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May 31, 2022
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ECONOMY
Biden tries to take on inflation
Faced with soaring inflation – including $8 per gallon gas in some parts of California – President Joe Biden is stepping up his anti-inflation messaging.
Biden will meet today with newly re-confirmed Federal Reserve Chair Jay Powell.
And in an op-ed in the Wall Street Journal, Biden lays out “My Plan for Fighting Inflation.” White House officials say there will be a heavy focus on this issue and gun violence throughout June.
Biden’s op-ed lays out a three-point program for dealing with inflation. The problem for this effort, however, is it relies on congressional action for roughly two-thirds of it. And so far, that’s not happening. Talks on a smaller-scale reconciliation package are ongoing in the Senate, but it’s been that way for months with no result until now. And the window for any major legislative action is closing as lawmakers shift into full reelection mode.
Here’s Biden in the WSJ:
Biden’s first priority is for the Fed to fight inflation, and he promises not to mess with Powell or anyone else at the central bank.
Biden says Congress can help further “by passing clean energy tax credits and investments that I have proposed.”
The president also calls on Congress to pass tax reform, which would help lower the deficit.
The president says he’s happy to debate anyone on inflation. He also singles out NRSC Chair Rick Scott of Florida, who has his own plan for economic growth, one not endorsed by GOP leaders. Scott has become a frequent target of Biden’s verbal barrages over the last few months.
As we noted, expecting Congress to do something big on inflation is a stretch. Republicans are blaming Biden and Democratic congressional leaders for spurring inflationary pressures by passing the $1.9 trillion American Rescue Plan and other Covid relief funding.
But like on guns, Biden is clearly laying the blame for inaction on Republicans. Republicans in Congress won’t do anything on inflation, they’re blocking progress. Republicans in Congress won’t do anything on guns, they’re blocking progress.
We’ll see how the American public responds.
The Coverage
| → | Bloomberg: “Biden to Meet Powell to Discuss Economy as Inflation Bites,” by Alister Bull |
| → | WaPo: “U.S. policymakers misjudged inflation threat until it was too late,” by Mike Madden and Rachel Siegel |
| → | WSJ: “Oil Prices Top $120 as China Eases Lockdowns,” by Joe Wallace |
Also: The Congressional Leadership Fund – the Kevin McCarthy-linked super PAC – is running an ad on high gas prices to boost Rep. David Valadao (R-Calif.). Here’s the spot.
– John Bresnahan and Jake Sherman
What the Hill thinks about Ukraine, Iran
Here’s some more fascinating data from this month’s edition of The Canvass, our anonymous survey of senior congressional aides that we conduct with the Locust Street Group.
As the Russian-Ukrainian war continues, lawmakers are constantly faced with deciding how to intervene.
We asked senior staffers if their boss would support direct military intervention if Russia were to dramatically increase aggression towards Ukraine.
Here’s what they told us:
| → | Less than half of Congress (49%) said they would support direct military intervention if Russia used nuclear weapons. |
| → | 33% said they would intervene if Russia used chemical weapons. |
| → | 35% of lawmakers would support direct military intervention if Russia were to use biological weapons |
President Joe Biden is eager to revive the Iran nuclear deal, but Congress is not nearly as eager. Members are split on reentering the Iran nuclear accord, but there’s a partisan divide.
| → | 37% of senior staffers said their lawmakers would support Biden reentering the Iran deal while 49% opposed it. 14% said they were unsure. |
| → | Here’s the divide — 72% of Democrats support reentering the Iran deal. 93% of Republicans are opposed. |
– Christian Hall
ICYMI
Biden says McConnell is reasonable
President Joe Biden spoke for the first time on the effort to craft a gun control compromise following the twin massacres in Buffalo and Uvalde, and what he said caught Democrats by surprise.
Biden, speaking to reporters outside the White House Monday, said Senate Minority Leader Mitch McConnell and Sen. John Cornyn (R-Texas) are “rational” Republicans. McConnell blessed Cornyn entering into gun-control negotiations with Sen. Chris Murphy (D-Conn.). Murphy is also holding discussions with a bipartisan group of eight other Republicans and Democrats. It’s not entirely clear that they will be able to reach a compromise, but these talks seem somewhat serious, based on our reporting.
No gun-control bill can make it through the Senate without McConnell’s approval, and Biden knows this.
But that doesn’t mean other Democrats liked Biden’s comments, even his biggest allies. House Majority Whip Jim Clyburn said this in response to Biden’s comments.
– Jake Sherman
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