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investment officer at advises capital management explained. the fed has tightened policy dramatically and quickly, basically a five percentage point increase over a little more than a year. that is huge, historically it s an enormous increase and i think there is one view that the fed should wait to see the impact of what they have done stop any break may be short lived, us inflation running above the 2% target of the fed so the pain from higher borrowing costs to companies and consumers is likely not over according to the chief economist at kpmg in the chief economist at kpmg in the us who believes the fed will raise rates again injuly. the pause is not an end, we ve seen the fed play around with words in order to signal they don t want to let their guard is down yet with regards to patient and i think that s really been the theme we ve seen emerge across central banks in recent weeks around the world. fix, banks in recent weeks around the world- the world. a reminder that ....
for a musical extravaganza. welcome to the programme. we start in the us, where a landmark bill which includes billions of dollars to fight climate change, has been approved by the us senate. we ll look more at that bill in a moment. first, let s go to kentucky, because presidentjoe biden is there. he s set to meet families hit by the flooding a week ago that killed at least 37 people. we re expecting to hear from him shortly. we will bring you more on that as and when we get it. now let s look at that landmark climate bill and what it means. it s the largest investment in climate action in america s history $369 billion. the aim is to cut carbon emissions by forty percent by the end of the decade. senate democrats celebrated the bill. the boldest climate package in us history. the senate has now passed the most significant bill to fight the climate crisis ever. and it s going to make a difference to my grandkids. republicans, though, have criticised it. mitch mccon ....
the actress and singer olivia newtonjohn, star of the iconic musical grease, has died of cancer at the age of 73. welcome to world news america on pbs and around the globe. we begin tonight with the biggest investment in climate action in american history. the us senate has approved a bill that includes $369bn for reducing carbon emissions the aim is to cut polluting emissions by 40% by 2030. president biden could sign the measure into law as early as this week. with the mid term elections just three months away, democrats are celebrating what they see as a big win. our correspondent john sudworth reports. the american dream was built on fossilfuel. the very the american dream was built on fossil fuel. the very concept of freedom and unrestrained energy consumption on going hand in hand. the time is now sulfites as the vice president votes in the affirmative and the bill as amended is passed affirmative and the bill as amended is assed. , is passed. one good thin ....
democrats are not only paying for this $700 billion tax and spend package by raising taxes, super sizing the irs to bring more muscle on so they can go after taxes. the tax reduction act the senate passed over the weekends gives the irs $80 billion to add agents to their roster spending money to bring in more money. this is six times the current annual budget of the irs. half of the $80 billion goes to inflation efforts, having auditors pour over taxes with a fine tooth comb to make sure they re paying their fair share. we also empowered the irs to go after wealthy tax cheats so that we collect taxes that are already to you and owing from very wealthy people that try to hide their income. not contribute to the country. the white house and the irs commissioner insists that audit rates for anyone making less than $400,000 will not increase. but last year half hoff all irs audits were people making $75,000. republicans say there s no way that the irs can guarantee that ....
act, sweden and finland s asession to nato, gun control and reconciliation were all passed over the last two months, many with big bipartisan majorities. if it gets to his desks, the president will have pushed through a $3.7 trillion agenda. how is this all going to play in the mid terms? that is the big question. there are a lot of variables, including record inflation and abortion and that stubborn political precedent that the party in the white house almost always loses in the mid terms. joining me is senior white house correspondent kelly o donnell, jake sherman, co-founder of punch bowl news, susan page, washington bureau chief and peter baker, author of the divider. jake, i want to start with you because you re on capitol hill. there was a vote-a-rama over the weekend. it s in the house now. what are the big headlines? the big headlines is that they got it through after 18 months of tortured negotiations over this package and the will he or won t he of joe man ....