Infrastructure Spending and Tax Reform Come into Focus
June 06, 2017
The White House is entering the second phase of their tax reform plan while also running into a few signs of opposition regarding infrastructure. The World Bank measured fast economic growth, but with signs for concern and the Department of Labor is looking for unique ways to cut costs.
- Major elements of President Trump’s infrastructure initiative are facing staunch opposition from Democrats, increasing the likelihood that Republicans will have to go it alone. Infrastructure legislation has long been billed as one of the few things that could receive broad bipartisan support this Congress. However, such bipartisan support ended when the Trump administration announced a proposal to separate air traffic control from the federal government — one of the most controversial infrastructure ideas floated by the administration so far, and one that was quickly rejected by Democrats. [The Hill]
- The Trump administration is starting the next phase of its tax reform push with the expected launch of a formal set of listening sessions with industry groups. Since the release of President Trump’s one-page tax plan in April, administration officials have been meeting with lawmakers as they work to flesh out the proposal. Now, the officials are branching out to meet with business leaders, who are eager to make their priorities known. The listening sessions could help get stakeholders to rally behind an eventual tax bill. [The Hill]
Economic Indicators & News
- The global economy may be about to hit its fastest rate in seven years, but the World Bank is worried over four potential risks that are clouding the outlook for such global economic growth. These include emerging-market clout, growth contributions, policy uncertainty, and trade wars. [WSJ]
- Labor Secretary Alexander Acosta is expected to outline the administration’s plans for reducing spending at the agency at a budget hearing tomorrow. One proposal put forth is to merge the department’s body that oversees government contractors into the Equal Employment Opportunity Commission, an independent agency that enforces antidiscrimination laws among all employers including those with no government ties. [WSJ]