If you accept that taxpayer subsidies are a necessary part of economic development, then the only question that remains is not whether to give out tax dollars to lure big projects, but how much you’re going to spend.
Business Highlights: Infrastructure wait, solar ambitions
by The Associated Press
Last Updated May 24, 2021 at 5:58 pm EDT
White House ‘eager’ for GOP counteroffer on infrastructure
WASHINGTON (AP) The White House says President Joe Biden is awaiting an infrastructure counteroffer from Senate Republicans. But talks are at standstill before a Memorial Day deadline. A core group of GOP negotiators rejected Biden’s latest $1.7 trillion proposal as too big. White House Press Secretary Jen Psaki said Monday the president is “eager to engage” with Republicans. No new talks are scheduled. Psaki said the Republicans have “a ways more to go” to find common ground with the administration. Biden dropped $500 billion from his initial $2.3 trillion offer. Psaki said Republicans raised their $568 billion offer by about $50 billion.
Market gains…EU punishes Belarus…Russian malware attempt
NEW YORK (AP) Stocks closed broadly higher on Wall Street as investors regained an appetite for risk following two straight weeks of losses. The S&P rose 1% Monday, with technology stocks leading the gains. Microsoft and Google’s parent company both rose more than 2%, and the tech-heavy Nasdaq rose 1.4%. Safe-play sectors like utilities lagged the rest of the market. Virgin Galactic jumped almost 28% after the company made its first rocket-powered flight from New Mexico to the fringe of space in a manned shuttle over the weekend. Crude oil prices rose more than 3%.
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