What’s interesting about the Senate age distribution is that though we have some difference in the lumpiness, when I look at the average age of the senators by party, they’re basically the same: 64 years old (and some change). On the younger end of the Boomers.
Rep. Pramila Jayapal, D-Wash., chair of the Congressional Progressive Caucus, pressed House leaders Tuesday to pass the Social Security 2100: A Sacred Trust Act, H.R. 5723, which adopts the consumer price Index for the elderly as the basis of the annual cost-of-living adjustment (COLA) and applies the payroll tax to annual wages above $400,000.
“I wish to indicate our strong support for H.R. 5723 – Social Security 2100: A Sacred Trust and encourage its prompt floor consideration this Congress,” Jayapal told House Speaker Nancy Pelosi, D-Calif., on Monday in a letter.
The bill, Jayapal wrote, “increases benefits across the board at a time of higher inflation, protects low-income seniors, widows and widowers, ends wait-times for those with disabilities needing support and more. Crucially, it is paid for by making millionaires and billionaires pay the same rate as everyone else by ensuring the payroll tax is applied to wages above $400,000.”
She urged Pelosi to move the bill to a vote in the House “as soon as possible.”
Tardy federal budgets are nothing new in Washington. According to the Tax Policy Center, Congress has only completed the budgetary process in a timely fashion, which requires passing all 12 appropriations bills prior to October 1, four times since fiscal year (FY) 1977. The last time Congress’ budgetary process worked as expected was FY 1997, more than two decades ago.
When the budget does not pass on time, Congress must pass a continuing resolution (CR) to avoid a government shutdown. Since continuing resolutions typically maintain departmental funding at prior-year levels, they do not signal the policy choices ultimately made in the budget process. As a result, federal managers must begin the fiscal year without a clear direction as to whether they should be increasing or decreasing staff and non-employee operational expenditures. If a federal agency or department ultimately receives a significant funding increase or funding cut in the final appropriations bill, managers may have insufficient time to respond efficiently.
While federal budgeting has been broken for some time, the situation in 2022 is especially bad. Over five months into the budgetary year, the House Rules Committee produced a 2,741-page omnibus budget bill in the wee hours of March 9, just hours before the bill’s scheduled vote on the House floor.
Today, the House Committee on Education and Labor unveiled a new Multiemployer Pension Rescue Tracker to highlight the hard-earned pensions saved and businesses protected under Congressional Democrats’ and President Biden’s American Rescue Plan Act. The multiemployer pension crisis – which was accelerated by the COVID-19 pandemic – threatened to strip more than a million retirees of the pensions they earned over a lifetime of work, jeopardized tens of thousands of businesses and endangered tens of thousands of jobs.
In response, the American Rescue Plan Act created a Special Financial Assistance (SFA) Program to avert the immediate crisis threatening the retirement security of American workers, retirees, and their families. This solution was supported by a diverse group of stakeholders, including the AFL-CIO, AARP, the United States Chamber of Commerce, UPS and scores of other employers who participate in multiemployer plans.
Legislation to help struggling multiemployer pension funds is to remain in the COVID-19 relief measure headed for a Senate vote this week.
The package also calls for some funding relief for single-employer plans, through extended amortization periods and pension interest rate smoothing changes.
The pandemic relief package was approved by the House along party lines Feb. 27. Its pension provisions were at risk of being stripped until the Senate parliamentarian ruled late Monday that they fit the rules for a budget reconciliation process that allows Democrats to prevail under a simple majority.
The YouTube streamer known as Roaring Kitty, who helped drive a surge of interest in GameStop Corp , will testify before a House panel on Thursday alongside top hedge fund managers.
The House Financial Services Committee is examining how a flood of retail trading drove GameStop and other shares to extreme highs, squeezing hedge funds like Melvin Capital that had bet against it.
The witness list was announced on Friday by Representative Maxine Waters and includes Keith Gill, who also goes by Roaring Kitty, Robinhood Chief Executive Vlad Tenev, Citadel CEO Kenneth Griffin, Melvin CEO Gabriel Plotkin and Reddit CEO Steve Huffman.
House committees spent the past week shaping portions of the legislation, including the proposal to gradually increase the federal minimum wage to $15 over four years. Early next week, the House Budget Committee is expected to assemble all the pieces into one bill, which House Speaker Nancy Pelosi (D., Calif.) said should pass the full House by the end of the month.