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THE BIG DEAL—Biden calls Democrats, urges big COVID-19 relief bill: President Biden urged Senate Democrats in a call Tuesday to “go big” and move quickly on a COVID-19 relief bill, signaling that he is rejecting a $618 billion proposal sponsored by 10 GOP senators as “too small” even though he is open to some of their ideas.
“It was clear,” said Sen. Tim Kaine
Timothy (Tim) Michael KaineSenators reintroduce bill to block NATO withdrawal Democrats back up Biden bid to return to Iran nuclear deal Overnight Defense: Congress looks to rein in Biden's war powers | Diversity chief at Special Operations Command reassigned during probe into social media posts MORE (D-Va.) after the call. “Go big and be prompt because the American public is really hurting and really needs this.”
The Hill’s Alexander Bolton brings us up to speed.
Recapping the call:
- Biden told Democrats that his clear preference is for Congress to pass a $1.9 trillion package, despite concerns voiced by Republicans about the impact on the deficit.
- Biden didn’t close any doors to working with Republicans but wants Democrats to move a large package immediately, which means it’s almost certain to need to move under a special process known as budget reconciliation to be able to pass with a simple majority vote.
- Treasury Secretary Janet Yellen
Janet Louise YellenTreasury announces COVID-19 relief oversight office Washington Post reporter explains how taxes in Biden infrastructure plan would affect multinational corporations Republicans can't handle the truth about taxes MORE, who was also on the Tuesday call with Senate Democrats, warned that pumping significantly less than Biden’s $1.9 trillion boost to the economy could have long-term consequences.
The takeaway: Democrats are making overtures to Republican colleagues to get them on board, but won’t hold out for a bipartisan deal if one isn’t close. Shortly after the call, the Senate voted 50-49 on a motion to proceed to a budget resolution that will include reconciliation instructions to allow a large COVID-19 relief package to pass without any Republican votes.
Read more on the push for a coronavirus relief deal:
- Sen. Joe Manchin
Joe ManchinModerates' 0B infrastructure bill is a tough sell with Democrats 'Just say no' just won't work for Senate Republicans The Hill's Morning Report - Presented by Tax March - CDC in limbo on J&J vax verdict; Rep. Brady retiring MORE (D-W.Va.) said Tuesday that he does not support increasing the minimum age to $15 an hour — a critical roadblock to including the proposal in the final coronavirus relief bill. - Analysis: Biden plan would provide more taxpayers stimulus checks than GOP's
LEADING THE DAY
Biden's SEC pick sidelined as GameStop drama unfolds: President Biden’s choice to be the top cop on Wall Street has been left sitting on the sidelines as the Securities and Exchange Commission (SEC) faces growing pressure to sort out the GameStop stock frenzy.
A logjam in approving Biden’s Cabinet picks has delayed Gary Gensler
Gary GenslerThe Hill's Morning Report - Presented by Tax March - CDC in limbo on J&J vax verdict; Rep. Brady retiring On The Money: Senate confirms Gensler to lead SEC | Senate GOP to face off over earmarks next week | Top Republican on House tax panel to retire Senate confirms Gensler to lead SEC MORE’s potential confirmation as SEC chairman, leaving the regulator without a permanent leader to bridge a partisan 2-2 split on its board.
The context:
- Lawmakers in both parties are calling on the SEC to take action after Reddit-driven stock rallies roiled the financial sector and forced several major investing companies to restrict customers’ trades.
- While the SEC said last week it will investigate the fallout, Democrats and Republicans are set to dial up the political heat in two congressional hearings on the state of the stock market.
The GameStop saga will likely be the primary focus of Gensler’s hearing, and further delays could hamstring how much the SEC can respond to political pressure.
“This is not funneling capital to its best and highest uses to drive our economy. That’s not what’s going on here. And if you’re the SEC, that has to be your fundamental concern,” said Tyler Gellasch, executive director of Healthy Markets, an advocacy group that supports greater transparency in financial markets.
Read more:
- Robinhood CEO to Elon Musk
Elon Reeve MuskWhy does Bernie Sanders want to quash Elon Musk's dreams? Hillicon Valley: Intel heads to resume threats hearing scrapped under Trump | New small business coalition to urge action on antitrust policy | Amazon backs corporate tax hike to pay for infrastructure Progressives fear infrastructure's climate plans won't survive Senate MORE: No 'shadiness' in halted GameStop trades - GameStop shares fall 60 percent as Reddit-driven short squeeze loses steam
- Warren presses Robinhood chief on decision to halt GameStop purchases
Bezos stepping down as Amazon CEO: Amazon announced Tuesday that CEO Jeff Bezos
Jeffrey (Jeff) Preston BezosUnion leader: 'Amazon left no stone unturned' in unionization fight Bezos to Amazon shareholders: 'We need to do a better job for employees' Advocacy groups say tech giants need to 'step it up' on sustainability MORE will be stepping down from his top spot and transitioning to the role of executive chair of the company's board.
Bezos will transition out of his role in the third quarter of 2021, the company said while announcing its quarterly earning report from the end of last year. Andy Jassy, the current head of Amazon Web Services (AWS), will succeed Bezos as CEO of the e-commerce giant.
In the report, Amazon announced its highest quarterly revenue ever, at $125 billion. Bezos touted the success at the end of last year in announcing his decision to step down as CEO, calling it the “optimal time for transition.”
The Hill’s Rebecca Klar has more here.
GOOD TO KNOW
- Almost $18 billion in unemployment aid was not distributed last month due to delays at the state and federal level, including former President Trump
Donald TrumpBiden administration still seizing land near border despite plans to stop building wall: report Illinois House passes bill that would mandate Asian-American history lessons in schools Overnight Defense: Administration says 'low to moderate confidence' Russia behind Afghanistan troop bounties | 'Low to medium risk' of Russia invading Ukraine in next few weeks | Intelligence leaders face sharp questions during House worldwide threats he MORE's decision to wait a week to sign a massive coronavirus relief measure, according to a new study by a left-leaning group. - Sen. Dick Durbin
Dick DurbinLawmakers demand justice for Adam Toledo: 'His hands were up. He was unarmed' Schumer warns Democrats can't let GOP block expansive agenda Holder, Yates lead letter backing Biden pick for Civil Rights Division at DOJ MORE (D-Ill.) and Rep. Cindy Axne
Cindy AxneRepublicans take victory lap after Iowa Democrat drops challenge GOP hammers Democrats over Iowa Democrat's election challenge Democrats urge IRS to help unemployment recipients use tax break MORE (D-Iowa) on Tuesday introduced a bill aimed at providing tax relief to people who received unemployment benefits last year amid the coronavirus pandemic. - Sen. Elizabeth Warren
Elizabeth WarrenDemocrats reintroduce bill to block US from using nuclear weapons first CEO who gave employees K minimum wage says revenue tripled 6 years later Forgiving K in school loans would free 36 million student borrowers from debt: data MORE (D-Mass.) will join the Senate Finance Committee, giving her a prominent platform to push forward progressive proposals on tax policy and health care.
ODDS AND ENDS
- A coalition of House Republicans on Tuesday urged their Senate colleagues to place a hold on Gina Raimondo
Gina RaimondoRepublican lawmakers reintroduce bill to ban TikTok on federal devices Hillicon Valley: Intel leaders push for breach notification law | Coinbase goes public House Republicans raise concerns about new Chinese tech companies MORE, President Biden’s nominee for Commerce secretary, arguing that she has not clarified her stance on Chinese telecommunications giant Huawei. - A bipartisan group of lawmakers introduced a bill to ease a major financial burden on the U.S. Postal Service (USPS) by eliminating a requirement that it fund retirement benefits decades ahead of time.
