With inflation and the hitting two quarters of negative GDP growth, the Democrats badly need a legislative win to bolster their chances in the mid-term elections. Senator Joe Manchin (D-West Virginia) has provide them with that opportunity. He conceded to a $700 billion package that includes:
There is still no guarantee Democrats can get this package through Congress even while using the extra flexibilities under the budget reconciliation procedures. One red flag is the proposed $124 billion in revenues from increased tax enforcement since history suggests the results are never as much as proposed. Also, the use of union labor wage rates will reduce the expected benefits of the bill, and the problem has not always been getting the leases...
What You Need to Know Today: Russia rejected calls for a ceasefire in the Black Sea, including a proposal to halt attacks on civilian shipping that could help restore grain flows from Ukrainian ports. Tyson Foods announced plans to permanently close its Joslin, Illinois, beef processing facili...
The big news in the cattle markets yesterday was Tyson Foods’ move to close two more beef plants. One of them, the Joslin, Illinois, plant was shuttered immediately after the announcement. The other, in Eagle Mountain, Utah, is a case-ready plant that does not slaughter cattle. Tyson also...
The Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) on Wednesday. In July, the CPI rose 0.1 percent, seasonally adjusted, and rose 3.4 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy, or the “core” infla...
