“Such a deal is hypothetical at the moment: The tax and energy pieces remain in major flux.” “Roughly speaking, Manchin and Schumer are working toward legislation that provides $1 trillion in new revenues, half of which would go toward deficit reduction and half of which would go toward energy and health spending,” report Burgess Everett and Marianne LeVine. JOE MANCHIN (D-W.Va.), who tanked the last one in December, has been inching along. The new reconciliation bill being negotiated by Schumer and Sen. The Biden administration hails it as a policy that will strengthen the supply chain, boost domestic manufacturing, and “help us outcompete China.” China hawks like the bill because it makes the U.S. USICA, the United States Innovation and Competition Act, is the industrial policy legislation that would shower the semiconductor industry with $52 billion of incentives to ramp up chip-making in America. Recall that Senate Minority Leader MITCH MCCONNELL recently tweeted, “There will be no bipartisan USICA as long as Democrats are pursuing a partisan reconciliation bill.” THE USICA-RECONCILIATION DANCE - CHUCK SCHUMER made a couple of new moves in his effort to advance two pieces of legislation tangled in political knots. ![]() A good report today - say, above 250,000 jobs created in June - means the larger hike is more likely as the Fed tries to cool the economy. Along with next Wednesday's June CPI report, this morning’s data will help inform the Fed when it meets on July 26 and 27 to decide how much more to hike interest rates. RECESSION WATCH - The June jobs report will be released at 8:30 a.m. ![]() An employee distributes extra editions of a newspaper reporting Japan's former Prime Minister Shinzo Abe was shot, Friday, July 8, in Tokyo.
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