On Tuesday, the House voted to approve a $3.5 trillion budget resolution, advance a bipartisan infrastructure bill, and move forward with sweeping voting rights legislation. The vote allows Democrats to write and approve a massive spending package without Republicans and puts the Senate-passed infrastructure plan on a path to final passage in the House. House Speaker Nancy Pelosi said she is “committing to pass the bipartisan infrastructure bill by September 27” and would “rally” her caucus to pass it.

 

CNBC/Jacob Pramuk
House Democrats clear path toward passing $3.5 trillion budget bill and infrastructure plan after breaking stalemate

House Democrats forged ahead with President Joe Biden’s economic plans Tuesday after they broke a stalemate that threatened to unravel the party’s sprawling agenda.

In a 220-212 party-line vote, the chamber passed a $3.5 trillion budget resolution and advanced a $1 trillion bipartisan infrastructure bill. The vote allows Democrats to write and approve a massive spending package without Republicans and puts the Senate-passed infrastructure plan on a path to final passage in the House.

The measure includes a nonbinding commitment to vote on the infrastructure bill by Sept. 27, which aims to appease nine centrist Democrats who pushed the House to consider the bipartisan plan before it took up the Democratic budget resolution. The vote also advances a sweeping voting rights bill, which Democrats aim to pass as soon as Tuesday.

You can read the full story, here.

 

CNN Business/Anneken Tappe and Nathaniel Meyersohn
The truth about how much Delta is hurting the US economy

Is the Delta variant hurting the economy? It depends on who you ask.

A handful of businesses over the past several weeks have said customers are closing their purses. Consumer confidence fell through the floor, and retail sales sank.

Yikes, right? Well, maybe not.

Job growth remains electric. Inflation has come off its highs, and the broadest measure of the economic activity showed considerable strength in the spring.

The US economy is putting out a lot of mixed signals: While the Delta variant is weighing on economic data and consumer sentiment, the recovery is still chugging along and plenty of businesses remain optimistic about the future.

So what gives?

Continue reading, here.

 

Federal News Network/Mike Causey
Inflation and your retirement timeline

With inflation on the rise, a growing number of feds are crunching the numbers to weigh the financial benefits of working another year or two. For many, the answer is eye-popping: As in lots more money in retirement for working a couple of years longer.

Example:

According to benefits expert Tammy Flanagan, an employee under the Federal Employees Retirement System (FERS) making $80,000 per year could boost their starting annuity by almost $30,000 by sticking around another two years. That, by anybody’s standard, is a lot of money. Now and later.

Read the full story, here.

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