Show an ad over header. AMP

I am the FIRST

Schumer drops bomb on Senate with speedy infrastructure timeline

Senate Majority Leader Chuck Schumer (D-N.Y.) dropped a bomb on lawmakers Thursday morning when he outlined an ambitious timeline propelling the bipartisan infrastructure proposal toward floor action next week.

Why it matters: The senators involved have their work cut out for them. There's still a lot of concern about how to pay for the $1 trillion bill, which is key to shoring up Republican support for the measure.

  • The group of 10 negotiators huddled for hours Thursday afternoon in a room on the first floor of the Capitol, working to resolve the remaining — and most controversial — sticking points.
  • White House officials Steve Ricchetti, Brian Deese and Louisa Terrell joined them roughly an hour in, until they eventually broke and the senators flew home for the weekend.
  • The group said it plans to continue negotiating throughout the weekend, with the goal of producing legislative text by the time the Senate returns on Monday.

What they're saying: "The good news is is that we are all still talking. The bad news is we've got a pretty tight timeframe," Sen. Lisa Murkowski (R-Alaska) told reporters.

Between the lines: Axios reported early Thursday that a prominent pay-for initially in the bipartisan framework — a $40 billion infusion to help the Internal Revenue Service with tax enforcement — is being re-thought.

  • Sens. Jon Tester (D-Mont.) and Mark Warner (D-Va.) confirmed the group is now discussing potential alternatives to the IRS provision.
  • If it's nixed, it's a huge nod to conservatives, many of whom have seen this as the most controversial aspect of a bipartisan bill.
  • Sources familiar with the meeting say it may not be dropped in its entirety but peeled back.

Worth noting: Even if the group completes drafting the bill this weekend, it will take days for the Congressional Budget Office to score it — something multiple senators will need before ultimately weighing in.

  • It also will take time for the group to sell their colleagues on its key components.
  • However, next week's votes are, for now, just procedural — formally kicking off the process to pass the package.
  • A final vote on the bill would not come until next Thursday at the earliest.

Why Schumer is doing this: The Senate leader wants to ramp up pressure on lawmakers to finalize their work, Axios has learned.

  • They've been negotiating for months, and time is running out if they want to meet their self-imposed deadline of passing it before August recess.
  • Yet putting the bill on the floor before both sides are certain it will receive the necessary 60 votes to pass could be catastrophic for its chances.

4 ffp

Why the startup world needs to ditch "unicorns" for "dragons"

When Aileen Lee originally coined the term "unicorn" in late 2013, she was describing the 39 "U.S.-based software companies started since 2003 and valued at over $1 billion by public or private market investors."

Flashback: It got redefined in early 2015 by yours truly and Erin Griffith, in a cover story for Fortune, as any privately-held startup valued at $1 billion or more. At the time, we counted 80 of them.

Keep reading... Show less

Scoop: Facebook's new moves to lower News Feed's political volume

Facebook plans to announce that it will de-emphasize political posts and current events content in the News Feed based on negative user feedback, Axios has learned. It also plans to expand tests to limit the amount of political content that people see in their News Feeds to more countries outside of the U.S.

Why it matters: The changes could reduce traffic to some news publishers, particularly companies that post a lot of political content.

Keep reading... Show less

Scoop: Amazon quietly getting into live audio business

Amazon is investing heavily in a new live audio feature that's similar to other live audio offerings like Clubhouse, Twitter Spaces and Spotify's new live audio platform, sources tell Axios.

Why it matters: As with Amazon's efforts in podcasting and music subscriptions, the company sees live audio as a way to bolster the types of content it can offer through its voice assistant, Alexa, and its smart speaker products.

Keep reading... Show less

Hurricane Ida exposes America's precarious energy infrastructure

The powerful hurricane that plunged New Orleans into darkness for what could be weeks is the latest sign that U.S. power systems are not ready for a warmer, more volatile world.

The big picture: “Our current infrastructure is not adequate when it comes to these kinds of weather extremes,” Joshua Rhodes, a University of Texas energy expert, tells Axios.

Keep reading... Show less

"We must go further": 70% of adults in European Union are fully vaccinated

About 70% of adults in the European Union are fully vaccinated against COVID-19, Ursula von der Leyen, the president of the European Commission, said Tuesday.

Why it matters: The milestone makes the E.U. one of the world's leaders in inoculations, after an initially lagging vaccine campaign, the New York Times notes.

Keep reading... Show less

What Elizabeth Holmes jurors will be asked ahead of fraud trial

Jury selection begins today in USA v. Elizabeth Holmes, with the actual jury trial to get underway on Sept. 8.

Why it matters: Theranos was the biggest fraud in Silicon Valley history, putting both hundreds of millions of dollars and thousands of patients' health at risk.

Keep reading... Show less



Get Goodhumans in your inbox

Most Read

More Stories