Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios Pro Rata

Dive into the world of dealmakers across VC, PE and M&A with Axios Pro Rata. Delivered daily to your inbox by Dan Primack and Kia Kokalitcheva.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Nashville news?

Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Columbus news?

Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Dallas news?

Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Austin news?

Get a daily digest of the most important stories affecting your hometown with the Axios Austin newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Atlanta news?

Get a daily digest of the most important stories affecting your hometown with the Axios Atlanta newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Philadelphia news?

Get a daily digest of the most important stories affecting your hometown with the Axios Philadelphia newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Chicago news?

Get a daily digest of the most important stories affecting your hometown with the Axios Chicago newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top DC news?

Get a daily digest of the most important stories affecting your hometown with the Axios DC newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Illustration: Annelise Capossela/Axios

Sen. Joe Manchin (D-W.Va.) has told the White House the child tax credit must include a firm work requirement and family income cap in the $60,000 range, people familiar with the matter tell Axios.

Why it matters: While Manchin’s demands would dramatically weaken one of President Biden’s signature programs to help working families, they also would reduce the package’s overall costs.

  • That would make it easier for the pivotal senator to support a final package, potentially higher than Manchin's previous $1.5 trillion top line.
  • At the same time, progressives would have a hard time accepting the changes Manchin is demanding.
  • They'd also fundamentally alter a program the president funded for one year in the $1.9 COVID-19 relief package passed in March.
  • Manchin's office declined to comment on Axios' report.

The big picture: Manchin and Sen. Kyrsten Sinema (D-Ariz.) held a call with House centrist lawmakers last Wednesday in which the senators detailed some of their specific concerns about Biden’s $3.5 trillion social spending plan.

  • They also discussed the White House’s decision to link the package to approval of the separate $1.2 trillion infrastructure bill — a demand of House progressives.
  • Sinema told lawmakers she will not vote for the social spending plan until the House passes the infrastructure bill, according to Reuters.
  • Neither Manchin nor Sinema endorsed Biden's compromise price for the social spending plan in the $1.9 trillion to $2.2 trillion range.
  • Manchin also continues to privately tell colleagues the president’s Clean Electricity Performance Program, a cornerstone of Democrats' plan to achieve zero-carbon electricity, is a non-starter.

Go deeper: While Manchin has previously indicated he wanted progressive to pick one of Biden's three programs to help working families, he now seems more favorably disposed to policies that target families with young children in need.

  • In addition to the pared-back CTC, Manchin is open to Biden's $450 billion plan to subsidize day care and offer free universal preschool, the people familiar with the matter told Axios.
  • Manchin, however, wants to impose stricter income caps on the day care subsidies while keeping preschool free for everyone, as it already is in West Virginia.
  • The senator is less interested in the $225 billion to $450 billion paid family leave proposal or $400 billion for a new program to provide care for elderly and disabled people, according to people familiar with the matter.

By the numbers: Biden expanded the CTC for 2021, giving most families with young children up to $3,600 a year, up from the previous $2,000, with monthly deposits going straight into bank accounts.

  • He also extended it to households that didn’t have any taxable income, providing a direct subsidy to poor families that are out of the workforce.
  • White House officials say that a permanent and expanded CTC can reduce childhood poverty by half.
  • But the program is expensive, costing some $450 billion to extend it for the four years Biden requested — and an estimated $1.6 trillion over 10 years.
  • By placing income caps and a W-2 eligibility requirement for receiving the child tax credit, Manchin would lower the overall price by a figure still to be determined.

Editor's note: This story has been updated to clarify that Biden's proposed $400 billion is for elderly and disabled care.

Go deeper

Texas loses billions to child care breakdowns

Illustration: Sarah Grillo/Axios

A dearth of affordable child care is putting a massive dent in the Texas economy.

  • Parents are missing work or leaving jobs to take care of children in a landscape pock-marked by the pandemic and labor shortages, according to new research by the U.S. Chamber of Commerce Foundation.

JPMorgan: "Full global recovery" in 2022

Photo: Erik McGregor/LightRocket via Getty Images

JPMorgan Chase Global Research says in a forecast to clients: "2022 will be the year of a full global recovery, an end of the global pandemic, and a return to normal conditions we had prior to the COVID-19 outbreak."

The big picture: The bullish report sees "a return of global mobility, and a release of pent-up demand from consumers (e.g. travel, services)."

Inside Trump's hunt for "disloyal" Republicans

Illustration: Aïda Amer/Axios

Donald Trump and his associates are systematically reshaping the Republican Party, working to install hand-picked loyalists across federal and state governments and destroy those he feels have been disloyal, sources close to the former president tell Axios.

Why it matters: If most or all of Trump’s candidates win, he will go into the 2024 election cycle with far more people willing to do his bidding who run the elections in key states.