Sep 26, 2024
Presented by NFIB — A bipartisan effort to force a vote on legislation that includes reforms for Social Security is exposing some rifts in the House GOP conference. {beacon} Business & Economy Business & Economy   The Big Story  Discharge petition stirs unrest in House GOP  A bipartisan effort to force a vote on legislation that includes reforms for Social Security is exposing some rifts in the House GOP conference.  © AP Photo/Jenny KaneThe bill at the heart of the push, also dubbed the Social Security Fairness Act, seeks to do away with the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO).  The bill enjoys support from more than 100 House Republicans, and almost four dozen have cosigned the effort to use what’s known as a discharge petition to force consideration of the bill.  But the strategy is rubbing some in the conference the wrong way.  “In a well-run Congress, no legislator signs a discharge petition if you’re a majority. That is a rule that is never broken,” Rep. Glenn Grothman (R-Wis.) told The Hill. “And the fact that 47 of my colleagues signed a discharge petition shows that we have an utter lack of discipline.”  Supporters of the bill argue it seeks to prevent those who have worked in public service — including “police officers, firefighters, educators, and federal, state, and local government employees” — from seeing their Social Security benefits “unfairly” reduced.   But critics have raised questions of fairness around the bill, while also pointing to scoring from the Congressional Budget Office that estimates the measure could cost upward of $190 billion over a decade.  Rep. Chip Roy (R-Texas) called the measure a “bad direction to go,” and said he would “oppose it.”  “I will support a version that I co-sponsor, which would be except $34 billion which we ought to pay for, but, but it’s responsible. The one that … they’re discharging is irresponsible, and they can’t defend it, and they won’t defend it, except that they’re going to say things like, ‘We’re going to make everybody whole.’ They are not.” The Hill's Aris Folley has more here.   Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.  Did someone forward you this newsletter? Subscribe here.   Essential Reads Key business and economic news with implications this week and beyond:  Democrats press corporations on lobbying spending ahead of tax fightDemocrats want to know how much big companies are paying major lobbies to lean on lawmakers ahead of the tax code expirations that are set for next year.  Full Story  Harris backs minerals stockpile, permitting reform, climate-friendly tax creditsLaying out her economic agenda this week, Vice President Harris backed increasing domestic minerals production and creating a minerals stockpile.   Full Story  Second quarter GDP locks in at 3 percent growthU.S. gross domestic product (GDP) grew at an annualized rate of 3 percent in the second quarter, showing an impressive performance for the economy through an elevated interest rate environment set by the Federal Reserve.  Full Story  Mark Cuban: Trump ‘talks a good game’ on economy Mark Cuban said Wednesday that former President Trump “talks a good game” when it comes to the economy, but “it doesn’t mean he … gets the job done.”  Full Story   The Ticker  Upcoming news themes and events we're watching: The Commerce Department on Friday will release the personal consumption expenditures (PCE) price index, a key inflation gauge, for August at 8:30 am E.T.   In Other News  Branch out with more stories from the day:NASA, Boeing describe limited roles despite Titan’s owner touting aerospace ties OceanGate co-founder Stockton Rush said the carbon fiber hull used in an experimental submersible … Full Story   Good to Know  Business and economic news we've flagged from other outlets:Dow jumps more than 250 points, S&P 500 closes higher to post fresh record (CNBC)  Pro-Trump Group Expands Ad Buy by $70 Million in the Race’s Final Weeks (The New York Times)  The IRS will soon set its new 2025 tax brackets. Here's what to know. (CBS News)  What Others are Reading  Top stories on The Hill right now: Appeals panel signals skepticism over NY civil fraud case against Trump A New York appeals panel on Thursday appeared wary of the state’s civil fraud case against former President Trump that ended in a $464 million judgment against him and his business. Read more North Carolina removes 747,000 from voter rolls, citing ineligibility North Carolina’s State Board of Elections has removed 747,000 people from its list of registered voters within the last 20 months, officials announced Thursday in a press release. Read more  What People Think  Opinion related to business and economic issues submitted to The Hill: Price-control discourse proves history has a short memory  Close Thank you for signing up! Subscribe to more newsletters here The latest in politics and policy. Direct to your inbox. Sign up for the Business and Economy newsletter Subscribe
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