Despite the Senate quickly removing the controversial $15 federal minimum wage hike passed in the House version of the latest COVID stimulus bill, Republican lawmakers are still speaking out against other items included in the plan as Senate Democrats rush to finalize their version of the bill.
For Rep. Kat Cammack (R-Fla. 3rd District), the price tag, which includes checks for qualified Americans, is too high.
"As far as the stimulus, that is a temporary solution and, again, it just adds to the further debt that our nation is in. For us, as millennials, this is killer because this is on our shoulders. The generations before us, they're not going to have to deal with these problems of sequestration," she told Cheddar. "It's millennials and Gen Zs that are really footing the bill for this."
At 33 years old, Cammack is currently one of the youngest members serving in the House.
In a letter to President Joe Biden, Cammack said approving another trillion-dollar spending bill would be irresponsible, in part, because funds from previous relief bills still have not been allocated.
The cost of the COVID relief bill was not the only concern for Cammack, however. The Florida congresswoman described other measures in the bill as a "wish list of projects" that Democrats are trying to push through.
"It has nothing to do with rescuing America from this pandemic. It had nothing to do with COVID relief," she alleged. Cammack stressed the need to get vaccines for Americans interested in receiving it and reopening schools.
"What does an underground tunnel in Silicon Valley have to do with COVID relief? What does a bridge in New York have to do with COVID relief? This was just some of the garbage that was tucked into this bill," she protested.
While a new poll from Morning Consult and Politico showed more than 70 percent of voters -- including more than half of GOP voters -- support the bill as it stands, Cammack said her party isn't worried about efforts to strike down the relief plan backfiring.
"The previous bills in 2020 under President Trump were all bipartisan. There was Republican and Democrat support. In this bill that Nancy Pelosi just pushed through last week — actually at 2:30 in the morning — that not only had every single Republican vote against it but members of her own caucus," she said.
Rebecca Walser, President of Walser Wealth Management, joins Cheddar News' Closing Bell, where she discusses the factors behind Monday's surge on Wall Street and explains why investors will likely experience volatility in the market throughout the month of December.
Cheddar's Chloe Aiello joined "Closing Bell" to break down the progress of the SAFE Banking Act in Congress as cannabis businesses operators struggle to find financial institutions that will service them. Banks face steep federal penalties, including the risk of losing a bank charter, if found to be servicing marijuana businesses even if their state has legalized operations. Aiello reported that while there was some bipartisan support for the measure in the Senate, the bill faces some opposition from conservatives with "longstanding concerns" about cannabis and progressives who prefer a more comprehensive approach to reform.
Head of Instagram Adam Mosseri is slated to testify this week in front of the Senate Commerce Subcommittee after a Wall Street Journal report that found the Meta-owned social media platform is negatively impacting the mental wellness of teen girls.
Chinese regulators are reportedly behind China-based ride-hailing company DiDi exiting from the New York Stock Exchange, just days after listing earlier this year. The regulators stated prior that DiDi had not received the necessary clearances to list in the states. Gordon Chang, Asian affairs expert, joined Cheddar to break down what the delisting says about the relationship between nations. "This really strikes me as an attempt to really to force a decoupling of China and the U.S. in the financial markets," Chang said.
U.S. Futures were pointing to a higher open to round out the week despite a miss on the November Jobs Report, which showed slower job growth than expected-- and as the omicron variant continues to spread across the country. Patrick Healey, Founder & President at Caliber Financial Partners joined Cheddar's Opening Bell to discuss.
Just days after the detection of the Omicron variant, the World Health Organization has agreed to start the process of establishing a global pandemic treaty or accord. Amy Maxmen, senior reporter for Nature, and Dr. Samuel Scarpino, managing director for the Rockefeller Foundation's Pandemic Prevention Institute, joined Cheddar to discuss this effort and what lessons can be learned from the many COVID-19 failures as the world prepares for future pandemics.
It's a mixed bag for the November jobs report. Hiring slowed last month as employers only added 210,000 jobs, massively missing the estimate of 550,000. But there was one bright spot: the unemployment rate fell to 4.2%, with the number of unemployed people dropping to 6.9 million. Both of those numbers are considerably down from their highs at the end of the 2020 recession. Heather Boushey, a member of President Biden's Council of Economic Advisers, joined Cheddar to discuss the report and the state of the country's ongoing economic recovery.
