Setback for Biden as House panel rejects drug price plan
The House Energy and Commerce Committee split 29 29 derailing a Medicare drug price negotiation provision in Biden’s 3.5 trillion plan while Ways and Means kept similar language alive. Moderates and Republicans opposed the measure highlighting Democratic fragility in passing the broader package. The plan would let Medicare bargain with drugmakers to fund expanded benefits and other social and climate initiatives.
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Rivian begins all electric truck production in Normal Illinois
Rivian Automotive claims the first customer vehicle rolled off its Normal Illinois production line marking a head start over GM Ford and Tesla in electrified pickups. CEO AJ Scaringe celebrated the moment on Twitter with photos noting pre production vehicles and the company's push to deliver to customers.
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Milley Defends China Calls Amid Trump Era Tensions
The top U.S. military officer defended calls to his Chinese counterpart in late 2020 and early 2021 intended to reassure Beijing and prevent conflict. President Biden backs Milley, while critics accuse overreach. The Associated Press obtained excerpts from the Woodward Costa book Peril detailing the conversations.
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Stocks rise as tech and energy drive broad market gains
The S&P 500 climbs 0.8 percent led by tech and energy while Microsoft gains a dividend increase and new buyback. Health care and financials advance as utilities fall. indices near all time highs after a choppy week. Dow adds 236.82 points and Nasdaq rises 123.77 as small caps gain.
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