Your guide to how Washington shapes business and the economy
 | FRI, DEC 31, 2021 | | | Good afternoon and happy New Year, This is CNBC.com Economic Policy Reporter Thomas Franck, in for Politics Editor Mike Calia. From salvaging the Build Back Better social and climate plan to managing Federal Reserve nominees, Democrats have a lot to do in 2022 – and the stakes are high. The upcoming midterm elections threaten to erase the party's narrow control over Congress. That is, unless they can convince U.S. voters to lend them more time to tackle Covid-19 and tamp down inflation. Here are some of the stories CNBC Politics is following in 2022: -
Building Back Better? Democrats' $1.75 trillion social safety and climate bill hit a wall after conservative Democratic Sen. Joe Manchin said he would oppose it. Democrats likely will not give up on the legislation, which packages several key promises the party made in the 2020 election. While Manchin has already won several concessions, Biden and Senate Majority Leader Schumer could further change the plan to meet the West Virginia lawmaker's demands.
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Schumer still plans to put the bill up for a vote: As Democrats look to approve the bill with a simple majority in the face of unified GOP opposition, a no vote from Manchin alone would sink it. Schumer earlier this month told Democrats that "we will keep voting on it until we get something done."
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Republicans will focus on inflation in 2022: The GOP hopes to tap into voters' frustrations with high prices at supermarkets and gas stations as they challenge Democrats in the 2022 elections. The party argues Biden should scrap his massive $1.75 trillion plan to avoid fueling more inflation. -
We spoke with two GOP candidates for Senate: Jeff Bartos, who hopes to replace retiring Pennsylvania Sen. Pat Toomey, told CNBC that his "fellow Pennsylvanians are saying that higher prices at the grocery stores and at the gas pump are killing them." Jim Lamon of Arizona said he's concerned about U.S. supply chains and Washington's economic ties with China. - Voting rights vaults to the top of Democrats' to-do list: Democrats will take one more shot at passing a voting-rights bill in 2022. Many in the party consider elections legislation urgent as states around the country push restrictive voting laws in the wake of the Jan. 6 attack on the U.S. Capitol. Passing an elections law will be daunting: Republicans oppose federal reforms, and at least two Democratic senators oppose making a filibuster carveout to pass a voting bill.
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China competition bill could be last area of bipartisanship before election: The Senate in June passed a massive bipartisan bill to bolster U.S. scientific research and overhaul the nation's semiconductor manufacturing. Republicans and Democrats made no attempt to hide the U.S. Innovation and Competition Act's main goal of keeping the U.S. competitive with China. Former Defense Department analyst Dewardric McNeal told CNBC that the $250 billion bill has stalled in the House in part because many lawmakers are waiting for direction from the White House. Thanks for reading CNBC Politics. Have a great and safe New Year's Eve. Thoughts? Tips? Email us at CNBCPolitics@nbcuni.com. Have friends or colleagues who might like this newsletter? They can sign up here. |
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