Sep 28, 2017

Paul Ryan on tax cuts: "This is the game changer"

Paul Ryan boasted Thursday morning about how confident he is in the GOP's new tax plan. Photo: J. Scott Applewhite / AP

House Speaker Paul Ryan on CNBC Thursday morning: unlike with heath care, "on this go around" all Republicans teamed up over the last four months.

"We made sure we're on the same page... we made sure we did the hard lifting and the tough work ahead of rollout," said Ryan. "We are all in on this... this is it. This is the game changer for our economy."

  • 20% corporate tax rate: "I am very excited [Trump] said that's a red line or bright line for us... we're going to stick the landing on that, and we're just as committed as the white house on that."
  • Do you need Democrats to pass this? "I don't think so... I think [Sen. McCain] will vote for this... we're doing this exactly the way this process is meant to be done... we're using the rules as they were intended to be used."
  • Graham-Cassidy failure: "We're pretty frustrated about this as well. Look we've passed 373 bills here in the house, two hundred and seventy something are still in the Senate..."
  • On goal of 3% GDP: "We can get 3% economic growth in this country, but our tax code is holding us back... high business taxes are killing competitiveness."
  • Will this pass by the end of the year? "Oh yeah... you don't get 3% growth in 2018 if you don't pass it in 2017."

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Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 10:30 a.m. ET: 1,502,618 — Total deaths: 89,915 — Total recoveries: 339,775Map.
  2. U.S.: Total confirmed cases as of 10:30 a.m. ET: 432,554 — Total deaths: 14,829 — Total recoveries: 24,213Map.
  3. Business: The Fed will lend up to $2.3 trillion. — Another 6.6 million jobless claims were filed last week
  4. Federal government latest: Congress' $250 billion PPP injection could come too late for some businesses.
  5. Public health latest: Anthony Fauci said social distancing could reduce the death toll to 60,000.
  6. Poll: 1 in 10 Americans believe the economy will never return to normal.
  7. What should I do? Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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Fed will lend up to $2.3 trillion amid coronavirus crisis

Fed Chairman Jerome Powell at a press conference in March. Photo: Eric Baradat/AFP via Getty Images

The Federal Reserve announced Thursday that it will support the coronavirus-hit economy with up to $2.3 trillion in loans to businesses, state and city governments — made possible in part by Treasury funds set aside in the government stimulus package.

Why it matters: The Fed has taken more action amid the coronavirus outbreak than it has in any other financial crisis in U.S. history in an effort to blunt the effects of the resulting economic shutdown.

DetailsArrowUpdated 20 mins ago - Economy & Business

Senate Democrats block Republicans' $250 billion PPP injection

Illustration: Sarah Grillo/Axios

Before the Paycheck Protection Program formally launched last Friday, we knew two things: The rollout would be rocky, and the initial $250 billion wouldn't be enough for America's small businesses.

The state of play: Banks and government officials have been working to smooth out the process. On Thursday, Senate Majority Leader Mitch McConnell's (R-Ky.) attempt to pump another $250 billion into the program via unanimous consent was blocked by Democrats, who are proposing an alternative that includes billions more for hospitals and states.

Go deeperArrowUpdated 22 mins ago - Economy & Business