China, as well. BLOOMBERG
GOOGLE WORK FROM HOME: Google has decided to keep all of its employees remote until at least next summer, becoming the first major American company to extend the timeline for work-from-home out an entire year. The decision will affect nearly all of Google parent Alphabet’s 200,000 employees, from Silicon Valley to India. WSJ
MLB COVID OUTBREAK: The MLB season isn’t even a week old and it’s already in jeopardy after a coronavirus outbreak swept through the Miami Marlins clubhouse. Three games have been postponed as the league tries to stem the outbreak, which has infected at least 14 members of the Marlins organization. ESPN
MOVIE RELEASE DATES: The summer movie season is a wash. The fall season, when most of the big Oscar contenders are released, is in peril. So what’s left? Here’s a list of every movie that was supposed to come out this year, and when it’s now scheduled for release. Just go ahead and assume you won’t be going to the theater until next year: READ IT
WELCOME TO THE WORLD...baby Willa! That’s reportedly the name of Joe Jonas and Sophie Turner’s baby girl. The Game of Thrones actress gave birth to the couple’s first child last week. TMZ
LEFTOVERS: SORRY FOR ROCKING: New York Gov. Andrew Cuomo has launched an investigation into a Chainsmokers concert that took place in the Hamptons last weekend after videos on social media showed people crowding together to watch the show, which was supposed to be a drive-in. The charity concert -- tickets were going for as much as $25,000 a pop -- also featured a set by DJ D-Sol, the alter ego of Goldman Sachs CEO David Solomon. PITCHFORK
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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.
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'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.
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.
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.
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.
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.
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.
