House CLEARS infrastructure bill via 228-206 vote More than three months after passing Senate, the $550 billion bill goes to Biden's desk for his signature

Bit of news here — Speaker Pelosi raised objections to the billionaire tax in a late October call, suggesting the plan amounted to a publicity stunt, per sources. Wyden had not yet released bill text for the legislation but had outlined how it would work. washingtonpost.com/us-policy/2021…

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Pretty amazing stat via Treasury I'd never seen --> The IRS has *fewer auditors now than at any time since World War II* The US had ~200 million fewer people at the end of WWII washingtonpost.com/us-policy/2022…

Of the $119 billion surplus, $81 billion was a one-time spectrum auction and $24 billion was timing shifts (would-be weekend or holiday payments). Actual structural surplus was $14 billion. 18% as large as January 2001, or 8% as large as a share of the economy.

You did it Joe (Manchin)!

The deficit is falling by $1.3 trillion in 2022 because they INCREASED it by $1.2 trillion in 2021. This is not "deficit reduction", it's gaslighting! crfb.org/blogs/no-presi…

The overwhelming majority of Senate Democrats joined Republicans tonight in -- through a non-binding measure -- backing a roughly ~$130 billion research and development tax incentive that will mostly benefit large corporations

Today's GDP report does not suggest we are currently in recession. Growth is only negative because of inventory decumulation, which in part reflects strength.

Both Penn Wharton Budget Model and Mark Zandi find the #InflationReductionAct will have ~no effect on inflation in the near-term and reduce inflation modestly over time. The CRFB.org bit more optimistic that it can help the Fed fight inflation. A 🧵.. crfb.org/blogs/ira-will…

1⃣ A numerical example to understand the change in IDR repayment rules. Let’s say you make $55,000 a year. Under the new rules, your annual payment will be 5% of the share of your income above 225% the poverty line, or 5%*(55-225%*13.5k)=$1,231. Or at most 24.6k over 20 years.

.Elizabeth Warren on the student debt relief: “This program has been very carefully targeted to meet mostly the people who have demonstrated a lot of need, and let’s just be blunt – for whom it was hard to go to college.” trib.al/a8x6lhm

🚨Last night, U.S. Department of Education released their cost estimate for President Biden's student debt cancellation plan. Here are the main cost estimates for the plan ⤵️

Biden says permanent repeal of debt ceiling is “irresponsible” — directly at odds with the position of Treasury Secretary Yellen

I’m not sure who needs to hear this, but revenue increases — especially from cutting tax breaks — would help to fight inflation, slow interest rate growth, and reduce the risk of a recession.

There are important issues with regard to the residential component of inflation but the Team Transitory doves substantially overstate their case. 1/N

Well, that was the craziest Election Night I’ve ever seen.

New: the U.S. just surpassed 107.5 million House votes counted, per Cook Political Report's tracker. Republicans' lead is down to 2.8%. cookpolitical.com/charts/house-c…

The Senate, which unlike the House Rs is actually engaged in real work on appropriations, has released its 302(b)s. As you can see, these match the $1.59 trillion in the deal. But remember: there’s an extra $69 bn for NDD* from side deals. We will have to see where that $$ lands.

As of today, based on KFF tracking in states with available data, over 1.5 million people have been dropped from Medicaid as states unwind the pandemic continuous coverage requirement. Many may still be eligible, but have gotten caught up in red tape. kff.org/medicaid/issue…