Sunday, October 17News That Matters

Tag: Biden, Joseph R Jr

Democrats Weigh Carbon Tax After Manchin Rejects Key Climate Provision

Democrats Weigh Carbon Tax After Manchin Rejects Key Climate Provision

Technology, World
WASHINGTON — Some House and Senate Democrats, smarting from a move by Senator Joe Manchin III, Democrat of West Virginia, to kill a major element of President Biden’s climate plan, are switching to Plan B: a tax on carbon dioxide pollution.A carbon tax, in which polluting industries would pay a fee for every ton of carbon dioxide they emit, is seen by economists as the most effective way to cut the fossil fuel emissions that are heating the planet.The almost certain demise of the clean electricity program at the heart of Mr. Biden’s agenda — which comes as scientists say forceful policies are needed to avert climate change’s most devastating impacts — has prompted outrage among many Democrats and has led several to say now is the moment for a carbon tax.“I’ve had a carbon pricing bill in m...

As Western Oil Giants Cut Production, State-Owned Companies Step Up

Business
Kuwait announced last month that it planned to invest more than $6 billion in exploration over the next five years to increase production to four million barrels a day, from 2.4 million now.This month, the United Arab Emirates, a major OPEC member that produces four million barrels of oil a day, became the first Persian Gulf state to pledge to a net zero carbon emissions target by 2050. But just last year ADNOC, the U.A.E.’s national oil company, announced it was investing $122 billion in new oil and gas projects.Iraq, OPEC’s second-largest producer after Saudi Arabia, has invested heavily in recent years to boost oil output, aiming to raise production to eight million barrels a day by 2027, from five million now. The country is suffering from political turmoil, power shortages and inadequ...
Clear Differences Remain Between France and U.S., French Minister Says

Clear Differences Remain Between France and U.S., French Minister Says

Business
PARIS — As global finance leaders gather this week in Washington for the annual meetings of the International Monetary Fund, Bruno Le Maire, the finance minister of France, made clear that effective French-American cooperation on an overhaul of the international tax system could not mask stark differences on China and other issues.“The United States wants to confront China. The European Union wants to engage China,” Mr. Le Maire, a close ally of President Emmanuel Macron of France, said in a wide-ranging interview ahead of the meetings. This was natural, he added, because the United States is the world’s leading power and does not “want China to become in a few years or in a few decades the first superpower in the world.”Europe’s strategic priority, by contrast, is independence, “which mea...

As Democrats Trim Spending Bill, Some Americans Fear Being Left Behind

Technology, World
WASHINGTON — Democrats in Congress are curbing their ambitions for President Biden’s economic agenda, and Jennifer Mount, a home health care aide, worries that means she will not get the raise she needs to pay more than $3,000 in medical bills for blindness in one eye.Edison Suasnavas, who came to the United States from Ecuador as a child, has grown anxious about the administration’s efforts to establish a pathway to citizenship, which he hoped would allow him to keep doing molecular tests for cancer patients in Utah without fear of deportation.And Amy Stelly wonders — thanks to a winnowing of Mr. Biden’s plans to invest in neighborhoods harmed by previous infrastructure projects like highways that have harmed communities of color — whether she will continue to breathe fumes from a freeway...
Global Tax Agreement Will Set 15% Minimum Rate

Global Tax Agreement Will Set 15% Minimum Rate

Business
More than 130 nations agreed on Friday to a sweeping overhaul of international tax rules, with officials backing a 15 percent global minimum tax and other changes aimed at cracking down on tax havens that have drained countries of much-needed revenue.The Organization for Economic Cooperation and Development, which has been leading the negotiations, said 136 countries and jurisdictions had signed on to the deal.“Today’s agreement will make our international tax arrangements fairer and work better,” Mathias Cormann, the organization’s secretary general, said in a statement. “We must now work swiftly and diligently to ensure the effective implementation of this major reform.”The agreement is the culmination of years of fraught negotiations that were revived this year after President Biden too...
Biden to Restore Three National Monuments in Utah and New England

Biden to Restore Three National Monuments in Utah and New England

Technology
Bears Ears is named for a pair of towering buttes that dominate much of the landscape of southeast Utah, and it is the site of ancient Native cliff dwellings and sacred burial grounds. It is the ancestral homeland of five tribal nations — the Navajo Nation, Hopi Tribe, Ute Indian Tribe, Ute Mountain Ute Tribe and Pueblo of Zuni.Conservation groups welcomed the news. “Thank you, President Biden — you have listened to Indigenous tribes and the American people and ensured these landscapes will be protected for generations to come,” said Jennifer Rokala, director of the Center for Western Priorities, an advocacy organization. “The cultural and paleontological resources within the Bears Ears and Grand Staircase landscapes are too important to leave at risk.”Ms. Haaland, the country’s first Nati...

U.S. Agencies Worry Most About These Climate Threats

Technology, World
WASHINGTON — Less food. More traffic accidents. Extreme weather hitting nuclear waste sites. Migrants rushing toward the United States, fleeing even worse calamity in their own countries.Those scenarios, once the stuff of dystopian fiction, are now driving American policymaking. Under orders from President Biden, top officials at every government agency have spent months considering the top climate threats their agencies face, and how to cope with them.On Thursday, the White House offered a first look at the results, releasing the climate-adaptation plans of 23 agencies, including the departments of Energy, Defense, Agriculture, Homeland Security, Transportation and Commerce. The plans reveal the dangers posed by a warming planet to every aspect of American life, and the difficulty of copi...
Fed Chair Jerome Powell Faces Reappointment Amid Tumult

Fed Chair Jerome Powell Faces Reappointment Amid Tumult

Business
As Jerome H. Powell’s term as the chair of the Federal Reserve nears its expiration, President Biden’s decision over whether to keep him in the job has grown more complicated amid Senator Elizabeth Warren’s vocal opposition to his leadership and an ethics scandal that has engulfed his central bank.Mr. Powell, whose four-year term as chair expires early next year, continues to have a good chance of being reappointed because he has earned respect within the White House for his aggressive use of the Fed’s tools in the wake of the pandemic recession, people familiar with the administration’s internal discussions said.But the decision and the timing of an announcement remain subject to an unusually high level of uncertainty, even for a top economic appointment. The White House will most likely ...
Oil and Gas Prices May Stay High as Investors Chase Clean Energy

Oil and Gas Prices May Stay High as Investors Chase Clean Energy

Business
HOUSTON — Americans are spending a dollar more for a gallon of gasoline than they were a year ago. Natural gas prices have shot up more than 150 percent over the same time, threatening to raise prices of food, chemicals, plastic goods and heat this winter.The energy system is suddenly in crisis around the world as the cost of oil, natural gas and coal has climbed rapidly in recent months. In China, Britain and elsewhere, fuel shortages and panic buying have led to blackouts and long lines at filling stations.The situation in the United States is not quite as dire, but oil and gasoline prices are high enough that President Biden has been calling on foreign producers to crank up supply. He is doing so as he simultaneously pushes Congress to address climate change by moving the country away f...

Biden Pulls Back a Vote on the Infrastructure Bill

Technology, World
WASHINGTON — President Biden, facing an intraparty battle over his domestic agenda, put his own $1 trillion infrastructure bill on hold on Friday, telling Democrats that a vote on the popular measure must wait until Democrats pass his far more ambitious social policy and climate change package.In a closed-door meeting with Democrats on Capitol Hill, Mr. Biden told Democrats for the first time that keeping his two top legislative priorities together had become “just reality.” And he conceded that reaching a deal between the divided factions on his domestic agenda could take weeks.“I’m telling you, we’re going to get this done,” Mr. Biden told reporters Friday afternoon, appearing hand-in-hand with Speaker Nancy Pelosi after he left the closed-door gathering with Democrats. He added: “It doe...