Your guide to how Washington shapes business and the economy
 | FRI, MAY 28, 2021 | | | Hello, Happy Friday. The White House has unveiled President Biden's budget, a guide to his administration's priorities, expectations and potential policies for the foreseeable future. Biden's budget factors in his massive infrastructure and family support plans, including the tax increases he is proposing for corporations and wealthier families. The spending plan also includes billions to combat climate change, as well as a surge in funds for the Centers for Disease Control and Prevention – which shouldn't come as a surprise after the ravages of Covid. Read more about Biden's budget here at our CNBC Politics page. Here are some other key stories we are following. - Biden takes on detractors: The president this week took on critics of his economic agenda, pointing to rising wages as evidence that his policies are working. "We've had record job creation, we're seeing record economic growth, we're creating a new paradigm. One that rewards work — the working people in this nation, not just those at the top," the president said Thursday in Ohio.
The speech came as the White House and several Republican senators continue negotiations over Biden's infrastructure proposal. Both sides' top lines have moved somewhat closer, but Republicans want far less in new spending, and Democrats want to pay for the plan by reversing some of the Trump tax cuts. Congressional Democrats' patience is running thin, as well, and they are prepared to move on without any GOP support.
- Jan. 6 commission stifled: Senate Republicans blocked a bill that would have created a bipartisan commission to investigate what happened Jan. 6, when a mob of Trump supporters stormed the Capitol while lawmakers were voting to confirm Biden's victory in the 2020 election. At least five deaths are linked to the insurrection, which was turned back after several hours of chaos and destruction.
While six Republican senators voted for the bill, the chamber's GOP leader, Mitch McConnell, said the probe would be unnecessary since the FBI is already conducting several investigations into various indiviual crimes associated with the riot. Democrats countered by saying such a panel was necessary to understanding how the deadly event went down. "We need to establish a trusted record of what really transpired on January the 6th and the events that preceded it," said Senate Majority Leader Chuck Schumer.
- Cena's mea culpa: Superstar wrestler and action movie star John Cena caused a stir recently when he referred to Taiwan as a country. China claims Taiwan as a territory, so Cena's comment didn't go over so well with them. Cena has a couple of big movies coming out this year – "F9" from CNBC parent NBCUniversal and Warner Media's "The Suicide Squad" – and the studios are hoping for big business in China.
Cena quickly went into damage control mode this week, apologizing profusely. While Chinese state-linked media outlet The Global Times praised Cena for his appeasement, free speech advocates criticized the move. "It felt like a forced confession," Suzanne Nossel, the CEO of nonprofit Pen America, told CNBC's "The News with Shepard Smith." Thanks for reading CNBC Politics. Have a great Memorial Day weekend. Thoughts? Email us at CNBCPolitics@nbcuni.com. Have friends or colleagues who might like this newsletter? They can sign up here. Subscribe to CNBC's daily podcast "The News with Shepard Smith," which provides deep, non-partisan coverage and perspective on the day's most important stories. |
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