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Photo: Bill Clark-Pool/Getty Images

Sen. Mitt Romney (R-Utah) is proposing a monthly cash benefit totaling $4,200 a year for children ages 0-5 and $3,000 a year for children ages 6-17 as a means of combating child poverty.

Why it matters: White House chief of staff Ron Klain tweeted that he looked forward to seeing the details of Romney's plan, calling it "an encouraging sign that bipartisan action to reduce child poverty IS possible." Thus far, Biden's $1.9 trillion coronavirus stimulus proposal has garnered little Republican support.

Between the lines: Similar legislation drafted by Democrats would provide $3,600 a year for children ages 0-5 and $3,000 a year for children aged 6-17. Both plans would directly deposit the benefit into recipients' bank accounts each month.

  • But Romney's plan, unlike Democrats' proposal, would partially fund the benefits by eliminating the Temporary Assistance for Needy Families welfare program and other child and family tax credits.
  • Romney's plan would also eliminate the State and Local Tax Deduction (SALT), which he said in a statement "is an inefficient tax break to upper-income taxpayers."

What to watch: Romney is expected to introduce the idea as an amendment to Democrats' budget resolution that will ultimately be the vehicle for passing Biden's $1.9 trillion relief package, per the Washington Post.

Go deeper

Feb 3, 2021 - Politics & Policy

Chamber warns Biden not to submit to progressive wish

Senate Majority Leader Chuck Schumer talks about the Democrats' $1.9 trillion stimulus proposal Tuesday. Photo: Oliver Contreras/Bloomberg via Getty Images

The U.S. Chamber of Commerce is urging the Biden administration not to go around Republicans to pass the president’s $1.9 trillion stimulus package, a move being pushed by the Democrats’ progressive wing.

Why it matters: The historically conservative group fears that if President Biden submits, it could foil any shot at bipartisanship for future legislation, such as highly anticipated plans for infrastructure and climate change bills.

Surprising pandemic side effect: Soaring trade deficits

Source: Census Bureau and Bureau of Economic Analysis; Chart: Axios Visuals

Inflation and jobs may get all the economic headlines, but meanwhile a big shift is taking place in the underpinnings of the world economy: The U.S. trade deficit is soaring.

What's happening: Americans' spending on imported physical goods has gone through the roof, while exports are growing slowly, making the U.S. the world's consumer of last resort.

Mike Allen, author of AM
38 mins ago - Politics & Policy

Third Way: "Big Lie" could become "Big Coup"

Graphic: Third Way

Third Way, the center-left think tank, is urging fellow Democrats to respond to the Capitol riot with "the size, scope, and seriousness of a presidential campaign," co-founder Matt Bennett tells me.

Driving the news: "For the first time in U.S. history, a party must mount two parallel presidential campaigns: one to win the election, and the other to prevent its theft," Bennett said, calling this "a Paul Revere moment."