McCarthy knocks bill to abolish IRS he promised GOP rebels a hearing on
Ryan King, The Washington Examiner
House Speaker Kevin McCarthy (R-CA) disavowed a national sales tax measure called the Fair Tax Act that he promised Republicans rebels his Congress would hold a hearing on.
Joe Manchin to Introduce Bill to Delay EV Tax Credits
Yuka Hayashi, The Wall Street Journal
Sen. Joe Manchin (D., W.Va.) said he would introduce legislation Wednesday that delays implementation of new tax credits for electric vehicles amid disagreements with the Treasury Department over how to implement the program, a component of the Inflation Reduction Act.
US economic growth set to have slowed in fourth quarter of 2022
Colby Smith, Financial Times
Expected lower GDP figures come as Federal Reserve’s aggressive tightening campaign weighs on activity.
Debt-Limit Showdown Splits Credit Raters on US Downgrade Trigger
Liz McCormick, Bloomberg
The three most-cited debt-rating firms are all expecting Congress ultimately to raise the federal debt ceiling — despite a deep partisan divide — though they’re split on the implications of any move to prioritize payments on Treasuries in the event the debate goes into extra time.
McCarthy’s moderate Republican allies have their own debt-ceiling ideas
Mackenzie Hawkins, Bloomberg
Ultraconservatives in the House have dominated the public discussion on the U.S. debt ceiling, but Speaker Kevin McCarthy can’t afford to ignore GOP centrists if the country is to avoid a catastrophic payments default later this year.
Democrats revel in the GOP’s ‘doozy’ of an idea for a national sales tax
Ben Werschkul, Yahoo Finance
“This so-called fair tax plan is the craziest yet. It’s a real doozy,” Chuck Schumer said on Wednesday.
Measure seeks to repeal national debt ceiling
Douglas Clark, Financial Regulation News
U.S. Rep. Bill Foster (D-IL) has joined colleagues in co-sponsoring the End the Threat of Default Act (H.R.415), which would repeal the national debt ceiling.
Bill seeks to hold Congress accountable for balanced budget
Douglas Clark, Financial Regulation News
Sen. Steve Daines (R-MT) has re-introduced the Balanced Budget Accountability Act (S.6), which he noted requires Congress to produce a balanced budget, or members will not get paid.
Biden finally gets a win against inflation
Victoria Guida, Politico
The war on inflation may be far from over, but the economy has reached a key, little-noticed milestone: Workers’ wage gains are finally outpacing the rise in consumer prices.
What a Brainard departure would mean for the Fed
Neil Irwin, Axios
Lael Brainard, the No. 2 official at the Fed, is a leading contender to become President Biden’s top economic adviser, the Washington Post first reported this morning. It raises an important question: If she heads to the White House, what would it mean for the central bank?
Small Businesses Keep Hiring as Fed Raises Rates to Cool Economy
Dion Rabouin, The Wall Street Journal
A surge in hiring by American small businesses complicates the Federal Reserve’s effort to cool inflation.
Bloomberg LP is hiring 1,000 people while other media, finance, and tech companies slash staff
Lucia Moses, Insider Premium
Bloomberg LP is on a hiring tear while other media, finance, and tech companies slash staff amid the softening economy. The financial news and info giant approved the hiring of 1,000 people this year, according to a staff memo from Vlad Kliatchko, the company’s chief product officer, that was reviewed by Insider.
High-Earning Men Are Cutting Back on Their Working Hours
Courtney Vinopal, The Wall Street Journal
American workers have cut the number of hours they spend in their jobs since 2019, but no group has dialed back its time on the clock more than young, high-earning men whose jobs typically demand long hours.
Millions of working parents, especially women, are unpaid caregivers. Why doesn’t government data account for their labor?
Aarthi Swaminathan, MarketWatch
Working mothers have two full-time jobs. But only one is seen by official statistics. The U.S. economy relies on unpaid care to function, as parents juggle childcare and chores, and others manage elderly at home. Yet caregiving is not considered as part of economic output.