S&P 500   4,574.79
DOW   35,756.88
QQQ   379.12
S&P 500   4,574.79
DOW   35,756.88
QQQ   379.12
S&P 500   4,574.79
DOW   35,756.88
QQQ   379.12
S&P 500   4,574.79
DOW   35,756.88
QQQ   379.12

Top Senate Dem sets infrastructure vote, pressures lawmakers

Friday, July 16, 2021 | Kevin Freking And Alan Fram , Associated Press

Joe Biden, Chuck Schumer
President Joe Biden joins Senate Majority Leader Chuck Schumer, D-N.Y., and fellow Democrats at the Capitol in Washington, Wednesday, July 14, 2021, to discuss the latest progress on his infrastructure agenda. (AP Photo/Andrew Harnik)

WASHINGTON (AP) — Senate Majority Leader Chuck Schumer is pressuring lawmakers to reach agreement by next week on a pair of massive domestic spending measures, signaling Democrats’ desire to push ahead aggressively on President Joe Biden’s multitrillion-dollar agenda.

Schumer, D-N.Y., said Thursday he was scheduling a procedural vote for next Wednesday to begin debate on a still-evolving bipartisan infrastructure bill. Senators from both parties, bargaining for weeks, have struggled to reach final agreement on a $1 trillion package of highway, water systems and other public works projects.

Schumer said he also wanted Democratic senators to reach agreement among themselves by then on specific details of a separate 10-year budget blueprint that envisions $3.5 trillion in spending for climate change, education, an expansion of Medicare and more.

“The time has come to make progress. And we will. We must,” Schumer said on the Senate floor.

The majority leader's plans were an attempt to push lawmakers to work out differences so Democrats can advance their plans to fortify the economy for the long term and help lower-earning and middle-class families while imposing higher taxes on wealthy people and large corporations.

“There may be some last-minute discussion as to who, what mechanism is used to pay for each of these items,” Biden said of the two measures during a White House press conference Thursday. “But I believe we will get it done.”

Lawmakers working on the smaller infrastructure package met Thursday to discuss the details, but chafed at Schumer's deadline. They indicated that substantial hurdles remain, including how to pay for the nearly $579 billion in new spending over five years that they agreed to with the White House. The rest of the money in the infrastructure proposal is a renewal of existing programs.

Sen. Mark Warner, D-Va., said senators differed over whether Schumer's timeline was helping the bipartisan effort. Warner said the White House is trying to work with senators on ways to pay for the new spending without raising corporate taxes or fees such as the federal gas tax.

“We're still short on pay-fors," said Sen. Mike Rounds, R-S.D.

It will take 60 votes to start debating the infrastructure measure because Republicans are expected to use a filibuster — procedural delays — to try killing it.

That means the chamber's 50 Democrats will need support from at least 10 Republicans. Democratic leaders hope a bipartisan deal on the widely popular projects on roads and other projects would attract enough Republicans to succeed. Yet bargainers have faced major hang-ups over which revenues they would raise to finance the infrastructure legislation.

One of the biggest revenue-raisers, bolstering IRS enforcement to bring in an estimated $100 billion over 10 years, has been a major discussion point in negotiations. Sen. Jon Tester, D-Mont., said the group was looking at alternative measures.

Sen. Rob Portman, R-Ohio, predicted lawmakers will be able to craft a final bill, although he was unsure they will meet “anybody's arbitrary deadline."

“I appreciate the fact that the majority leader wants to have a vote as soon as possible. I don’t disagree with that, but soon as possible means when it’s ready," Portman said.

Meanwhile, Schumer and House Speaker Nancy Pelosi, D-Calif., want Congress to approve a $3.5 trillion budget resolution before lawmakers begin a summer recess next month. Approval of that measure is crucial for Democrats because it would protect a subsequent bill actually providing that money for specific programs, probably this fall, from more GOP filibusters, meaning Democrats could pass it on their own.

The Democrats’ accord this week on their overall $3.5 trillion figure was a major step for a party whose rival moderate and progressive factions have competing visions of how costly and bold the final package should be.

But it's merely an initial move that leaves the toughest decisions for later. They must translate their plan into legislation with specific spending and revenue figures, then line up the needed votes to enact it, a process likely to grind right through autumn.

___

Associated Press writer Jonathan Lemire contributed to this report.


7 Reddit Stocks That Have a Chance to Be Special

As a conservative investor, I have a grudging admiration for the small army of retail traders that are making their dreams come true. I’m talking, of course, about the group of day traders who have made a habit of finding low-priced stocks (particularly those with high short interest) and attempting to send them “to the moon.”

They are called meme stocks, casino stocks, or Reddit stocks (named for the website where some of these traders congregate). It all means the same thing. And as much as I say I admire the traders who have profited from these stocks, I do it from a safe distance.

Many of these stocks were penny stocks. And they were penny stocks for a reason. No amount of speculative rocket fuel is going to change that. But if you look at some of these stocks as objectively as possible, there may be hope.

And in this special presentation, we’re going to look at seven Reddit stocks that might just have a chance to have a life beyond this current mania phase.

View the "7 Reddit Stocks That Have a Chance to Be Special".


Resources

Premium Research Tools

MarketBeat All Access subscribers can access stock screeners, the Idea Engine, data export tools, research reports, and other premium tools.

Discover All Access

Market Data and Calendars

Looking for new stock ideas? Want to see which stocks are moving? View our full suite of financial calendars and market data tables, all for free.

View Market Data

Investing Education and Resources

Receive a free world-class investing education from MarketBeat. Learn about financial terms, types of investments, trading strategies and more.

Financial Terms
Details Here
MarketBeat - Stock Market News and Research Tools logo

MarketBeat empowers individual investors to make better trading decisions by providing real-time financial data and objective market analysis. Whether you’re looking for analyst ratings, corporate buybacks, dividends, earnings, economic reports, financials, insider trades, IPOs, SEC filings or stock splits, MarketBeat has the objective information you need to analyze any stock. Learn more about MarketBeat.

MarketBeat is accredited by the Better Business Bureau

© American Consumer News, LLC dba MarketBeat® 2010-2021. All rights reserved.
326 E 8th St #105, Sioux Falls, SD 57103 | U.S. Based Support Team at [email protected] | (844) 978-6257
MarketBeat does not provide personalized financial advice and does not issue recommendations or offers to buy stock or sell any security.

Our Accessibility Statement | Terms of Service | Do Not Sell My Information

© 2021 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions. Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. To see all exchange delays and terms of use please see disclaimer. Fundamental company data provided by Zacks Investment Research.