U.S. Policy

Congressional lawmakers and White House officials had envisioned a $350 billion program to aid cities and states as a key first line of defense if the pandemic worsened — a prospect that now seems in question amid the new omicron wave.

A day after Biden spoke, Democrats found themselves asking a critical yet familiar question: How would they slim down the size and scope of their proposal in order to win over Sen. Joe Manchin III (D-W.Va.)?

House conservatives want to offer voters a sharp contrast with the White House, while Senate Republicans are largely standing aside.

The debt restructuring will require budget cuts for the economically weakened U.S. territory, but it is also likely to lower financing costs.

If the picks are confirmed, the seven-member board would have four women and two Black governors.

In 2020, prominent liberals promised major changes to the safety net and climate policy.

The rare demand arrived in a letter issued by the Treasury Department, which said the state’s Republican leader, Gov. Doug Ducey, has 60 days to reprogram the funding in a way that befits its original intent as an investment to combat the spread of the coronavirus.

The early talks have increased in pace and intensity as lawmakers race to reach a deal before the current agreement is set to expire on February 18 — an outcome that threatens to bring Washington to a halt.

Biden is nominating Sarah Bloom Raskin, Lisa Cook and Philip Jefferson to the Fed’s open seats, per a person familiar with the nomination process

Lael Brainard, the only Democrat on the Fed board, was once the top contender to unseat Fed Chair Jerome H. Powell

A watchdog report captures key failures of the tax collection agency last year.

Powell will almost surely get enough support to secure another four years running the central bank. Just about everything else swirling around the economy is much less certain.

Officials predict refunds and other services will be delayed.

Clarida is the third Fed official to resign over questionable behavior during the coronavirus pandemic.

The administration has blamed large companies for price increases but some question that approach.

The West Virginia Democrat has been consulting with Sen. Mitt Romney and Larry Kudlow, Donald Trump’s former economic adviser, as he crafts his path forward.

The administration says it has enough funding for its immediate needs but is preparing to ask for more in the near future.

Policymakers also flagged the omicron variant as another economic threat, according to minutes from the Fed’s December policy meeting.

The discussions are early, no decisions have been made and Democratic leaders have not identified specific, concrete targets for additional funds.

Officials have tried to deflect criticism over inflation by alleging that large companies have too much clout.

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