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Illustration: Rebecca Zisser/Axios

A sweeping energy bill boosting federal support for everything from renewable energy to cybersecurity may get a vote as soon as next week.

Driving the news: The bipartisan leaders of the Senate Energy and Natural Resources Committee, Lisa Murkowski (R-Alaska) and Joe Manchin (D-W.Va.), introduced the American Energy Innovation Act yesterday.

  • The legislation, running 555 pages, compiles some 50 separate measures the committee has debated and passed last year.

One level deeper:

  • Most of the bill’s components are narrow changes to existing policy or other government programs. Taken in aggregate though, Manchin calls it a “down payment” on technologies cutting emissions.
  • It does not include an overall target to reduce emissions or any economy-wide mechanism to affect emissions, such as a carbon price or a mandate.
  • Read the bill itself, a short summary and a longer summary.

Where it stands: The bill drops as politicians in Washington and on the campaign trail debate how aggressively the U.S. government should tackle climate change. Lawmakers are engaging in what has become a perennial debate about whether to try to go big or go small(er) with climate and energy policy.

  • To date, Washington has gone small(er), and this bill doubles down on that path, by expanding current government policies and pushing narrow measures, like subsidies and public-private partnerships.
  • A growing chorus of lawmakers, corporations and all Democratic presidential candidates want Washington to go bigger by creating new and economy-wide policies taking direct aim at emissions, such as a clean energy standard or a carbon tax.

What they’re saying: Response to the bill was mixed, reflecting Washington’s overall divisions on the matter.

  • The National Mining Association and The Nature Conservancy both issued positive statements about the measure, even though the latter said more needed to be done.
  • Other environmental groups, including Friends of the Earth and the Sierra Club, outright opposed it. “This bill includes a number of small-bore proposals, some productive and some detrimental,” said Melinda Pierce, Sierra Club’s legislative director.

What’s next: The full Senate may vote on it as soon as next week.

Go deeper: As Congress debates climate change policy, carbon price gets no love

Go deeper

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.

2 hours ago - Politics & Policy

CPI: The new jobs number

Grocery shoppers in Washington, D.C., last month. Photo: Ting Shen/Xinhua via Getty Images

The Consumer Price Index has replaced the jobs report as the most anticipated data drop by the U.S. government.

Why it matters: Rising prices tend to lower political fortunes. Washington and Wall Street are now waiting for the CPI number to flash at 8:30am ET around the 10th day of each month. This month's report — due Friday morning — will give a reading of how hot inflation ran in November.