Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios Pro Rata

Dive into the world of dealmakers across VC, PE and M&A with Axios Pro Rata. Delivered daily to your inbox by Dan Primack and Kia Kokalitcheva.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Nashville news?

Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Columbus news?

Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Dallas news?

Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Austin news?

Get a daily digest of the most important stories affecting your hometown with the Axios Austin newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Atlanta news?

Get a daily digest of the most important stories affecting your hometown with the Axios Atlanta newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Philadelphia news?

Get a daily digest of the most important stories affecting your hometown with the Axios Philadelphia newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Chicago news?

Get a daily digest of the most important stories affecting your hometown with the Axios Chicago newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top DC news?

Get a daily digest of the most important stories affecting your hometown with the Axios DC newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Photo: Stephanie Keith/Bloomberg via Getty Images

The White House is privately telling lawmakers the climate portion of President Biden's roughly $2 trillion social spending plan is "mostly settled" and will likely cost more than $500 billion, two sources familiar with the talks tell Axios.

Why it matters: A price tag of $500 billion to $555 billion is a huge number and, if it holds, would likely be the single biggest component of the sweeping package. It also isn't far off from the roughly $600 billion proposed when the bill was expected to cost $3.5 trillion.

  • The significant investment underscores the level of commitment Democrats are making to climate change mitigation.

What we’re hearing: Sen. Brian Schatz (D-Hawaii), a key progressive involved in the Senate's climate talks, also told Axios the bill will cost at least $500 billion.

  • "Everything else is getting a massive haircut, but this isn't," Schatz said.
  • "This will be, just as a matter of fact, the biggest climate bill in human history. At least half a trillion dollars. That's a pretty good story to tell at the Conference of Parties (COP26)," he added.

The 2021 United Nations climate conference convenes next week in Glasgow, Scotland, and President Biden is attending.

  • As Axios' Andrew Freedman notes, having a big climate portion is essential for getting the broader social safety net expansion passed in the House. Given climate is a key priority among progressives, a $500-billion-plus price tag should help.

Driving the news: The remainder of the climate section still under negotiation focuses on how to spread around the $150 billion initially slated for the Clean Electricity Performance Program (CEPP).

  • That program was nixed due to opposition from Sen. Joe Manchin (D-W.Va.). He chairs the Senate Committee on Energy and Natural Resources, which will determine how to spend the leftover funds.
  • Sen. Ron Wyden (D-Ore.), chairman of the Senate Finance Committee, told Axios he expects negotiators will devote that money to energy transmission and storage.
  • The White House hosted roughly a dozen climate advocacy group leaders on Monday to discuss this section of the bill, a source familiar with the meeting told Axios.

Details: The following provisions are expected to be included in the bill, according to a source familiar with the negotiations:

  • New grants and loans to support industrial sector decarbonization, in addition to expanding relevant tax credits to support this goal.
  • Manufacturing credits to help grow domestic supply chains for solar, offshore, and onshore wind. Some of those credits will be targeted to the auto and energy communities.
  • Expanding access to rooftop solar and home electrification.
  • Expanding grants and loans to rural co-ops to boost clean energy and energy efficiency.
  • Expanding grants and loans in the agriculture sectors to help them shift to clean energy providers with fewer greenhouse gas emissions.

The big picture: The COP26 is a huge motivation for Biden and Democratic leaders pushing for a deal this week on the overall framework for his social spending bill.

  • If Biden walks into Glasgow without an agreed-to framework, it would undercut his credibility in global climate talks with world leaders.
  • He'd get an added political boost if the House also joined the Senate in passing the $1.2 trillion bipartisan infrastructure bill before he heads overseas.

Go deeper

Dec 7, 2021 - Politics & Policy

Congress hunts for shortcut to pass defense funding, debt limit combo

Senate Majority Leader Chuck Schumer returned to his office Monday. Photo: Anna Moneymaker/Getty Images

The scramble in Congress to pass the National Defense Authorization Act is being complicated by an effort to tie it to a needed hike in the federal debt limit.

Why it matters: The House and Senate are rapidly coming up against a series of deadlines they must address before the end of the year — or risk disrupting crucial military funding and upending the economy. Congressional leaders are now hoping they can knock out both "must-pass" priorities in one, complex swoop.

Ben Geman, author of Generate
Dec 6, 2021 - Energy & Environment

A fraught and rocky energy transition pathway

Illustration: Rebecca Zisser/Axios

Two wide-angle new essays explore how the global movement away from fossil fuels could be wrenching and geopolitically messy.

Driving the news: Adam Tooze's piece in Foreign Policy covers a lot of ground. One key takeaway: He warns that it's not clear if the red-blue U.S. political and policy divide will ever be successfully bridged, despite clean energy's growth in conservative states, its growing economic importance and Wall Street's increasing buy-in.

Australia joins U.S. in diplomatic boycott of Beijing Winter Olympics

Australian Prime Minister Scott Morrison. Photo: Darrian Traynor/Getty Images

Australia is joining the U.S. in a diplomatic boycott of the 2022 Beijing Winter Olympic Games in protest of human rights abuses committed by China's government, Prime Minister Scott Morrison said Wednesday.

Driving the news: After the Biden administration's announcement that U.S. officials won't attend the Games due to the ongoing genocide of Uighurs and other Muslim minorities in the Xinjiang region of China, Morrison said at a Sydney briefing that Australia would follow suit as "it's the right thing to do."