© Reuters. FILE PHOTO: U.S. House Speaker Nancy Pelosi (D-CA) holds her weekly news conference at the U.S. Capitol in Washington, U.S., October 12, 2021. REUTERS/James Lawler Duggan
By Richard Cowan and David Morgan
WASHINGTON (Reuters) -The U.S. House of Representatives will hold its final debate tonight on President Joe Biden’s $1.75 trillion domestic investment bill, Speaker Nancy Pelosi said, signaling it could vote on Thursday.
The chamber’s Rules Committee completed a procedural debate on the measure https://www.reuters.com/business/cop/whats-bidens-175-trillion-build-back-better-package-2021-11-05 to boost the social safety net and fight climate change, as moderates awaited the nonpartisan Congressional Budget Office’s final accounting of the bill’s fiscal impact.
“At the close of debate, all that remains is to take up the vote,” Pelosi said in a letter to members, not specifying when a vote on passage could occur.
The legislation would fund expanded social programs, mainly to help children and seniors, and provide $550 billion to battle climate change. If it passes the Democratic-controlled House, it would go to the Senate for consideration, where two moderate Democratic members have threatened to hold it up.
The Congressional Budget Office said it would provide that analysis on Thursday.
Moderate House Democrats have been particularly interested in receiving the CBO “score” of the bill. It is unclear whether any moderates would withhold their support for the sprawling bill if the analysis finds additional tax revenues embedded in the bill would not cover the new spending.
Republicans are expected to oppose the legislation in lock-step following months of attacking it as a wasteful “socialist” agenda that will stoke price inflation.
Meanwhile, former U.S. Treasury Secretary Lawrence Summers, who also has sounded alarms over inflation, gave his full-throttled support on Thursday for the bill.
“This is as close to a no-brainer as I’ve seen in decades of public policy analysis,” Summers told reporters on a call hosted by the liberal-leaning Center for American Progress.
He warned the legislation might be the last opportunity for some time to expand the IRS’ auditing capability and begin collecting billions of dollars of taxes not being paid by mostly high-income Americans.
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Oil Prices Fall amid Protests in China
Oil prices fell on Monday amid a general decline in investor appetite for risk amid information about the ongoing protests in China against vested restrictions.
The cost of January futures on Brent crude oil on London’s ICE Futures exchange was $81.31 per barrel on Monday, down $2.32 (2.77%) from the close of the previous session. At the close of trading on Friday, those contracts fell $1.71 per barrel to $83.63.
Oil prices decline – what’s going on in the market?
The price of WTI futures for January crude fell by $2.31 (3.03%) to $73.97 per barrel in electronic trading on the New York Mercantile Exchange (NYMEX). By closing of previous trades, the cost of these contracts decreased by $1.66 (2.1%) to $76.28 per barrel. Brent and WTI gained 4.6% and 4.8%, respectively, last week.
According to Bloomberg, protests were held in cities across the country, including the capital Beijing, as well as Shanghai, Xinjiang, and Wuhan, which was originally the epicenter of the COVID-19 spread.
That contributes to a stronger U.S. dollar, which reduces the attractiveness of investments in crude, and also raises the possibility of even more significant tightening of restrictions by Chinese authorities, the agency said.
“The outlook for the oil market remains unfavorable and the events of this weekend in China do not add to the positive,” notes Warren Patterson, who is in charge of commodities strategy at ING Groep NV in Singapore.
According to the forecast of analytical company Kpler, oil demand in China in the fourth quarter will decrease to 15.11 million barrels per day (bpd) compared to 15.82 million bpd a year earlier.
Earlier we reported that Russia will ban the sale of its oil to countries that have imposed a price ceiling.
Oil Russia ban news: Russia will ban the sale of its oil to countries that have imposed a price ceiling
Will Russia sell oil to Europe? The administration of President Vladimir Putin is preparing an order prohibiting Russian companies and any trader from buying Russian oil to sell raw materials to countries and companies that have imposed a price ceiling on Moscow. Bloomberg news agency wrote this, citing a report from sources.
“The Kremlin is preparing a presidential decree banning Russian companies and any traders buying national oil from selling it to anyone who participates in the price ceiling,” the publication wrote.
According to the newspaper’s interlocutors, this would prohibit any mention of the price ceiling in contracts for Russian crude, as well as transferring it to countries that have joined the price ceiling for the natural resource.
In the first half of September, the press service of the US Treasury Department said that the USA, together with its allies from G7 (Great Britain, Germany, Italy, Canada, France and Japan) and the European Union (EU) would impose a ban on marine transportation of Russian oil on December 5 and oil products – on February 5.
Earlier we reported that EU negotiations on limiting the prices of Russian oil reached a deadlock today.
EU talks on restrictions on Russian crude oil prices today stalled
Negotiations between the European Union countries about the “ceiling” of Russian crude oil prices today reached an impasse; Bloomberg reported, according to its sources.
Representatives of the bloc cannot reach an agreement on the ceiling price of Russian oil. According to the agency, the proposed European Commission limit of $65-70 per barrel, Poland and the Baltic countries believe “too generous,” while Greece and Malta, which is actively engaged in transporting fuel, do not want the limit to fall below $ 70. Recall that the Russian response to the oil price cap was negative. The Russian government has officially said that it will only sell oil at market prices.
“We are looking for ways to make this solution work and we are trying to find a common ground to implement it in a perfectly pragmatic and efficient way, while avoiding that it may cause excessive inconvenience to the European Union,” said German Chancellor Olaf Scholz.
Earlier, we reported that the SEC fined Goldman Sachs $4 million for non-compliance with ESG fund principles.
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