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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

Key inflation measure grew slower than expected in June

Data: Bureau of Economic Analysis; Chart: Axios Visuals

The price of goods and services rose 0.4% in June, slower than the 0.5% growth during May, according to the core personal consumption expenditures (PCE) price index released Friday morning. The June reading was lower than the consensus expectation for 0.6% growth.

Why it matters: The core PCE is the inflation measure the Federal Reserve watches most closely. June's reading is the second month in a row of decelerated price growth, giving the Fed breathing room to design a pullback strategy from its emergency market support.

Pelosi's back-to-school math problem

Illustration: Sarah Grillo/Axios

House Speaker Nancy Pelosi (D-Calif.) may need votes from an unlikely source — the Republican Party — if she hopes to pass the bipartisan infrastructure bill by next Monday, as she's promised Democratic centrists.

Why it matters: With at least 20 progressives threatening to vote against the $1.2 trillion bipartisan bill, centrist members are banking on more than 10 Republicans to approve the bill.

By the numbers: Haitian emigration

Expand chart
Data: CBP; Chart: Sara Wise/Axios

The number of Haitians crossing the U.S.-Mexico border had been rising even before their country's president was assassinated in July and the island was struck by an earthquake a month later.

Why it matters: A spike during the past few weeks — leaving thousands waiting in a makeshift camp under a bridge in Del Rio, Texas — has prompted a crackdown and deportations by the Biden administration.