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Schumer. Photo: Alex Wong/Getty Images

Senate Majority Leader Chuck Schumer (D-N.Y.) on Wednesday will release a report by Moody’s chief economist Mark Zandi to push back on GOP attacks, arguing that the bipartisan infrastructure deal and Democrat-only social-spending package would help the economy.

Zandi writes, in excerpts provided to Axios: "Greater investments in public infrastruc­ture and social programs will lift productivity and labor force growth, and the attention on climate change will help forestall its increas­ingly corrosive economic effects."

  • Zandi says the policies "would direct the benefits of the stronger growth to lower-in­come Americans and address the long-run­ning skewing of the income and wealth distribution."
  • Failing to pass the legislation, Zandi says, "would certainly diminish the economy’s prospects."

Zandi contends that inflation concerns are "overdone," since "much of the additional fiscal support ... is designed to lift the economy’s longer-term growth potential and ease inflation pres­sures."

  • "The legislation, he says, would "strengthen long-term economic growth, the benefits of which would mostly accrue to lower- and middle-income Americans."
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Go deeper

Jul 20, 2021 - Politics & Policy

GOP split over infrastructure messaging

Republicans are looking to Senate Minority Leader Mitch McConnell, seen Monday, for their infrastructure cue. Photo: Tom Brenner/Bloomberg via Getty Images

Republicans are all over the map about how their party should proceed on the $1.2 trillion bipartisan infrastructure proposal.

What we're hearing: GOP strategists tell Axios they've struggled over not only whether they support the current Senate negotiations but how to message off the broader infrastructure debate.

Biden pushes back on inflation fears

President Biden walking to Marine One on the South Lawn of the White House, July 16. Photo: Brendan Smialowski/AFP via Getty Images

"Our experts believe and the data shows that most of the price increases we've seen were expected and are expected to be temporary," President Biden said at the White House Monday, pushing back against fears of persistent inflation.

Why it matters: The White House, which has argued that inflation issues are short term, is concerned that fears of rising prices could derail Biden's legislative agenda, which includes massive spending packages.

Heat dome sends temperatures soaring from Oregon to Louisiana

Forecast maximum temperatures in degrees Fahrenheit on Thursday, July 29, 2021. (WeatherBell)

The Pacific Northwest is once again in the midst of a heat wave after already seeing its worst such event on record this summer. Temperatures are soaring into the low 100s in some areas, while dangerous heat is also affecting the South Central states and Gulf Coast.

Why it matters: The occurrence of yet another heat wave during a drought in the West is ratcheting up wildfire risks. The heat itself is a major public health risk, since extreme heat is typically the biggest annual weather-related cause of mortality in the U.S.