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!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

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!

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!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Treasury Secretary Janet Yellen. Photo: Alex Wong/Getty Images

Treasury Secretary Janet Yellen is heading into the belly of the beast Tuesday and asking the business community to support President Biden's $2.3 trillion infrastructure plan during a speech to the U.S. Chamber of Commerce.

Why it matters: By trying to persuade a skeptical and targeted audience, Yellen is signaling the president’s commitment to raising corporate taxes to pay for his plan. Republican senators, critical to a potential bipartisan deal, oppose any corporate tax increase.

  • “We are confident that the investments and tax proposals in the (American) Jobs Plan, taken as a package, will enhance the net profitability of our corporations and improve their global competitiveness,” Yellen plans to say, according to excerpts from her speech obtained by Axios.
  • “We hope that business leaders will see it this way and support the Jobs Plan.”

The big picture: The administration is working to build support for the plan both in and out of Washington as it awaits the second counterproposal from Senate Republicans.

  • Their initial offer of $568 billion could climb as high as $800 billion.
  • Cabinet members will hit the road again this week, with Transportation Secretary Pete Buttigieg visiting Georgia and Labor Secretary Marty Walsh stopping in New Hampshire on Friday. Other members will make other trips and give TV interviews.
  • Back in Washington, officials will continue to make use of a TV studio in the Eisenhower Executive Office Building to reach local audiences.
  • “We are going to spend this week continuing to make the case around the country for the president’s vision and pushing to get it done,” said Michael Gwin, White House rapid response director.

The other side: Congressional Republicans have declared President Trump’s 2017 corporate and individual tax cuts are off-limits.

  • The Business Roundtable prefers a mix of deficit spending, repurposed money from Biden’s $1.9 trillion COVID relief bill and user fees to fund infrastructure projects.

Between the lines: Yellen’s speech to the Chamber will take an economic history tour.

  • The secretary will argue previous periods of economic uncertainty were met with government investments in infrastructure, education and research and development.
  • She'll note legislation that was controversial at the time spawned institutions now part of everyday American life, including the Federal Reserve, Federal Deposit Insurance Corporation and Social Security Administration.
  • “It is the time to recommit our government to playing a more active and smarter role in the economy,” she'll say. “We’re proposing smart investments — to make our economy more competitive and sustainable, to provide opportunities for all families and workers and to make our tax system fairer.”

Driving the news: Yellen will be introduced by Suzanne P. Clark, the chamber's president and CEO. The two will kick off the Global Forum on Economic Recovery, a two-day virtual event sponsored by Google, Amazon and UPS.

  • The chamber has scheduled conversations with the presidents of Kenya and Colombia and prime minister of Singapore, as well as business executives, including IBM CEO Arvind Krishna, Microsoft President Brad Smith and the software company's former CEO Bill Gates.
  • Sen. Mitt Romney (R-Utah), a former venture capitalist who has told the president directly not to raise corporate taxes, also will attend.

Go deeper

Biden recess plan omits Afghanistan

Photo: Andrew Caballero-Reynolds/AFP via Getty Images

The White House is downplaying Afghanistan in outside-the-Beltway events during the August congressional recess, hoping voters will pay more attention to President Biden's big spending plans.

Why it matters: Democrats privately fear political blowback, even though the White House insists voters aren't talking about the Kabul calamity.

U.S. friends in Latin America are turning to China

Illustration: Shoshana Gordon/Axios

The U.S. is losing Latin America to China without putting up a fight, Ecuador’s ambassador to Washington told Axios, laying bare her frustrations with early inattention from the Biden administration.

Why it matters: Ecuador isn't alone. China has deepened its engagement in the region, and it's now the top trading partner for many of the region's largest economies. That gives Beijing considerable leverage in a region historically dominated by the U.S., and makes Latin America a major frontier in the global competition for influence.

1 dead, 14 injured in shooting at Kroger grocery store near Memphis

One person was killed and 14 others were injured Thursday in a shooting at a Kroger grocery store in Collierville, Tenn., near Memphis, the town's spokesperson Jennifer Casey said, per CNN.

What they're saying: "I've been involved in [police work] for 34 years and I have never seen anything like [this]," Police Chief Dale Lane said at a press conference.