Democrats and Republicans introduce bipartisan legislation to avoid wasting USPS

A non-partisan group of legislators in the House and Senate have joined forces to end the 15-year Republican sabotage of the US Postal Service.

A press release from Rep. Pete DeFazio (D-OR) states: “Reps. Peter DeFazio (OR-04), Tom Reed (NY-23), Carolyn B. Maloney (NY-12), Brian Fitzpatrick (PA-01), Colin Allred (TX-32) and Senators Steve Daines (R-MT ) and Brian Schatz (D-HI) today announced the reintroduction of the USPS Fairness Act, a bipartisan piece of legislation to provide much-needed financial relief to the U.S. Postal Service (USPS) by removing the agency’s onerous pre-funding mandate for future benefits Retired is terminated. “

The purpose of the legislation, which the House passed by more than 300 votes last year, is to end the mandate that the postal service must pre-finance health services for retirees decades in advance. The insidious mandate was introduced into a 2006 law to bankrupt the postal service and fulfill one of the Republican Party’s biggest privatization fantasies.

Rep. DeFazio said: “Americans depend on a reliable postal service. This is especially true in rural areas, as well as veterans and seniors in my district who count on six day door-to-door service for their mail, small business, and prescription medication. The unreasonable pre-financing mandate has threatened the very survival of the USPS and compromised vital services for the millions who rely on it. The pre-financing mandate policy is based on the absurd idea of ​​paying for the retirement benefits of people who do not yet and may never work for the postal service. I hope that under a Biden administration we can finally lift this ridiculous policy, give the USPS critical financial relief, and take the first step towards much-needed comprehensive reform. “

The legislation is supported by both parties in the House of Representatives and the Senate and has a good chance of being passed.

Joe Biden is in the White House. Democrats control Congress, which means it’s time to end the decades-long Republican war on the Post.

For more discussions on this story, join our Rachel Maddow and MSNBC groups.

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Mr. Easley is the Founder / Executive Editor, White House Press Pool, and a Congressional Correspondent for PoliticusUSA. Jason has a bachelor’s degree in political science. His thesis focused on public order with a specialization in social reform movements.

Awards and professional memberships

Member of the Society of Professional Journalists and the American Political Science Association

Pfizer plans to ship 200 million doses to the US by Might sooner than anticipated

An inoculation dish with Pfizer BioNtech vaccines.

Matthias Bein | Image Alliance | Getty Images

Pfizer plans to ship 200 million doses of its coronavirus vaccine to the US by May, earlier than originally forecast in July. This emerges from slides the drug maker released Tuesday ahead of its fourth quarter earnings call.

The company, which developed its vaccine with German drug maker BioNTech, also said it could potentially dispense 2 billion doses worldwide by the end of this year, as healthcare providers can extract an additional sixth dose of the vaccine from the vials. In December, the Food and Drug Administration announced that additional doses from vials could be used after the cans were discarded due to labeling confusion.

According to the company, Pfizer had shipped 29 million doses of its two-shot vaccine to the US government as of January 31. 17 million of these Pfizer doses had been administered by Monday, according to the Centers for Disease Control and Prevention.

The company’s Covid-19 vaccine was the first to be approved for emergency use in the United States

Pfizer, like other coronavirus vaccine manufacturers, is struggling to meet demand for shots, which hopefully will help end the pandemic. The company recently asked French drug maker Sanofi to make 100 million doses of its vaccine.

The delivery schedule update comes a few hours after Pfizer announced it would sell approximately $ 15 billion in coronavirus vaccine doses this year. The company raised its full-year earnings guidance from $ 3.10 to $ 3.10-3.20, citing “additional improvements” to its guidance for vaccine sales.

The company also said Tuesday it would be “ready to act” if a variant of Covid shows evidence that it is resistant to its vaccine. In the past few weeks, U.S. health officials, including Dr. Anthony Fauci, raised concerns that vaccines currently on the market may not be as effective against new, more contagious strains of the virus.

In the slides released Tuesday, Pfizer said patients “are likely to need regular boosting to maintain the immune response and counter newly emergent strains of variants.”

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The way to Make Further Cash Utilizing Hidden Expertise

A lot has changed in the last year.

According to bestselling author Patrice Washington, the drastic changes in society and the economy caused by the coronavirus may offer new opportunities for you to use your skills as an entrepreneur.

Washington lost its real estate business in 2008 and spent the next decade building a new career helping others with their finances. She is also the host of “The Redefining Wealth Podcast”.

The 39-year-old author recommends that you start by identifying your natural talents and building a company that is tailored to your specific skills.

Check out this video to learn how she starts a new career in four steps and to see examples of companies she has helped others get started.

More from Invest in You:

The “predictably irrational” author says this is what investors should be doing during the pandemic
Coronavirus forced this couple into a 27-day quarantine during their honeymoon cruise
How to prepare for a family member with COVID-19

Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.

Dr. Scott Gottlieb would not count on the US system to be mounted by the autumn

The US coronavirus testing system needs a major overhaul for faster results, said Dr. Scott Gottlieb told CNBC on Tuesday: He also warned Americans not to expect quick fixes.

“The system that we currently have – as discontinuous as it is and problematic as it is – has been built really organically, and that’s part of the problem,” the former Commissioner of the Food and Drug Administration told Squawk Box. “You don’t have an efficiently operated system because nobody really built it rationally.”

Even so, Gottlieb said the U.S. has reached a point over the nearly year-long pandemic where it can do “an enormous amount of testing.” He found that more than 2 million new tests are done in a few days. According to a CNBC analysis of data compiled by the COVID Tracking Project, the country’s seven-day average is nearly 1.8 million new tests per day.

“I think it’s the way the system is organized right now that the samples aren’t getting into laboratories that have the capacity fast enough for people to get a timely result back,” he said. “There are many PCR-based test platforms, but in many cases the samples do not get to where the capacity is available. Therefore this is currently an organizational challenge.”

Polymerase chain reaction, or PCR, tests are the most accurate type of Covid test and involve sending a nasal or saliva sample to a laboratory for processing. Rapid antigen tests can play an important role, Gottlieb said, especially for people who have Covid symptoms. But even someone who tests positive through a quick screening may need a PCR test to confirm their infection, he said.

In the near future, Gottlieb anticipates that the processing time for Covid test results will improve as demand diagnostic tests will decrease. “The infection rates are falling,” said Gottlieb, who headed the FDA in the Trump administration from 2017 to 2019.

The US is seeing 146,019 new coronavirus cases per day, based on a seven-day average. This comes from a CNBC analysis of the data compiled by Johns Hopkins University. That’s less than the seven-day average of 176,114 on Jan. 23.

“People, when they are less likely to have an infection, less likely to be symptomatic, are less likely to get a test,” said Gottlieb. This is a positive development, he said, because it will take some time for the US test system to be more coherent and for the organizational challenges to be smoothed out. He said he didn’t expect much improvement until summer, which suggests that fall is a more realistic destination.

Even though millions of Americans have been vaccinated against Covid-19, tests still need to be done, Gottlieb said. “We have to expand this for the fall, when the test volumes rise again and we are put under pressure again,” said Gottlieb, who is on the board of directors at Pfizer, which produces a Covid vaccine.

“We have to be able to do three, four million tests a day and get a result back in 24 hours or else … it’s useless,” he added. “A PCR-based result that takes longer than a day or two doesn’t make sense.”

Disclosure: Scott Gottlieb is a CNBC employee and a member of the boards of directors of Pfizer, genetic testing startup Tempus, health technology company Aetion Inc., and biotech company Illumina. He is also co-chair of the Healthy Sail Panel of Norwegian Cruise Line Holdings and Royal Caribbean.

Pfizer PFE This fall 2020 outcomes

Empty vials containing the Pfizer COVID-19 vaccine are seen at a drive-through vaccination facility operated by the Lake County Health Department in Groveland, Florida on January 28, 2021.

Paul Hennessy | NurPhoto | Getty Images

Pfizer expects to sell around $ 15 billion worth of coronavirus vaccine doses this year, the company said when it released its fourth quarter earnings on Tuesday.

The company’s Covid-19 vaccine, which it produces together with German partner BioNTech, was the first to be approved for use in the United States. For this year, sales were forecast to be between $ 59.4 billion and $ 61.4 billion.

According to Refinitiv’s average estimates, Pfizer performed in the fourth quarter compared to Wall Street expectations.

  • Adjusted EPS: 42 cents versus 48 cents, expected.
  • Revenue: $ 11.68 billion versus $ 11.43 billion expected.

Revenue rose 12% from $ 10.44 billion in the same quarter last year to $ 11.68 billion – better than analysts expected.

Pfizer’s shares were largely unchanged in premarket trading.

“As a company, we have seen the culmination of decades in Pfizer’s transformation into a pure, science and innovation-driven company,” said Albert Bourla, Pfizer CEO, in a press release. “Our ability to move forward quickly and use the latest scientific knowledge to address the world’s major medical challenges has been tested by the COVID-19 pandemic.”

Pfizer, like other Covid-19 vaccine manufacturers, is struggling to meet demand for shots that will help end the pandemic. Pfizer expects to ship 200 million doses of its two-shot vaccine to the US by July 31. The company recently turned to French drug maker Sanofi for help making cans.

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Offset upsets social media after claims it introduced Jordans & Nikes again into type

Offset

Roommate, not a day goes by when celebrities don’t say or do anything to get everyone to talk – and Offset is the latest to make a splash. Social media recently went up in flames after Offset announced on his Twitter account that he is the reason the Jordans and Nikes are so popular right now.

With fans anticipating the upcoming release of “Culture 3” from rap group Migos, group member Offset decided to set the record right and let everyone know how influential he is in the world of urban fashion.

Offset dropped right in on the conversation about sneaker culture in the hip hop world dominated by superstar Kanye West and wanted to make things clear about his own influence.

Offset posted the following on his Twitter:

“Trendsetter !! u niggas only wore Jordan n Nike a year ago, it was all about designers.”

As expected, social media users immediately pointed out to him that Jordans and Nikes had been hugely popular for the last 30 years when he was a kid and long before he ever entered the music industry.

Despite hours of comments on social media, Offset hasn’t yet responded to criticism regarding his opinion on his sneaker influence.

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Democrats submit price range decision, Biden meets Republicans

President Joe Biden speaks in the Oval Office of the White House in Washington, DC on January 29, 2021.

Nicholas Comb | AFP | Getty Images

Democratic Congress leaders took the first step to pass sweeping coronavirus support law without GOP support on Monday when President Joe Biden heard a much smaller plan from Republicans.

Biden and Vice President Kamala Harris met with ten Republican senators for about two hours Monday when the Democrats decided whether to downsize their aid proposal to win GOP votes or move forward alone. Republican lawmakers on Sunday made a counter offer to Biden’s $ 1.9 trillion bailout. The $ 618 billion plan would:

  • Submit a smaller direct payment of $ 1,000 that will expire at a lower income threshold of $ 40,000 for individuals
  • Extend federal unemployment benefits by $ 300 per week through June 30th
  • Put $ 20 billion into a national vaccination program
  • Inject $ 20 billion into K-12 schools
  • No state and local government support, a priority for Democrats

After meeting in the Oval Office, Senator Susan Collins, R-Maine, called it “productive” and “heartfelt”. She said, “I wouldn’t say we have come together in a package,” but noted that the sides agreed to “follow up and talk” through a relief plan.

Senate majority leader Chuck Schumer dismissed the GOP plan as inadequate on Sunday as his Democratic Party warned that failure to spend money now will cause more pain in the years to come. While meeting with Republicans, Biden will attempt to reconcile a stated desire to work across the aisle with calls for decisive action to mitigate the health and economic crises.

The Democrats warned of the damage caused by delays and pushed ahead with the delicate process that would allow them to pass a bill without a Republican vote in Congress. Schumer and House Speaker Nancy Pelosi, D-Calif., Instituted a budget resolution, the first step in leveraging the reconciliation process that only requires a majority to pass. The House intends to approve the measure this week.

The resolution instructs the committees to develop a number of coronavirus support measures included in Biden’s proposal, such as: B. $ 1,400 in direct payments, a weekly increase in federal unemployment of $ 400 a week, $ 350 billion in state, local and tribal aid, funding for Covid-19 vaccines, and testing and rental and mortgage aid. The instructions don’t include a minimum wage of $ 15 an hour, a Democratic priority that may not fit within the restrictions on reconciliation bills.

“We are confident that Republicans will work bipartisan to support support for their communities, but the American people cannot afford any further delays and Congress must act to prevent more unnecessary suffering,” said Schumer and Pelosi in an explanation.

Biden spoke to Schumer and Pelosi on Sunday, White House press secretary Jen Psaki said in a statement announcing the president’s public relations work with Republicans. Biden “is grateful that Congress is ready to take action,” she added.

Biden has left the door open to pass Republican-free law when he can’t reach an agreement with GOP lawmakers.

“I support Covid, with Republican support, if we can get it,” he told reporters on Friday. “But the Covid relief has to pass, there are no ifs and buts.”

Democrats would need 10 Republican Senate votes to overcome a filibuster and pass an aid bill. Winning the group that went to the White House on Monday would give Democrats enough support to get the legislation through the Chamber.

However, the sites are faced with the challenge of finding a compromise between $ 1.9 trillion and $ 618 billion. A key democrat immediately rejected the GOP framework.

Incoming Senate Finance Committee, Ron Wyden, D-Ore., Said the plan was “far too small to provide the relief the American people need.” Criticizing the decision to extend federal unemployment benefits until June, he said, “We can’t jump from cliff to cliff every few months.”

“Workers who have lost their jobs through no fault of their own shouldn’t worry about losing their income overnight. Extending benefits for at least six months is essential,” Wyden said in a statement.

Senators who met with Biden include several members of the bipartisan group that worked out the framework for the $ 900 billion relief plan passed in December. The Republicans are:

  • Shelley Moore Capito from West Virginia
  • Bill Cassidy from Louisiana
  • Susan Collins from Maine
  • Jerry Moran from Kansas
  • Lisa Murkowski from Alaska
  • Rob Portman from Ohio
  • Mitt Romney from Utah
  • Mike laps from South Dakota
  • Thom Tillis from North Carolina
  • Todd Young from Indiana

“We believe that with your support, Congress can once again create a relief package that will provide meaningful and effective relief to the American people and get us on the road to recovery,” they wrote in their letter to Biden. “We recognize your demands for unity and want to work in good faith with your administration to meet the health, economic and social challenges of the COVID crisis.”

Your proposal would reduce Bidens in several ways. First, recipients of direct payments would receive $ 400 less. The plan would also begin by tiering checks earning $ 40,000 a year for individuals, up from $ 75,000 in the president’s proposal. The checks would be limited to an income of $ 50,000 in the GOP proposal.

The offer would maintain $ 300 weekly unemployment benefits through June, while Biden’s would add a $ 400 weekly supplement through September. The GOP plan would not send any new relief to state and local governments either, as a democratic priority would be neglected.

The $ 20 billion set by the Republicans for schools versus $ 170 billion for K-12 schools and higher education institutions in Biden’s plan.

The urge for another aid package comes as the government rushes to vaccinate Americans before more transmissible variants of Covid spread widely. More than 25 million people have now received at least one dose of vaccine, while at least 5.6 million have received both shots, according to the Centers for Disease Control and Prevention.

While new Covid-19 cases have slowed in the US, the outbreak kills an average of more than 3,000 Americans every day.

U.S. GDP grew 4% in the fourth quarter, but declined 3.5% in 2020 as a whole. More than 18 million people received unemployment benefits last month.

Despite the sluggish recovery, Republicans will struggle to get some colleagues to endorse even a scaled-down plan. Senator Pat Toomey, R-Pa., On Monday downplayed the need for spending outside of vaccine distribution funds.

“I just don’t think there’s a good reason to repeat this,” he told CNBC.

Baker Hughes “cautiously bullish” on oil demand

Mobile offshore drilling units stand in the port of Cromarty Firth in Cromarty, UK on Tuesday 23 June 2020.

Jason Alden | Bloomberg | Getty Images

Oil services company Baker Hughes sees energy demand recover in the second half of 2021, managing director Lorenzo Simonelli said this week.

“We are cautiously optimistic,” he told CNBC’s Steve Sedgwick on Monday.

He noted that some countries are still linked to coronavirus, which decimated demand in 2020 and may weigh on fuel sales in the first half of the year.

However, he expects demand to recover in the second half of the year due to the launch of the vaccine and the improvement in the economic situation.

The CEO’s views were in line with OPEC’s January oil market report that vaccinations generate some “upside optimism” and that forecasts for 2021 “assume a healthy recovery in economic activity”.

The alliance expects global oil demand to increase by 5.9 million barrels per day to an average of 95.9 million barrels per day.

The International Energy Agency predicts that global oil demand will recover this year to 96.6 million bdp. It lowered its forecast slightly, citing rising Covid cases and new bans.

As vaccines put fundamentals on a stronger growth path, it will take longer for demand to fully recover, the IEA said.

Opportunities in oil investments

Simonelli said there would be “investment opportunities” when the rebound takes place.

“It will be different geographically in different places,” he said. “If we look at the lower-cost pools, look at the Middle East. That is where you will see some of the increases in production.”

Brazil and Norway could also increase production in the second half of 2021, he added.

US shale producers are likely to be “subdued,” he said. “There is a lot of capital discipline [and] Obviously we are also going through an energy transition. “

He said North America would grow in volume quickly historically, but that could change this time around.

“We believe this will be different just given the capital discipline and focus that producers have on … returns and cash flows and restricting some of the capital inflows,” he said.

US West Texas Intermediate Futures rose 0.99% to $ 54.08 on Tuesday afternoon in Asia, while the international benchmark Brent crude oil futures rose 0.89% to trade at $ 56.85.

– CNBC’s Sam Meredith contributed to this report.

GameStop’s decline continues, down 25% in premarket buying and selling

A person walks past a GameStop in the Manhattan neighborhood of New York City, New York, the United States, on Jan. 29, 2021.

Carlo Allegri | Reuters

GameStop’s shares continued to lose ground on the Tuesday before the bell, with shares of the volatile retail favorite dropping more than 25% in premarket trading.

The post-close drop follows a more than 30% drop during the regular market session and brings the stock price below $ 200 per share, which would wipe out the rest of the nearly 68% gain for the stock on Friday.

GameStop shares have been trading wildly for the past few weeks after retailers on Reddit released a brief squeeze on the stock. This is a phenomenon where traders who have bet against the stock are forced to buy it in order to limit their losses, which pushed the price up even further.

Retail activity has contributed to extreme volatility and high trading volume in GameStop and other stocks. However, according to FactSet, Monday’s trading volume was the lowest in the video game stock since January 20.

AMC Entertainment, another retail favorite, also fell to the bell. Cinema stocks fell more than 14% after gaining less than 1% during Monday’s market hours.

GameStop’s struggles even came when Robinhood, a free trade broker, lifted restrictions on highly volatile names. The brokerage allowed users to buy up to 20 GameStop shares as of Monday afternoon, from just one share at the start of the day and four shares around noon ET.

The volatile moves and broker restrictions have drawn the attention of politicians and regulators in Washington. The Chair of the House Committee on Financial Services, Rep. Maxine Waters, D-CA, announced on Monday that a hearing would be held on February 18 about the recent GameStop deal.