Biden’s $2 Trillion New Deal

U.S. President Joe Biden just rolled out his own version of FDR’s New Deal: a $2.25 trillion infrastructure package. Unveiled on Wednesday, the “American Job Plan” is being billed as the most sweeping economic investment since the original U.S. space program. In part, it’s aimed at propping up the country’s historically underfunded and largely disintegrating infrastructure. The White House plans to fund the bill by taking back some of the tax cuts Republicans gave corporations and the rich four years ago. Much like his Covid-19 rescue bill, the plan faces a narrow path through Congress. Garnering Republican support in either the House or Senate, both of which Democrats control by tiny margins, will be difficult. Even corralling moderate and progressive Democrats will be a challenge. From electric vehicle support to clean water, here’s what else is in the massive proposal. Margaret Sutherlin

Bloomberg is tracking the progress of coronavirus vaccines while mapping the pandemic globally and across America

Here are today’s top stories  

A Baltimore, Maryland, plant run by Emergent BioSolutions was making two different coronavirus vaccines when its workers mixed up the ingredients, ruining 15 million doses of Johnson & Johnson’s single-shot drug, the New York Times reported. The mixup doesn’t affect J&J doses currently being administered in the U.S. Those were made in the Netherlands. Meanwhile, just as officials warned it would, the more contagious U.K. variant is the top virus strain in five regions in the U.S., and responsible for 26% of all new infections, the Centers for Disease Control and Prevention said. Pfizer reported that in an early trial of children and teens, its vaccine with BioNTech showed a 100% efficacy rate. Europe continues to struggle to contain its latest surge. France and Italy extended restrictions. Germany limited use of the AstraZeneca again, and a new study shows most of the severe side effects of the shot were in the U.K. Here’s the latest on the pandemic

Well that didn’t take long. The Securities and Exchange Commission opened a preliminary investigation into Bill Hwang over the margin call calamity that’s still roiling Wall Street. One of Credit Suisse’s biggest shareholders said losses from the Archegos Capital crisis should lead to sweeping changes. Unlike others (such as Credit Suisse), Deutsche Bank revealed it dodged a $4 billion bullet in one huge deal, helping it emerge unscathed from the debacle. Here’s your markets wrap.

Dozens of Black executives called on companies to take action against right-wing efforts to restrict access to voting via legislation that will disproportionately affect minorities. The open letter comes a week after Georgia passed a law labeled by opponents (including Biden) as the former Confederate state’s return to its Jim Crow roots. Before and after that law’s passage, most major corporations took no public position on the bill. Microsoft released a statement condemning the restrictions and Atlanta-based Delta also signaled a change in tone. But that’s about it.

Georgia is the first of many red states trying to roll back voting access.

Photographer: Megan Varner/Getty Images North America

Emotional testimony continued Wednesday in the trial of Minneapolis cop Derek Chauvin, accused of murdering George Floyd last spring. The convenience store cashier who set in motion the events that led to four Minneapolis police employees restraining and then asphyxiating Floyd told jurors he watched the killing with “disbelief—and guilt.” 

The Pentagon plans to end Trump-era policies that largely banned transgender people from serving in the military, issuing new rules that offer wider access to medical care and assistance with gender transition. 

It was supposed to be a triumph for the post-Brexit City of London, a deal that would show the world how British markets could lure hot new companies. Instead, the stock-market debut of Amazon-backed delivery service Deliveroo flopped Wednesday, a sharp blow to the City’s latest ambitions. The company slumped 31%.

A delivery via Deliveroo

Photographer: Bloomberg

No matter where you are around the world, you’ve probably heard the buzz about Netflix’s “Lupin.” The crime show, shot entirely in French, became the most-watched debut of any non-English-language series in Netflix’s history. As the company looks to build a truly global audience, it’s giving a whole lot of business to an unsung part of Hollywood: the voiceover artist. 

What you’ll need to know tomorrow 

What you’ll want to read in Bloomberg Checkout

How Americans Rediscovered a Taste for Lamb

Traditional Easter and Passover lamb-centered meals mark peak season for the often overlooked protein. But one year ago, the arrival of the pandemic sent the U.S. lamb industry into a tailspin. Then, something very unexpected happened in American kitchens

A lamb porterhouse

Photographer: Dixie D. Vereen/For The Washington Post/The Washington Post

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Thursday, March 25, 2021

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