We have another Infrastructure Week on the schedule and if you had "the filibuster isn't racist" on your 2021 BINGO card, you win a prize. Here's more about what is and isn't expected in the Washington Week Ahead.
(ANOTHER) INFRASTRUCTURE WEEK: The proverbial joke in Washington is actually, really happening in Pittsburgh on Wednesday when President Joe Biden takes to the stage to pitch his infrastructure plan. The White House has downplayed leaks so far, but we can expect that he'll try to sell the American people on $3-4 trillion in federal spending on "hard infrastructure" like planes, trains, and automobiles and "soft infrastructure" like free community college and universal Pre-K. The bill will not garner much Republican support and Democrats are planning to move forward with another budget reconciliation proposal.
CRICKETS ON CAPITOL HILL: The week of Spring Recess and all through the House, not a creature was stirring, not even a mouse. The Senate gaveled out of its chamber with care in hopes that legislative business would all disappear.
Yes, I did write a poem about next week in Washington. But it pretty much sums up where things are: Congress is in recess for two weeks and that means exactly nothing will be happening on the legislative front. Don't expect much from the president either. He's clearly in no rush to do anything on gun control or immigration, saying "timing is everything." In other words, not now.
BESSEMER UNION BATTLE: The vote on whether to unionize the Amazon warehouse in Bessemer, Alabama wraps up on Monday, just days before Biden heads north to the union town of Pittsburgh to pitch the country on tons of good, union jobs as part of his infrastructure plan. But the union fight is already here and it's happening in a state that is historically anti-union. Whether or not Amazon's warehouse does unionize or not, the conversation about union jobs and unions, in general, is going to be an ongoing one, especially as the Democratic Senate will likely force a vote on the pro-union PRO Act despite having no Republican support — if they can get the votes in their own party.
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.
As the U.S. continues to face supply chain shortages, President Joe Biden is reassuring U.S. consumers that the supply chain is in "very strong shape" ahead of the all-important holiday season. As supply bottlenecks start to show signs of improvement, the industry may be faced with yet another challenge: the Omicron variant. Rob Caucci, Co-Founder & Co-CEO of Fillogic joined Cheddar's Opening Bell to discuss.
Markets rebounded Monday morning after Friday's deep sell-off that saw the Dow suffer its worse day since 2020. It comes as investors continue to react to the impact of the omicron variant on the broader reopening. Eddie Ghabour, Co-Owner at the Key Advisors Group joined Cheddar's Opening Bell to discuss.
Markets bounced back this morning with travel leading the gains after plunging on Monday as the first case of Omicron was detected in the U.S. Jimmy Lee, CEO, Wealth Consulting Group joined Cheddar's Opening Bell to discuss.
The market saw investors react to comments by the World Health Organization's chief scientist, who suggested existing vaccines are likely to offer protection against the new variant. According to Thomas Hayes, chairman of Great Hill Capital, the next two weeks will be crucial as the markets watch for not only the effects of the Omicron variant, but also the Fed's decision on a taper.
It's Friday at long last. Jill and Carlo cover the latest on Omicron, including a possible superspreader event in NYC. Plus, previewing the November jobs report, a new Zoom feature no one asked for, and when it's no longer a good idea to eat Thanksgiving leftovers.
Following the Mississippi abortion case, the fate of Roe V. Wade is at stake. A decision is expected next summer, right around the time midterm candidates will be making their cases to voters. Laura Packard, executive director of Health Care Voter, joins Cheddar News to discuss how the ruling will impact upcoming elections.
Stock markets around the world continue to be impacted by fears of the new Omicron COVID-19 variant. President Biden today reiterated his stance that the new strain is cause for concern, but not cause for panic. Wells Fargo Investment Institute Global Equity Strategist Scott Wren joined Cheddar News' Closing Bell to discuss.
