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Joe Manchin Unexpectedly Supports Biden climate and tax bill

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Joe Manchin

An unexpected US Democratic senator who has been a political thorn in the side of the White House revealed support for President Joe Biden’s top agenda item.Joe Manchin asserts that he has changed his mind and is now in favour of legislation that will raise corporate taxes, address climate change, and lower healthcare costs.

The West Virginian had previously voiced opposition to the plan, expressing concern that rising expenditure may worsen inflation. Mr. Biden would have achieved a big legislative victory if the bill were to pass.

In addition to helping him advance his domestic agenda, doing so may provide his fellow Democrats—who are battling to retain control of Congress as the November midterm elections get near—a much-needed political lift. If passed, the bill, according to the president, would be historic.

It’s unclear what caused the senator Joe Manchin to suddenly decide to support the new bill

He is a political anomaly because he represents a conservative state that gave Donald Trump a strong electoral advantage.

The 74-year-Covid old’s test result was positive earlier this week. He tweeted that he was having slight symptoms despite being properly immunised.

In a statement issued in tandem with Senate Democratic leader Chuck Schumer on Wednesday night, Mr. Manchin gave few details behind his shift in stance on the plan, which:

is reportedly far more modest than the $3.5 trillion (£2.9 trillion) plan Democrats first proposed.

might perhaps assist the US in reducing its carbon emissions by 40% by the year 2030.

would allocate $369 billion to combating the effects of pollution on low-income neighbourhoods and implementing climate initiatives, including as tax credits for electric vehicles, wind turbines, and solar panels.

According to Mr. Schumer, this legislation “will be by far the biggest pro-climate legislation that has ever been voted by Congress.”

Joe Manchin Unexpectedly Supports Biden climate and tax bill

According to Mr. Manchin and Mr. Schumer, the proposal would raise $739 billion (£608 billion) over the course of ten years by raising the corporate minimum tax on large corporations to 15%, enhancing Internal Revenue Service tax enforcement, and enabling the government to negotiate lower prescription drug prices.

President Biden needs the support of all 50 Democratic senators in addition to Vice President Kamala Harris’s tie-breaking vote to get the bill past the Senate and bring it to the House of Representatives, where Democrats have a slim majority.

The measure would formalize many of the president’s key policy goals and offer to resuscitate the domestic economic agenda, which has recently stalled as a result of broken discussions. If passed, it would be a big success for the president.

The bill is still far short of what the White House had hoped to accomplish with its original $1.9 trillion Build Back Better agenda, an ambitious plan to completely rewrite the US’s tax, health, and education laws.

The earlier strategy, which has been stuck in the Senate for months with an uncertain future, is now “dead,” according to Mr. Manchin on Wednesday.

The senator had angered the White House just a few days earlier by insisting that he could only support the portions of the plan that dealt with healthcare subsidies and drug prices.

Mr. Manchin said, “I have carefully sought input from all sides,” on Wednesday night.

He had previously expressed worry that policies encouraging the production of clean energy without equally expanding the output of fossil fuels could harm the US by increasing its reliance on imports.

Tens of thousands of people are employed by oil and gas businesses in West Virginia, and Mr. Manchin has collected $875,000 (£718,000) in political contributions over the last five years from the sector.

Mr. Schumer hopes to pass the law with 51 votes by utilising a financial manoeuvre that would let him to circumvent the requirement that 60 out of 100 senators support the package. If every Democrat in the chamber votes in favour of the measure, it will pass with an even vote.

The Senate would review the plan, according to Mr. Schumer, the following week. The House of Representatives could perhaps take it up later in August.

Senator Kyrsten Sinema of Arizona, a moderate Democrat who has repeatedly thwarted President Biden’s agenda, might yet upset the plan, though.

On Wednesday night, when she learned of the plan, she opted not to comment. According to US media, Ms. Sinema stated in April that she “remains opposed to hiking the corporate minimum tax rate” to business leaders in Arizona.

Republicans criticised Mr. Manchin, a possible member they had previously courted. “I can’t believe that Senator Manchin is approving a large tax hike in the name of climate change while our economy is in a recession,” said South Carolina Senator Lindsey Graham.

Mr. Biden pledged the US would provide $11.4 billion (£9.35 billion) a year in climate finance by 2024 to assist developing nations in addressing and preparing for climate change ahead of the Glasgow climate conference last year.

But in March, he was only able to get $1 billion of that from Congress, which is only a third more than what was spent under President Trump.

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Sports

World No. 1 Iga Swiatek is stunned by Caroline Garcia in the Warsaw quarterfinals.

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Iga Swiatek vs. Caroline Garcia

In the BNP Paribas Poland Open quarterfinals on Friday, Caroline Garcia defeated top seed Iga Swiatek to record her first victory against a World No. 1 in her career. Before the defeat, Swiatek enjoyed a perfect season on clay.

At the BNP Paribas Poland Open on Friday, Caroline Garcia pulled off a stunning upset by defeating World No. 1 Iga Swiatek 6-1, 1-6, 6-4 in the quarterfinals in Warsaw.

5th seed Throughout her career, Garcia had defeated six Top 5 opponents, but her triumph over Swiatek is the Frenchwoman’s first triumph over a reigning World No. 1.

Iga Swiatek vs. Caroline Garcia

On clay, Garcia also put a stop to Swiatek’s perfect season. Swiatek, the current winner at Roland Garros, had a perfect 18-0 record on clay in 2022 and had only lost two sets on the surface all year (against Liudmila Samsonova and Zheng Qinwen), but Garcia ended his run of success.

Summer comeback: Former World No. 4 Garcia had her rating drop to No. 79 in May, the lowest it had been for her since 2014. Garcia has since put together a strong summer and climbed back up to her present position of World No. 45.

Iga Swiatek vs. Caroline Garcia | 2022 Warsaw Quarterfinal | WTA Match Highlights

On the grass courts of Bad Homburg in June, Garcia won her first championship in three years. She then advanced all the way to the Round of 16 at Wimbledon. Garcia has won 16 of her last 19 matches, including semifinals in Lausanne and quarterfinals in Palermo in the last two weeks.

Biggest victory: Garcia already has eight Hologic WTA Tour singles victories to her resume and now adds a victory over the current World No. 1 to that list of achievements. The Frenchwoman stunned Swiatek, who was playing in her capital, in 2 hours and 17 minutes.

Iga Swiatek vs. Caroline Garcia

Garcia stunned Swiatek and her home audience by winning the first set 6-1 with some outstanding returning, especially off the second serve. However, Swiatek improved her play in the second set, making just one unforced error in winning that set 6-1.

However, a courageous Garcia continued to play aggressively and broke for 5-3 by thumping a forehand winner. Swiatek came back with a break to make it 5-4, but Garcia broke Swiatek once more and won the match with two more return winners, including one on match point.

Garcia will now face Italy’s Jasmine Paolini, the No. 10 seed, in a semifinal match on Saturday. Both of their previous meetings were won by Garcia, including the one that took place on Lausanne’s clay two weeks ago.

What happened IGA Swiatek?

In London The world’s top-ranked woman, Iga Swiatek, was eliminated from Wimbledon on Saturday after losing to Frenchwoman Alize Cornet in the third round, snapping a 37-match winning streak, 6-4, 6-2. After winning six straight competitions, including her second French Open crown, Swiatek came up against Cornet, the No.

When did Swiatek last lose a set?

Swiatek’s most recent defeat came on February 16 in Dubai during the round of 16 against Jelena Ostapenko, the winner of the 2017 French Open. Swiatek has a total of 15 sets this season that she has won by a score of 6-0, but she proved on Saturday that she can handle it when the going gets tough. It wasn’t unexpected or strange, according to Swiatek.

How many matches has IGA Swiatek won in a row?

In the first round of Wimbledon, Iga Swiatek wins her 36th straight match; Coco Gauff fights back to advance.

What does walkover mean in tennis?

Walkover. A walkover happens when there has been a procedural error or when a participant opts not to compete in a match at an event due to a sickness, injury, or other personal issue. Any other reason for not playing is viewed as a Default.

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Entertainment

Will Smith Chris Rock Academy Award Incident

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Will Smith has spoken out about the ongoing issue following the assault he committed on Chris Rock at the 2019 Academy Awards, giving his most unfiltered opinions on the incident that has damaged his reputation. In a tearful YouTube video, Smith explained why he didn’t apologise to Rock after charging the stage and slapping the comedian for making a joke about his wife Jada Pinkett Smith’s short hair and soon before accepting the best actor award for his role in “King Richard.”

Following Will Smith’s slap on Chris Rock when the comedian was on stage presenting an award at the 94th Academy Awards, Hollywood and social media users were divided, with many siding with Rock, the alleged victim. The “In Living Color” actor, however, reportedly informed the crowd recently, “I’m not a victim,” in his most pointed comment to the March 2022 event yet.

The veteran comic addressed the now-famous “slap heard around the world” in multiple comedy events in the New York-New Jersey region, most notably at the PNC Bank Arts Center in Holmdel, New Jersey, last weekend. The veteran comic is presently touring the nation with his friend Kevin Hart.

According to an unnamed insider who talked to US Magazine after the show, Rock allegedly said during the phone and smart device-free event, “Anyone who believes words hurt has never been hit in the face.” According to the eyewitness, Rock called the Academy Award winner “Suge Smith,” possibly in reference to the imprisoned former CEO of Death Row Records Suge Knight.

Will Smith Chris Rock Academy Award Incident

Later, the “Spiral” star said, “I’m not a victim,” in a comedy about people who are overly sensitive and play the victim. Yes, that hurt, motherf-cker, he continued. But the next day, I brushed that crap aside and reported for duty. I avoid going to the hospital when I have a paper cut.

One Twitter user responded to a post about Rock’s remarks by commenting, “Exactly, who gives a F if someone slaps you, get over it and go on,” indicating that many detractors wanted to move over the event that occurred five months ago. “@chrisrock took it like a boss,” they continued. Congrats, Chris.

He only stated that he has moved on and doesn’t care about the slap any longer. Another guy said, “Same thing the media and all of us should do.

The Oscar winner later apologized for his behaviour and resigned from the Academy of Motion Picture Arts and Sciences in the weeks following his yell at Rock to “keep my wife’s name out of your f-cking mouth.” He was also given a ten-year ban from participating in any live or recorded Oscars-related event.

Will Smith’s full apology to Chris Rock:

Will Smith Chris Rock Academy Award Incident

“At that time, I had lost my vision. Everything seems hazy. After contacting Chris, I received a reply saying that he wasn’t ready to speak. He will extend his hand when he is. I’ll tell you, Chris, that I’m sorry. I apologise for my behaviour, and I’m available whenever you want to discuss. I should say sorry to Chris’s mother. That was one of the things I simply wasn’t aware of until I watched an interview [she] conducted. My only thought at the time was how many people had been injured.

I want to apologise to Tony Rock as well as to Chris’s mother and the rest of Chris’s family. We got along really well. My man was Tony Rock. It’s likely beyond repair. I’ve spent the last three months repeating that incident in order to comprehend its intricacy and nuances. There is no part of me that believes that was the appropriate course of action to take at that particular time, but I won’t try to dissect everything right now. There is no part of me that believes that is the best response to feeling disrespected or insulted.

The Rock slap controversy was expected to be discussed in-depth in a sit-down interview with a prominent journalist like Oprah Winfrey, but Smith has chosen to speak to his followers directly on social media instead. Smith has kept a low profile despite leaving the Oscar-giving organisation, the Academy of Motion Picture Arts and Sciences, after the incident and offering professions of apology.

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Recession – U.S. had a Negative Growth on 2nd quarter

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Recession

With the release of the second-quarter GDP figure, the economy was considered to be in a recession. But it will be months, if not more, before we can say for sure if it is recognized as such.

This is due to the fact that the Business Cycle Dating Committee of the National Bureau of Economic Research, which serves as the official judge in such cases, does not adhere to the widely accepted criteria of at least two consecutive quarters of negative growth.

The NBER defines a recession as “a major fall in economic activity that is spread across the economy and lasts more than a few months,” rather than any short-term decline in economic activity.

That can indicate declining quarterly trends. In reality, the NBER has officially proclaimed a recession each and every time since 1948 that the GDP has declined for at least two consecutive quarters. According to the Bureau of Economic Analysis, second-quarter GDP fell by 0.9 percent and first-quarter GDP fell by 1.6 percent.

However, the bureau doesn’t even consider GDP to be a significant influence in its decisions, and therefore proclaimed a recession in 2001 despite no ongoing reductions.

Prepare yourselves for another surprise, as almost no prominent Wall Street economists anticipate that the NBER will report that the U.S. economy experienced a recession in the first half of 2022.

According to Mark Zandi, chief economist of Moody’s Analytics, “we weren’t in a recession for the first half of the year, but probabilities are rising we will be by the end of the year.”

Like his colleagues on Wall Street, Zandi said that the NBER won’t proclaim a recession because of the active labour market, which despite adding 457,000 jobs a month this year, is still not at pre-Covid levels. But others exist.

“We overproduced jobs. We experienced record-low layoffs and record-high open positions. Both consumer and company investment were up, he claimed. I simply can not see them announcing a recession.

On Wednesday, Jerome Powell, the chairman of the Federal Reserve, said he didn’t believe the economy was actually in a recession and even questioned the veracity of the GDP figures.

According to Powell, the situation “doesn’t appear like” a recession at the moment. The GDP numbers should be seriously questioned since the labour market is simply sending such a strong signal of economic strength.

Recession

The NBER standards on Recession

Even though the NBER is scarcely well-known, government and corporate news organisations rely on its pronouncements when judging expansions and contractions.

Some factors are usually believed to be used by the organization:

  • Real personal income minus transfer payments
  • nonfarm payrolls
  • the household survey conducted by the Bureau of Labor Statistics
  • real personal consumption spending
  • sales that have been adjusted for price changes
  • industrial production

In a client note earlier this week, Wells Fargo senior economist Tim Quinlan stated, “If this definition feels involved, it’s because it is. It’s difficult to define a recession since it involves more than just how long a slump lasts and also how severe and pervasive it is across the economy.

Quinlan stated that the situation is rapidly reaching even the NBER’s criteria following Thursday’s GDP announcement.

The clear worsening in economic activity shown in today’s 0.9 percent drop in Q2 real GDP makes it much more difficult to insist on a precise definition of recession, he said. “However, real consumer spending kept advancing, and the labour market is remained strong. Although it is too soon to declare this growth over, the time is drawing near.

Political implications over Recession

Recession is now a contentious political issue.

When the White House published a blog post earlier this month arguing that the economy is not in a recession, it caused some controversy. Critics claimed that by mentioning the NBER factor, the media was complying with the administration’s attempt to modify a long-standing definition.

According to the article, the genuine definition of recession takes into account “holistic data” including “the labour market, consumer and business spending, industrial production, and earnings.”

According to these figures, it is doubtful that the first-quarter GDP fall this year—even if it is followed by a second-quarter GDP decline—indicates a recession, the post stated.

“Policymakers will undoubtedly become entangled in their attempts to justify why the American economy is not in a recession. They do, however, make a compelling point, according to Principal Global Investors’ chief global strategist Seema Shah. “A recession is officially defined as two consecutive quarters of negative growth, although other timely economic statistics do not support recession.”

The economy is still in serious trouble even if the NBER does not proclaim a recession in the first half. Significant hazards lie ahead due to rising interest rates, sustained inflation, and historically pessimistic consumer and business sentiment.

Many of the same experts who questioned a recession during the first half of the year believe one is very likely to occur over the next year or so.

“People’s attitudes are quite depressing. The Moody’s economist Zandi declared, “It’s about as dark as I’ve ever seen it. “In terms of the simple expectation of this impending poor economy, I’ve never seen anything like it. Of the end, a recession is a decline in faith. Businesses lose faith in their ability to sell their products, consumers lose faith that they will have work in the future. Because the risks are so great, we lose faith and enter a recession.

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