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US President Joe Biden to sign massive climate and health care legislation

by economictimes.indiatimes.com Leave a Comment

Synopsis

The legislation includes the most substantial federal investment in history to fight climate change – some $375 billion over the decade – and would cap prescription drug costs at $2,000 out-of-pocket annually for Medicare recipients.

US President Joe Biden will sign Democrats’ landmark climate change and health care bill on Tuesday, delivering what he has called the “final piece” of his pared-down domestic agenda, as he aims to boost his party’s standing with voters less than three months before the midterm elections.

The legislation includes the most substantial federal investment in history to fight climate change – some $375 billion over the decade – and would cap prescription drug costs at $2,000 out-of-pocket annually for Medicare recipients. It also would help an estimated 13 million Americans pay for health care insurance by extending subsidies provided during the coronavirus pandemic.

The measure is paid for by new taxes on large companies and stepped-up IRS enforcement of wealthy individuals and entities, with additional funds going to reduce the federal deficit.

The House on Friday approved the measure on a party-line 220-207 vote. It passed the Senate days earlier with Vice President Kamala Harris breaking a 50-50 tie in that chamber.

Biden is set to sign the bill during a small ceremony in the State Dining Room of the White House, sandwiched between his return from a six-day beachside vacation in South Carolina and his departure for his home in Wilmington, Delaware. He plans to hold a larger “celebration” for the legislation on Sept. 6 once lawmakers return to Washington.

The signing caps a spurt of legislative productivity for Biden and Congress, who in three months have approved legislation on veterans’ benefits, the semiconductor industry and gun checks for young buyers. The president and lawmakers have also responded to Russia’s invasion of Ukraine and supported NATO membership for Sweden and Finland.

With Biden’s approval rating lagging, Democrats are hoping that the string of successes will jump-start their chances of maintaining control in Washington in the November midterms. The 79-year-old president aims to restore his own standing with voters as he contemplates a reelection bid.

The White House announced Monday that it was going to deploy Biden and members of his Cabinet on a “Building a Better America Tour” to promote the recent victories, though the administration has yet to announce specific travel by the president.

“In the coming weeks, the President will host a Cabinet meeting focused on implementing the Inflation Reduction Act, will travel across the country to highlight how the bill will help the American people, and will host an event to celebrate the enactment of the bill at the White House on September 6th,” the White House said in a statement.

Republicans say the legislation’s new business taxes will increase prices, worsening the nation’s bout with its highest inflation since 1981. Though Democrats have labeled the measure the Inflation Reduction Act, nonpartisan analysts say it will have a barely perceptible impact on prices.

The measure is a slimmed-down version of the more ambitious plan to supercharge environment and social programs that Biden and his party unveiled early last year.

Biden’s initial 10-year, $3.5 trillion proposal also envisioned free prekindergarten, paid family and medical leave, expanded Medicare benefits and eased immigration restrictions. That crashed after centrist Sen. Joe Manchin, D-W.Va., said it was too costly, using the leverage every Democrat has in the evenly divided Senate.

Still, Biden and Democrats are hailing the legislation as a once-in-a-generation investment in addressing the long-term effects of climate change, as well as drought in the nation’s West.

The bill will direct spending, tax credits and loans to bolster technology like solar panels, consumer efforts to improve home energy efficiency, emission-reducing equipment for coal- and gas-powered power plants, and air pollution controls for farms, ports and low-income communities.

Another $64 billion would help 13 million people pay premiums over the next three years for privately bought health insurance under the Affordable Care Act. Medicare would gain the power to negotiate its costs for pharmaceuticals, initially in 2026 for only 10 drugs. Medicare beneficiaries’ out-of-pocket prescription costs would be limited to $2,000 annually starting in 2025, and beginning next year would pay no more than $35 monthly for insulin, the costly diabetes drug.

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Print Edition Tuesday, 16 Aug, 2022

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Independence Day 2022: Joe Biden writes letters to PM Narendra Modi, President Droupadi Murmu

by www.moneycontrol.com Leave a Comment

Prime Minister Narendra Modi with US President Joe Biden.

Prime Minister Narendra Modi with US President Joe Biden.

President Joe Biden has written separate letters to Prime Minister Narendra Modi and President Droupadi Murmu on India’s Independence Day, a senior US administration official said.

The letters were hand delivered to India’s Ambassador to the US Taranjit Singh Sandhu by Brian P McKeon, Deputy Secretary of State for Management and Resources, who attended an Independence Day reception hosted at the India House here on Monday.

I should say at the outset, when I got here, I gave the ambassador two letters from the President, one to Prime Minister Modi and one to President Murmu. I should have kept them and just read the letters because they’re probably more eloquent than what I’m gonna to say here, McKeon said in his remarks at the reception.

There are a few partnerships more vital, more consequential than the one between the United States and India, he said. Starting from this day as a senator from Delaware, President Biden has long championed this partnership, he said.

I should know I worked for him for 20 years in the Senate and was there working alongside him. In 2006, as the Senate was taking the vote on the US and India civil nuclear agreement, he said if I were asked to name the pillars of security in this 21st century, India and the United States would be two of them, he said.

His vision for what we can achieve has now been realised as we work together across every area of human endeavor, utilising our respective areas of expertise to address the most difficult challenges from the fight against COVID to addressing climate change to securing global supply chains and food supply, he said.

Mckeon said Biden and Modi met in April and reaffirmed the countries’ commitment to work together for a more prosperous, free, connected and secure world.

In just the last few months, we have concluded a new investment incentive agreement that will allow us to expand investment in clean energy. sustainable infrastructure and resilient supply chains.

We shared commitments to deepen defense cooperation and new domains signed a space situational awareness MOU enhancing cooperation between our space institutions, McKeon said. The United States, he said, welcomes India’s decision to join the Indo-Pacific economic framework. India is also a crucial partner in the Quad, he said.

Together we work to promote a free and open Indo-Pacific and address the challenges we face around the world, McKeon said. As we look back 75 years and reflect on this historic occasion, we are reminded how important it is to defend the democracies and freedoms both our people have longed for and struggled to achieve. It’s the task of every generation to protect and defend democracy and both of our countries, said the American diplomat.

McKeon said the US has remained committed to the bilateral relationship with India since 1947. President Truman said in his message to Prime Minister Nehru in the years to come, the people of this great new nation will find the United States a constant friend.

I earnestly hope that our friendship will in the future as in the past continue to be expressed in close and fruitful cooperation in international undertakings and in cordiality in our relations, one with the other. That’s a pretty good summary, he said. President Truman said in his message to Prime Minister Nehru in the years to come, the people of this great new nation will find the United States a constant friend.

We celebrate not only the momentous day in India’s history, but also the democratic values that underpin our relationship, which has evolved into a strategic partnership that contributes to a better future for the people of our two countries. There are a few partnerships more vital, more consequential than the one between the United States and India, McKeon said.

(With PTI inputs)

What to Know About the COVID-19 Pill Joe Biden Just Got

by www.thedailybeast.com Leave a Comment

When the country learned on Thursday that President Joe Biden had tested positive for COVID-19 , the White House assured the public that the commander-in-chief was being treated with a course of Paxlovid .

The antiviral is manufactured by Pfizer and has been shown, at least during trials against previous strains of the coronavirus, to significantly lower a person’s chance of hospitalization or death from COVID-19. It has usually not been prescribed to everyone who contracts the virus, but targeted primarily at older patients or those at risk for serious illness—people with heart conditions, or ones undergoing chemotherapy, for example.

At 79, Biden is the oldest president ever to occupy the Oval Office. He has been fully vaccinated and doubly boosted, and is experiencing “mild symptoms,” White House spokeswoman Karine Jean-Pierre said in a statement . But if the main contrast between Biden’s case of a virus that has killed well over a million Americans and that of his predecessor, Donald Trump, is the availability of vaccines, the Pfizer pill has become a key part of the country’s pandemic toolkit in its own right.

The FDA granted Paxlovid emergency use authorization last December , and it can be given to children as young as 12. It combines two active ingredients, ritonavir and nirmatrelvir, which together can stop the SARS-CoV-2 protein from replicating. Treatment, which consists of taking six pills a day for five days, “should be initiated as soon as possible after diagnosis of COVID-19 and within five days of symptom onset,” according to the FDA.

Dr. Peter Hotez, director of the Center for Vaccine Development at Texas Children’s Hospital and a Daily Beast contributor, said in an interview on Thursday that it’s still too early to know what to expect in Biden’s case. However, it should become apparent “over the next day or two whether he’s gonna have progressive illness… and how he handles the Paxlovid.”

In some instances, patients have experienced a so-called rebound following a full course of Paxlovid , testing positive and experiencing a second onset of symptoms after seeming to beat back the virus, complete with a negative test.

“Many of us, including myself… developed rebound COVID-19, and in some cases rebound COVID-19 is even worse,” Hotez said. “This could be an ongoing issue for the president for the next two weeks.”

India at 75 | Biden says U.S. & India are indispensable partners; invokes Mahatma Gandhi in Independence Day message

by www.thehindu.com Leave a Comment

The U.S. and India are indispensable partners, President Joe Biden has said and recalled Mahatma Gandhi’s “enduring message of truth and non-violence” to honour 75 years of India’s democratic journey .

This year, the U.S. and India also celebrate the 75th anniversary of diplomatic relations, Mr. Biden said, underling that the two democracies will continue to stand together to defend the rules-based order, advance a free and open Indo-Pacific and address the challenges that the world is facing.

“As people around the world, including nearly four million (40 lakh) proud Indian-Americans, celebrate the 75th anniversary of India’s independence on August 15, the United States joins the people of India to honour its democratic journey, guided by Mahatma Gandhi’s enduring message of truth and non-violence,” Mr. Biden said in a statement.

“This year, we also celebrate the 75th anniversary of diplomatic relations between our great democracies. India and the United States are indispensable partners, and the U.S.-India Strategic Partnership is grounded in our shared commitment to the rule of law and the promotion of human freedom and dignity,” he said.

He said the partnership between the two nations is further strengthened by the deep bonds between their people.

“The vibrant Indian-American community in the United States has made us a more innovative, inclusive, and stronger nation,” Mr. Biden said.

“I am confident that in the years ahead our two democracies will continue to stand together to defend the rules-based order; foster greater peace, prosperity and security for our people; advance a free and open Indo-Pacific; and together address the challenges we face around the world,” Mr. Biden said.

In a separate statement, U.S. Secretary of State Antony Blinken greeted the people of India as they celebrated 75 years of independence on August 15.

“On this important day, we reflect on the democratic values that we share, and we honour the people of India who are, together, building an even brighter future,” he said.

“This year is especially meaningful for our two nations as we celebrate a milestone: 75 years of diplomatic relations. Our strategic partnership touches everything from climate to trade to our vibrant people-to-people ties. I am confident that, as two great democracies, our partnership will continue to contribute to the security and prosperity of our people and the global good. Happy Independence Day, India!” Mr. Blinken said.

Companies facing 1st tax on stock buybacks in Biden bill

by www.sfgate.com Leave a Comment

WASHINGTON (AP) — Democrats have pulled off a quiet first in their just-passed legislation addressing climate change and health care: the creation of a tax on stock buybacks, a cherished tool of Corporate America that had long seemed untouchable.

Under the bill President Joe Biden is scheduled to sign into law Tuesday, companies will face a new 1% excise tax on purchases of their own shares, effectively paying a penalty for a maneuver that they have long used to return cash to investors and bolster their stock price. The tax takes effect in 2023.

Buybacks have ballooned in recent years — they’re forecast to reach $1 trillion in 2022 — as companies have swelled with cash from sky-high profits.

Investors, including pension and retirement funds, like the buybacks. But fiery critics of big corporations and Wall Street like Sens. Elizabeth Warren and Bernie Sanders loathe them, calling the practice “paper manipulation” to enrich senior executives and big shareholders.

Centrist Democrats, too, such as Senate Majority Leader Chuck Schumer, have long criticized buybacks.

Democrats say that instead of returning cash to shareholders, big companies should use the money to increase employees’ wages or invest in the business. They are hoping the excise tax — it’s projected to bring the government an additional $74 billion in revenue over 10 years — will cause a major shift in corporate behavior.

But some experts are skeptical that the tax will work as intended. They note that businesses have other methods for rewarding shareholders, raising the prospect that legislation aimed at halting one corporate stock practice could instead facilitate another, with new and unpredictable effects on the economy.

How it all plays out could be significant for the future landscape of big U.S. companies, their employees and their shareholders, and for the political staying power of one of the signature legislative initiatives of Biden and his Democratic majorities in Congress.

Where stock buybacks stand as the Democratic bill becomes law:

BUYBACK BONANZA

The major companies in the S&P 500 index bought a record amount of their own stock last year, $882 billion. Their buybacks reached $984 billion in the 12 months ended in March, another record.

Among the biggest repurchasers of stock are Big Tech companies such as Apple, Facebook parent Meta and Google parent Alphabet.

Companies have been plowing more of their cash into buying their own stock even as they’ve grappled with rising inflation, higher interest rates and the potential for stunted economic growth. They’ve faced higher expenses for raw materials, shipping and labor. Companies have largely been able to pass those costs on to their customers, but higher prices for food, clothing and everything else could threaten consumer spending — with resulting crimped sales growth for many companies. Americans are still spending, though more tepidly, the latest government reports show.

Buybacks can increase companies’ earnings per share because there are fewer shares universally held by shareholders. The buybacks can also signal confidence from executives about a company’s financial prospects.

WHAT HAPPENS AFTER THE TAX?

“I hate stock buybacks,” Schumer, D-N.Y., told reporters as the legislative package advanced through Congress. “I think they’re one of the most self-serving things that Corporate America does, instead of investing in workers and training and research and equipment.”

That makes for appealing election-year rhetoric, but whether the Democrats’ aspiration will translate into different business behavior is less clear.

It’s an admirable policy goal, says Steven Rosenthal, senior fellow at the nonpartisan Urban-Brookings Tax Policy Center, who calls the new excise tax on buybacks “efficient, fair and easily administered.”

But will the goal be achieved? Rosenthal noted that in the wake of the 2017 Republican tax law, which gave companies a cash windfall by slashing the corporate tax rate from 35% to 21%, a wave of buybacks ensued. After the new excise tax goes into effect, companies might use some of the money they would have spent on buybacks to pay more dividends to shareholders instead, he suggested. The new tax puts buybacks closer to an equal tax footing with dividends.

Rosenthal doesn’t rule out, though, that companies decide to put some of the saved money into raising workers’ pay or investing in the business.

Counterpoint: The tax “is not going to translate into higher pay for workers,’’ said Jesse Fried, a professor at Harvard Law School who is an expert on corporate governance. And investing money back into the business may not be an option, he said, because “investment is already at very high levels, and there’s no indication that companies aren’t pursuing worthwhile projects because they lack the cash.”

In the end, Fried expects that most of the money not spent on buybacks would end up being added to the pile of some $8 trillion in cash that U.S. companies are sitting on.

A MODEST HIT?

Because the new excise tax will be calculated on the smaller, net amount of a company’s buybacks — total repurchases minus shares issued during the year — some companies may see it as modest hit worth taking and continue purchasing stock.

The tax won’t apply to stock contributed to retirement accounts, pensions and employee stock-ownership plans.

After surveying its analysts about the tax, RBC Capital Markets suggested that companies may grumble about it, but “it’s unlikely to impact planning.”

One thing is all but certain: With the new tax scheduled to take effect Jan. 1, companies have a deadline for buying back their stock tax-free. That means a flurry of buybacks could come in the months ahead.

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Follow Marcy Gordon at https://twitter.com/mgordonap .