Axios

The Congressional Budget Office estimated Democrats' social spending bill would add no more than $367 billion to the deficit over 10 years, an assessment expected to pave the way for its passage by the House.

The latest: The White House said in a statement after the CBO report that it had updated its own estimates and now believed the package would actually reduce the deficit by $112 billion over a decade. 

Defense attorneys for the men accused of murdering Ahmaud Arbery rested their cases on Thursday.

Why it matters: The trial of the three white men accused of murdering Ahmaud Arbery is in its fourth week in Brunswick, Georgia. While hate crimes charges are not involved in the trial, the racial dynamics of the case have been front and center outside the courthouse.

There is no evidence that former Chicago Mayor Rahm Emanuel or his administration tried to cover up the murder of Laquan McDonald by police, the city's former inspector general wrote in a letter to the Senate Foreign Relations Committee, obtained by the Chicago Tribune.

Why it matters: Emanuel is awaiting a final Senate confirmation vote to become the U.S. ambassador to Japan.

Frontline Democrats in the House and Senate are growing increasingly frustrated with the lack of urgency to combat rising prices, and are calling on President Biden to do more as consumers confront sticker shock ahead of the holidays.

Why it matters: The current party-line message on increasing inflation is that it's largely a product of the pandemic, and economists expect prices to come down early next year. However, many Democrats facing tough reelection fights think the Biden administration could be doing more to accelerate the process.

Two men convicted of killing Malcolm X were exonerated on Thursday, the Associated Press reports.

Driving the news: This news follows the announcement on Wednesday from Manhattan District Attorney Cyrus Vance Jr that both men neared exoneration after spending decades in prison for a murder they did not commit.

The United States is "considering" a diplomatic boycott of the Winter Olympics in Beijing, President Biden told reporters on Thursday.

Why it matters: The president's remarks come amid a broader discussion of China's role as the host the Winter Games because of its record on human rights abuses.

A federal grand jury in New York indicted two Iranian nationals on charges related to a cyber-based disinformation campaign to "undermine voter confidence" and "sow discord" in the 2020 election.

Why it matters: The indictment, unsealed Thursday, alleges that the hackers claimed to be members of the Proud Boys and sent messages to thousands of voters threatening them with "physical injury" if they didn't vote for former President Donald Trump.

Florida Gov. Ron DeSantis signed into law Thursday four bills passed by Republicans that protect workers who refuse to get vaccinated against COVID-19.

Why it matters: With the bills signed, Florida becomes the first state with a law imposing possible fines on companies that require a COVID-19 vaccine as a condition of employment, CNN reports.

Oklahoma Gov. Kevin Stitt (R) has granted clemency to Julius Jones, who was set to be executed later Thursday for the 1999 murder of Paul Howell.

Driving the news: Stitt was facing pressure from Jones' family and supporters who argue he is innocent. The Oklahoma Pardon and Parole Board earlier this month recommended clemency. Stitt on Thursday commuted Jones' sentence to life without the possibility of parole.

Rep. G.K. Butterfield (D-N.C.) announced Thursday that he will not seek re-election in 2022.

Why it matters: With now 15 House Democrats announcing their retirement, the Democratic Party faces a difficult path to retain the House majority next year. Republicans need to pick up at least five seats to gain control.

Over the last decade, the reach of Mexican food and Mexican restaurants has grown globally thanks to its popularity and social media.

Why it matters: Mexican food, with its diverse cuisine from different regions of the country, has always adapted wherever people from the diaspora land, but the foods' latest evolutions are giving clues about Mexican global migration.

The American Medical Association (AMA) and more than 60 other health groups on Thursday urged companies with over 100 employees to voluntarily implement President Biden's vaccine-or-testing mandate, saying the requirements are "essential to protect workers."

Driving the news: The Department of Labor’s Occupational Safety and Health Administration (OSHA) issued the rule earlier this month, prompting immediate legal challenges. OSHA has suspended its enforcement of the rule pending further legal developments.

House Minority Leader Kevin McCarthy said Thursday that Reps. Paul Gosar (R-Ariz.) and Marjorie Taylor Greene (R-Ga.) would get their committee assignments back if Republicans take the House majority in 2022.

The big picture: Gosar and Greene are the only two House Republicans to lose committee seats in the 117th Congress, "which has been plagued by violence and inflammatory rhetoric both inside and outside the Capitol," Axios' Andrew Solender reports.

The U.S. celebrates Thanksgiving to commemorate the 1621 feast between 91 Wampanoag members and 53 Pilgrims in present-day Massachusetts. But there were other similar feasts years before the Pilgrims landed, between early Spanish settlers and Indigenous people in what is now the U.S.

Why it matters: The earlier feasts highlight the often-overlooked early Hispanic roots in U.S. history.

Donald Trump was president when SPACs stopped being a cottage industry and instead became Wall Street waterfront. Now he might be indirectly responsible for reining in some SPAC excesses.

Driving the news: Sen. Elizabeth Warren (D-Mass.) Wednesday sent a letter to Securities and Exchange Commission chair Gary Gensler, asking his agency to investigate the proposed merger between Trump's amoebic social media company and a SPAC called Digital World Acquisition Corp.

Vice President Kamala Harris said on Thursday that she does not feel misused in her role and pushed back on claims that the White House has restricted her politically.

Driving the news: "We're getting things done, and we're doing it together," Harris told ABC's George Stephanopoulos in an interview on "Good Morning America."

Joe Biden could be the first president since Jimmy Carter who wants to make the Federal Reserve more hawkish.

Why it matters: Standard political calculus has been turned upside down this year, as the Democrats start preparing for what is certain to be a bruising 2022 midterm campaign. Instead of trying to maximize economic growth and full employment, their new priority is to ensure that inflation comes down as quickly as possible.

Virginia Gov.-elect Glenn Youngkin told the Republican Governors Association annual meeting in Phoenix on Wednesday that his race shows the party has a winning path on education, AP reports.

Why it matters: Youngkin admitted it's an issue where the GOP has "historically been a bit on our heels."

A bipartisan group of House lawmakers is introducing a bill Thursday that aims to narrow the scope of qualifying cryptocurrency "brokers" subject to a tax reporting provision included in the new infrastructure law.

Why it matters: The provision created an uproar in early August within the cryptocurrency industry as it would force a wide range of network participants to report transaction information to the government even if it's technically impossible for them to do so.

Three Chinese coast guard ships blocked and used water cannons on two Philippine boats carrying supplies for troops in the disputed South China Sea, Manila's top diplomat said Thursday.

Why it matters: Philippine Foreign Secretary Teodoro Locsin said in a statement that Beijing should "back off" as it has "no law enforcement rights" in the region, pointing to protections for Manila under a mutual defense treaty with the U.S.

Rupert Murdoch took a dig at former President Trump Wednesday, telling investors that conservatives can't move forward while Trump stays focused on the past.

Why it matters: Murdoch and Trump's relationship soured after the media titan, best known for his ownership of conservative-leaning outlets like Fox News and the Wall Street Journal, reportedly made the final call to give his team the go-ahead on calling Arizona for President Biden on election night last year.

Democrats are privately reaching out to Republicans to cinch a separate, bipartisan deal for paid family leave after Sen. Joe Manchin (D-W.Va.) crushed hopes of including it in President Biden's $1.75 trillion social spending plan.

Why it matters: The end-around is part of a broader effort to provide paid time off from work to care for others, regardless of the method. Some Republicans sound amenable, depending on the timing.

Federal Reserve Chairman Jerome Powell is facing questions in private meetings with Democratic senators this week about how he plans to counter soaring inflation, people familiar with the matter tell Axios.

Why it matters: The Democrats' intense focus on inflation reveals their concern rising prices are becoming a political liability. It also shows they're looking to the next Federal Reserve chair to devise a strategy to defeat it. President Biden promised to announce his choice as early as Friday.

President Biden is late in announcing his decision for the next chairman of the Federal Reserve, according to data and analysis by the Atlantic Council.

Why it matters: Presidents typically give markets — and the Senate — much more time to digest such monumental financial news, especially during a time of economic turmoil.

The White House is making public all agency-waiver requests to the administration's "Buy American" rule, Axios has learned.

Why it matters: The federal government is the single largest purchaser of consumer goods in the world, spending nearly $600 billion annually on procurement. The new process allows the public to scrutinize the president's commitment to foster sales of U.S.-made products.

House Democrats are braced for retribution if Republicans retake the majority next year, after House Minority Leader Kevin McCarthy promised it as he complained about the effort to censure Rep. Paul Gosar (R-Ariz.).

Why it matters: The speeches that preceded Wednesday's vote illustrated how an effort to hold a member to account only exacerbated the divide between congressional Democrats and Republicans.

Disney Cruise Line announced Wednesday that it would require all guests over the age of 5 to be fully vaccinated against the coronavirus.

Why it matters: Disney is the first cruise line to institute a vaccine requirement for children. The mandate, set to take effect on Jan. 13, comes after federal regulators approved the Pfizer-BioNTech COVID vaccine for use in children this month.

The Louisiana inmate whose case helped extend the opportunity for parole to hundreds of prisoners was released on parole on Wednesday, AP reports.

Why it matters: The Supreme Court ruled in 2012 that mandatory sentencing of life without parole for convicted juveniles was "cruel and unusual punishment," but it was Henry Montgomery's case that led the judges to extend their decision retroactively to people already in prison.