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Yurexi Quinones, 24, of Manassas, Va., a college student who is studying social work and a recipient of Deferred Action for Childhood Arrivals, known as DACA, rallies in support of DACA outside of the White House. Photo: Jacquelyn Martin / AP

Some of the biggest names in corporate America this week will launch an expensive lobbying campaign for fast action to protect "Dreamers," undocumented immigrants who came here as children.

But I checked around on Capitol Hill and found that both the House and the Senate plan to stick to tax reform for now.

  • What's new: The Coalition for the American Dream, rolling out midweek with an ad in the Wall Street Journal, includes a much broader swath of corporations than ever came together for comprehensive immigration reform: Microsoft, IBM, Facebook, Google, Apple, Cisco, Intel, Uber, Lyft, Airbnb, Spotify, Under Armour, Chobani, Marriott, Hilton, Ikea, Best Buy and more.
  • Why it matters: These corporations — along with trade associations and advocacy groups, including FWD.us — plan to focus completely on Republican lawmakers, with this message: "Our mission is to seek the passage of the bipartisan Dream Act or similar legislation that gives Dreamers the permanent solution they deserve in the calendar year 2017."

Although Speaker Paul Ryan has told "Dreamers" they can "rest easy," leadership aides poured cold water on the speedy timeline envisioned by the corporations:

  • A House aide: "[A]nything that is perceived as complicating tax reform is not going to go over well."
  • A second House aide: "[T]here is bandwidth but ... the will for an immigration deal hinges — as always — on border security. If Dems can wrap their heads around that sooner than later, the more real it becomes."
  • A Senate aide: "Would be an enormous lift before the end of the year — unless Dems were to agree to a real border security package."

Be smart: This outlook is fresh evidence that even when a lot of powerful people agree something should be done in Washington, that doesn't mean it will be.

  • Despite the companies' desire for action this year, the DACA protections don't expire till March 5. And when Congress has time, it generally will take it.
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Go deeper

Biden condemns Russian aggression on 7th anniversary of Crimea annexation

Putin giving a speech in Sevastapol, Crimea, in 2020. Photo: Mikhail Svetlov/Getty Images

President Biden reaffirmed U.S. support for the people of Ukraine and vowed to hold Russia accountable for its aggression in a statement on Friday, the 7th anniversary of Russia's 2014 invasion of Crimea.

Why it matters: The statement reflects the aggressive approach Biden is taking to Russia, which he classified on the campaign trail as an "opponent" and "the biggest threat" to U.S. security and alliances.

Erica Pandey, author of @Work
3 hours ago - Economy & Business

What's really going on with the labor market

Source: YCharts

The labor market is showing some signs of improvement: Jobless claims fell to 730,000 — a dramatic drop from 841,000 the previous week. And the latest jobs report showed a pandemic-era low unemployment rate of 6.3%

But, but, but: That's not the full story, experts say.

Felix Salmon, author of Capital
3 hours ago - Economy & Business

Markets see rare convergence milestone

Expand chart
Data: YCharts; Chart: Axios Visuals

A milestone was reached in the markets Thursday: The yield on the 10-year Treasury note rose to match the dividend yield on the S&P 500

Why it matters: The two yields have been inverted since the beginning of last year, which is historically unusual.