On The Money: Democrats scramble to save minimum wage hike | Personal incomes rise, inflation stays low after stimulus burstFebruary 26, 2021
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THE BIG DEAL—Democrats scramble to rescue minimum wage hike: Democrats are scrambling to chart a path forward on a top progressive priority after the Senate parliamentarian blocked them from including a $15 minimum wage in a sprawling $1.9 trillion pandemic relief package.
What happened last night: The Senate parliamentarian on Thursday ruled against including a boost to the minimum wage in a $1.9 trillion coronavirus relief bill, arguing that it runs afoul of budget rules. That means the Democrats would have to scrap it from their relief bill to pass it with only a simple majority.
How lawmakers responded today:
The Hill’s Niv Elis and Cristina Marcos bring us up to speed here.
In a nutshell: This is an unequivocal setback for Biden and Democrats who supported the $15 minimum wage, though it may make the relief package easier to pass in the Senate. There is a range of ideas circulating among both parties, but it’s unlikely any will make it into the relief bill given how quickly Biden and Democrats want it to be signed.
LEADING THE DAY
Personal incomes rise 10 percent in January, inflation remains low: Personal incomes rose 10 percent and inflation remained low in January as another round of coronavirus aid hit U.S. households, according to data released Friday by the Commerce Department.
What it means: The latest income and inflation data comes as the White House and Fed try to temper fears that further fiscal and monetary economic support could spur rampant price and wage increases as the U.S. nears the end of the pandemic. I break it down here.
ON TAP NEXT WEEK
- The Center for Global Development hosts an event entitled “Political Economy of Tax Reforms in Developing Countries” at 10 a.m.
- The Senate Banking Committee holds a hearing entitled “Wall Street vs. Workers: How the Financial System Hurts Workers and Widens the Racial Wealth Gap” at 10:15 a.m.
- The Senate Homeland Security and Governmental Affairs Committee holds a confirmation hearing on the nominations of Shalanda Young to be deputy OMB director and Jason Miller to be OMB deputy director for management at 10:15 a.m.
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