🥗 Build Back Busted

Build Back Busted… the president’s nightmare before Christmas. Biden’s $1.7T Build Back Better bill has no path forward: In a surprise move over the weekend, Democratic Sen. Joe Manchin withdrew his support for the bill, which featured big spending on social programs and climate-friendly perks, like universal pre-K, cheaper prescriptions, and EV tax credits.

• The plan passed the House last month but needs the support of every Senate Democrat (including Manchin) to become law.
• Dems trimmed their original $3.5T plan down for months to appease Manchin and other cost-conscious moderates, but it wasn’t enough.
• The Senate still plans to vote on the plan in the new year. The latest iteration has almost no shot, though a slimmed-down version might pass.

Dinner is not served… The $1T infrastructure bill that the Senate passed in August is still happening. It includes hundreds of billions to modernize roads, bridges, and transit — but Dems saw it as an appetizer to this larger plan. BBB included $500B+ in climate spending, which would’ve been the US’s largest green investment ever.

• Pros: The plan could’ve boosted consumer spending and access to opportunity through programs like subsidized childcare and universal pre-K. It might’ve brought the US much closer to its climate goals.
• Cons: The $1.7B plan would’ve added an estimated $367B to the US deficit over a decade, adding to the ginormous debt and possibly spurring inflation. It could’ve also dampened investment and entrepreneurship by hiking taxes on corporations and the ultrawealthy.

• Record: Oracle is snagging medical-records company Cerner for $28.3B in its biggest acquisition. The all-cash deal makes Oracle the latest cloud player to break into healthcare.
• Whiplashed: A federal court reinstated Biden's vax mandate requiring large companies (of 100 employees or more) to be “fully vaccinated” or tested weekly starting January 4. It’s all led to confusion, with some employers requiring booster shots and others stalling.
• E-glass: Chinese automaker Nio unveiled its newest electric sedan with augmented-reality glasses. The colorful Ray-Ban-like lenses will show live dashboard updates on a 200+-inch projected screen.
• Tax’d: Elon Musk tweeted that he’d pay $11B+ in taxes this year given his whopping $243B net worth — made up mostly of Tesla and SpaceX stock — after Sen. Elizabeth Warren accused him of tax evasion last week.
• Mint: Adidas sold out of nearly 30K of its new "Into the Metaverse" NFTs for $23M. Each NFT costs about $800 and includes physical merch like Firebird tracksuits, virtual wearables, and invites.
• Curb: The Biden admin raised the mileage standards for automakers to cut emissions and save consumers “billions.” By 2026, cars and light trucks must achieve 55 mpg, up from the current 43.

• Earnings expected from: General Mills, BlackBerry, and Rite Aid

Disclosures: Authors of this Snacks own shares of Spotify, Moderna, Tesla and Apple

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