Senate Republicans have announced a $928 billion counteroffer to Biden’s $1.7 trillion infrastructure plan. Fox reports that it focuses on core infrastructure projects while eliminating spending on other projects that have been backed by Democrats. In other news, experts say the Fed seems to be having an identity crisis.
Senate Republicans unveil $928B counteroffer to Biden spending plan
Senate Republicans on Thursday announced a $928 billion counteroffer to President Biden’s massive $1.7 trillion infrastructure plan, Fox Business reports.
The proposal focuses on core infrastructure projects while eliminating spending on other projects that have been backed by Democrats.
Republican Sens. Shelley Capito of West Virginia, John Barrasso of Wyoming, Mike Crapo of Idaho, Pat Toomey of Pennsylvania, Roger Wicker of Mississippi and Roy Blunt of Missouri drafted the proposal.
“This counteroffer delivers on much of what President Biden provided in his feedback to us during our Oval Office meeting while still focusing on core infrastructure investments,” the senators said in a statement.
The counteroffer allocates $506 billion for roads, bridges and major projects and includes a $91 billion increase over baseline spending for roads and bridges and a $48 billion increase over baseline spending for water infrastructure.
One-time increases of $25 billion for airports, $65 billion for broadband, $22 billion for passenger and freight rail and $6 billion for water storage in the West are also included.
The Fed keeps expanding its powers, and that’s making some people nervous
The Federal Reserve seems to be having an identity crisis.
Not that long ago, the U.S. central bank was seen solely as a watchdog of the nation’s financial system as well as the entity charged with using its various policy levers to control inflation and keep unemployment low.
Nowadays, well, things have changed.
In recent months, the Fed has extended its responsibilities as a bank regulator to the fight against climate change. Where once the Fed used its power over interest rates to control inflation and keep borrowing costs low, it now is taking on the role of making sure job gains are spread equally among income, racial and gender groups.
If this doesn’t sound like your parents’ Fed, or even legendary former Chairman Paul Volcker’s, you’re not alone.
Continue reading, here.
Kitco News/Jim Wyckoff
Gold, silver see some routine profit taking from recent gains
Gold and silver prices are modestly lower in early morning U.S. trading Thursday, on a normal corrective pullback and some profit-taking by the futures traders. Gold on Wednesday hit a 4.5-month high. Once again, don’t be surprised to see the bulls step in and buy these mild dips in gold and silver prices. June gold futures were last down $3.90 at $1,897.30 and July Comex silver was last down $0.087 at $27.78 an ounce.
A slew of U.S. economic data released this morning had no significant initial impact on the precious metals markets.
Global stock markets were narrowly mixed or flat overnight. U.S. stock indexes are pointed toward slightly lower openings when the New York day session begins. It will be a busy day for U.S. economic data Thursday. The inflation discussion in the marketplace has ebbed a bit this week, as Federal Reserve officials in their comments to the public recently have apparently done a good job of assuaging trader and investors worries about rising prices.
Keep reading, here.