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March 17, 2022
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THE TOP
Happy Thursday morning, and happy St. Patrick’s Day.
News: We’re very excited for this event: Anna and Jake will sit down in-person with Senate Minority Leader Mitch McConnell on March 31 at 9 a.m. It will be his first live event interview in more than two years. We’ll have wide-ranging conversation on everything from the politics of governing to the 2022 Senate map. RSVP
Democrats considering package aimed at lowering gas prices
The House Democratic leadership has been sounding out rank-and-file lawmakers for ideas on legislation aimed at lowering gas prices, a recognition that sky-high prices at the pump could be a massive political problem this fall.
The conversations have been informal thus far, but there are a few popular options under consideration.
| → | There’s the gas-tax holiday. This has been something that the White House has weighed in recent weeks. A group of vulnerable Senate Democrats floated this proposal several weeks ago, as have their House counterparts. Several Democratic governors are also pushing for this option. |
But House Democratic leaders have gotten pushback from their rank and file and GOP colleagues about starving infrastructure of its main funding source just months after Congress passed a $1 trillion public works bill.
Rep. Peter DeFazio (D-Ore.), chair of the House Transportation and Infrastructure Committee, sounds like he would rather implement a “windfall profits” tax on the oil industry than a gas tax holiday. DeFazio believes oil companies would just pocket any tax rollback instead of passing it onto consumers. Here’s DeFazio:
| → | Rep. Mike Thompson (D-Calif.) has been working on legislation that would offer Americans a rebate, offset by leveling tariffs on countries that still buy Russian oil. |
| → | The leadership has also heard arguments about sending Americans direct payments for gas. Some Democrats on the influential Ways and Means Committee prefer this method. And it’s under consideration in some states, including California. |
“There are conflicting ideas within the caucus,” said Ways and Means Committee Chair Richie Neal (D-Mass.). “There has been some downward pressure on [oil] pricing within the last two to three weeks. The other side of it, I’d like to have some reassurance on the issue of … this is subtracted from infrastructure spending down the road. How you recapture that money is a concern.”
| → | Some Democratic lawmakers on the Energy and Commerce Committee have pushed for the federal government to set up a website whereby Americans can apply for direct payments. |
| → | There’s also a proposal floating around Democratic leadership circles to enact legislation canceling oil companies’ federal leases unless they’re actively drilling. One Democratic source called this “use it or lose it.” |
What all this points to is a party that’s desperate to find a solution to a key political liability.
Here’s Rep. Sean Patrick Maloney of New York, the Democratic Congressional Campaign Committee chair:
Of course, let’s be abundantly clear: None of these proposals has been agreed to yet, except calling in oil company executives to testify before House and Senate committees, which, as we noted in yesterday’s PM edition, Democrats are already starting to do.
And we’ll also point out that it’s exceedingly unlikely any of these ideas will be able to get through the 50-50 Senate intact. Republicans will say that Democrats are trying to enact gimmicks instead of producing more American-made energy. In other words, this is an opportunity for the GOP to use as a wedge against the major factions inside the Democratic Party.
In fact, this whole debate is a huge political opening for Republicans. For months, House and Senate GOP leaders have been calling for an “all-of-the-above” approach to energy production, including setting aside President Joe Biden’s climate change agenda and easing environmental restrictions on oil and gas drilling. They’ve attacked Democratic leaders and the White House over the Green New Deal. They’ve attacked Biden for canceling the Keystone XL pipeline. And they’ll use a gas tax debate to do the same.
Of course, there’s also potential peril for Republicans in blocking a popular proposal to lower gas prices, so we’ll have to see how they handle this.
Happening this morning: We’ll interview Sen. Bill Hagerty (R-Tenn.) at 9 a.m. about investing in small businesses and communities. Watch virtually or join us at The Roost by RSVPing here.
SCOTUS
News: KBJ gets backing of Breyer clerks
New this morning: A large group of former clerks to outgoing Justice Stephen Breyer have penned a letter to Senate Judiciary Committee Chair Dick Durbin and Sen. Chuck Grassley (R-Iowa), the ranking member, announcing their support for Judge Ketanji Brown Jackson’s nomination for the Supreme Court.
Here’s a snippet:
You may recall that senators called for President Joe Biden to nominate someone in Breyer’s mold – and the group of clerks is clearly making the point that they believe he’s found that person in Jackson.
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| → | Bill McGinley, the former Cabinet secretary to former President Donald Trump and longtime D.C. lawyer, is throwing a St. Patrick’s Day fundraiser for Rep. Vern Buchanan (R-Fla.) this morning at the Capitol Hill Club. |
Buchanan is, of course, running to be the top Republican on the Ways and Means Committee next Congress, so we’re endlessly fascinated by what he does, how he spends his time and how much money he raises. Buchanan is running against Reps. Jason Smith (R-Mo.) and Adrian Smith (R-Wash.). Buchanan is a slight favorite for the role.
| → | Here’s another chapter in the Dr. Oz vs. David McCormick Pennsylvania Senate battle. This Dr. Oz spot is all over the place. He starts by calling McCormick a Wall Street insider. Oz then shifts to saying he learned how to fight the “woke media” by being a heart surgeon and television host. This spot is running statewide. Thanks to AdImpact. |
BOOK REPORT
Dan Pfeiffer’s new book
Dan Pfeiffer, the former senior adviser to former President Barack Obama who is now a podcast mogul at Crooked Media, has a new book out. It’s called “Battling the Big Lie: How Fox, Facebook, And the Maga Media are Destroying America.”
Pfeiffer is a No. 1 New York Times best seller, which, from personal experience, we know ain’t easy. Pfeiffer is represented by CAA and the book is being published by Twelve. It will come out June 7. Order it here.
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Presented by Wells Fargo
At Wells Fargo, we cover more rural markets than many large banks, and nearly 30% of our branches are in low- or moderate-income census tracts. What we say, we do. See how.