Will Congress shrink Biden's big relief plan?

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VIEW IN BROWSER | SUBSCRIBE FRI, JAN 22, 2021 CNBC POLITICS EDITOR'S NOTE Greetings and happy Friday,   This is economics and politics reporter Tom Franck, filling in for Politics Editor Mike Calia.   The start of the weekend caps a historic few days in Washington that included the inauguration of Joe Biden as the 46th president of these United States and Kamala Harris' swearing in as the nation's first female and Black vice president. Eyes now turn to former Fed Chair and Treasury secretary nominee Janet Yellen. Lawmakers are expected to confirm Yellen, 74, with flying colors given her economics resume and hands-on experience. Confirmation would make her the first female secretary of the Treasury. The vote is expected at 10 a.m. ET today.   During her testimony before lawmakers Tuesday, she reiterated that the nation's economy is still fragile and committed herself to helping everyday American workers.   Asked by Republican Sen. Mike Crapo for her thoughts on a corporate tax hike, Yellen said she would only be in favor of adjusting the levy up from its current 21% after the threat of Covid-19 is gone. Former President Trump's tax law, signed in 2017, lowered the corporate rate to 21% from 35%.   Less certain than Yellen's confirmation is the fate of Biden's original coronavirus rescue package. A key group bipartisan moderates — including but likely not limited to Sens. Lisa Murkowski, Joe Manchin and Mitt Romney — have raised concerns with the $1.9 trillion price tag in light of the $900 billion plan Congress approved in December.   Of particular concern seems to the money earmarked for another round of direct payments to most Americans. The Biden proposal would authorize a round of $1,400 checks to single filers making up to $75,000 per year. That sum, combined with the $600 checks that Treasury disbursed in December, would bring the total to $2,000 as proposed by Trump.   Tony Fratto, a senior Treasury aide during the George W. Bush administration, told CNBC on Thursday he thinks Democrats will try to use the size of the direct payments as a "bargaining chip" in an early attempt at bipartisan politics.   Tips? Email yours truly at tom.franck@nbcuni.com.  Thoughts? Email Politics Editor Mike Calia at CNBCPolitics@nbcuni.com.   Have friends or colleagues who might like this newsletter? They can sign up here.    Subscribe to CNBC's daily new podcast The News with Shepard Smith, which provides deep, non-partisan coverage and perspective on the day's most important stories. Mike Calia @Michael_Calia KEY STORIES  Biden is already facing pressure to scale back his $1.9 trillion Covid relief plan President Joe Biden's $1.9 trillion coronavirus relief plan is facing skepticism from Republicans as Democrats start the process of passing a bill. Biden to sign executive orders to boost food benefits, workers' rights as part of Covid relief push Biden has already signed executive orders to offer coronavirus relief as he tries to pass a $1.9 trillion aid package in Congress. Joe Biden's business allies discuss ways to pay for infrastructure plan, including a carbon tax Joe Biden's business allies have been discussing ways to pay for the president's eventual infrastructure proposal. What to know about President Biden's 10 executive orders on combating the Covid-19 pandemic President Joe Biden released details of his Covid response plan, including 10 executive orders and his intent to use the Defense Production Act. The 23-page plan expands on initiatives outlined last week and details how Biden plans to bring the pandemic under control and help the country recover. Biden will seek to accelerate the rollout of Covid-19 vaccines by providing more funding to local and state officials, creating more vaccination sites and launching a national education campaign. Biden will keep Christopher Wray as FBI director, White House says Joe Biden will keep FBI Director Christopher Wray in his position, White House press secretary Jen Psaki said. Judge refuses to force Amazon to put Parler back online U.S. District Judge Barbara Rothstein sided with Amazon in an order on Thursday, saying AWS was well within its rights to deny web hosting services to Parler. Americans grow more optimistic about Covid but blame feds for rocky vaccine rollout, NBC News poll says American voters are more optimistic about the pandemic now compared with last fall as President Biden takes office, according to a new NBC News poll. Biden signs order requiring travelers wear masks on planes and at airports as pandemic rages President Joe Biden mandates masks for interstate travel, including airlines, something labor unions have pushed for.     Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2021 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS