Jon Greenberg, staff writer for Politifact, breaks down some of the rhetoric from the left and the right around the GOP tax reform bill.
Chris Ruddy of Newsmax claimed that the GOP bill would bring in $3 trillion of offshore funds back into the economy from large U.S. corporations receiving a tax cut overseas. But just how true is this? Politifact has rated the statement half true. Greenberg notes that while corporations are receiving a reduction in overseas taxes, 45% of the $3 trillion made overseas is already in the U.S.
Greenberg also weighs in on House Minority Leader Nancy Pelosi's statement that the GOP bill would "sabotage" the healthcare of 13 million Americans. Greenberg details just what happens when the individual mandate is repealed. He explains that the repeal of the individual mandate will cause healthy people to leave the marketplace, which will cause costs to go up for those that are sick. That means some of those people won't be able to afford health insurance anymore. Politifact's overall rating of Pelosi's statement: half true.
Walmart CEO Dough McMillon praised the Biden administration's efforts to ease supply chain constraints after the company saw a 26 percent jump in shipments over the last month. President Joe Biden had announced back in October that California ports would operate on a 24/7 basis.
Jill and Carlo cover the latest developments with the Omicron variant that are spooking markets once again. Twitter's @Jack is leaving, SCOTUS takes up abortion rights and the world has a brand new republic.
The Biden Administration is set to buy 10 million courses of Pfizer's Covid pill if it gains emergency use authorization from the FDA. With this purchase, the U.S. will receive more than 13 million courses of antiviral pills aimed at treating Covid and reducing severe illness and death. Pfizer's pill has been shown to reduce risk of hospitalization and death by 89 percent, proving it could be a key tool in the fight against the pandemic. Dr. Soumi Eachempati, Co-Founder, CEO & CMO of Cleared4, joined Cheddar News to discuss.
The Build Back Better Act has been at the center of endless negotiations and debate, ultimately landing as a nearly $1.8 trillion plan. One of the highlights is $170 billion dollars for affordable housing, making history as the largest investment in the sector to date. Eliza Collins, politics reporter for The Wall Street Journal, joins Cheddar News to break down the bill.
The Biden Administration is releasing 50 million barrels of oil from the U.S. oil reserves in hopes of easing soaring gas prices. Vijay Vaitheeswaran, Global Energy and Climate Innovation Editor at the Economist, joined Cheddar to discuss.
John Petrides, Portfolio Manager at Tocqueville Asset Management, joins Cheddar News' Closing Bell, where he breaks down Monday's market activity amid the emergence of the omicron variant, and what it could mean for the Fed's timeline when it comes to raising rates and tapering pandemic aid.
Earlier in the week, we saw President Biden nominate Jerome Powell to serve as Fed chair for another four-year term in the midst of the country’s struggles with covid, inflation, and supply unrest. Claudia Sahm, senior fellow at the Jain Family Institute and former Federal Reserve and White House economist explains why the markets saw a boost following the nomination.
