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Senate Minority Leader Mitch McConnell (R-Ky.) on Tuesday said Republicans would immediately retaliate if Democrats change the Senate's filibuster rules.

Driving the news: Senate Majority Leader Chuck Schumer (D-N.Y.) wrote in a letter to colleagues earlier this month that the Senate will debate and vote on changing Senate rules by next Monday if Republicans block a vote on the Freedom to Vote Act.

State of play: McConnell argued Senate Democrats will "silence ... millions of Americans" if they get rid of the rule, which requires a 60-vote threshold to advance most legislation.

What he's saying: "If my colleague tries to break the Senate to silence those millions of Americans, we will make their voices heard in this chamber in ways that are more inconvenient for the majority and this White House than what anybody has seen in living memory."

What we're watching: President Biden in a speech Tuesday is expected to throw his support behind changing the Senate's filibuster rules in an effort to pass voting rights legislation.

Go deeper

King family leads Arizona rally to mobilize support for voting rights bills

Martin Luther King III addresses a "Let's Finish the Job for the People" rally near the U.S. Capitol on Sept. 14, 2021. Photo: Chip Somodevilla/Getty Images

Family members of Rev. Martin Luther King Jr. honored his birthday Saturday with a rally in Arizona to mobilize support for voting rights legislation.

Driving the news: The rally comes days after Martin Luther King III admonished Sen. Kyrsten Sinema (D-Ariz.) on Thursday, saying history will remember her "unkindly" for voicing her opposition to abolishing the filibuster to pass major voting rights bills.

Scramble over gas for EU as Russia threatens Ukraine

Illustration: Annelise Capossela/Axios

Cracks in the NATO alliance regarding sanctions for Russia should President Vladimir Putin order troops into Ukraine are in large part based on energy supply concerns.

Why it matters: Russia holds tremendous leverage over some European countries because it provides roughly 40% of Europe's natural gas supply. In Germany, this figure is greater than 50%.

Why the Fed might want to jolt the markets

Fed chair Jerome Powell at a hearing earlier this month. Photo: Brendan Smialowski-Pool/Getty Images

So far, financial markets are cooperating nicely with the Federal Reserve's efforts to restrain inflation. They're doing the Fed's work for it by creating tighter financial conditions, in a distinctly non-panicky way.

  • But as the central bank's policymakers meet this week, an underlying question they face is whether the adjustment is happening too slowly.