WASHINGTON — Congress was set to hand President Obama a victory on his signature economic stimulus plan Friday night.
The Senate was poised to pass the legislation by the filibuster-proof, 60-vote threshold, as it awaited Sen. Sherrod Brown (D. Ohio) to return later in the evening to cast the decisive tally. Brown was flying back from his home state after attending his mother’s funeral.
The House passed the $787.2 billion stimulus package by a vote of 246 to 183 earlier in the day without a single Republican vote.
A cornerstone of Obama’s agenda, the measure is the byproduct of contentious negotiations between a group of three moderate Republicans in the Senate, Democratic leaders in both chambers and the White House. Congressional passage of the economic package comes at a time of massive layoffs, including thousands of job cuts at Saks Inc., Target Corp., Macy’s Inc., Liz Claiborne Inc. and The Bon-Ton Stores Inc., to name just a few of the companies that have suffered from the recession and the nosedive in consumer spending.
Obama has pledged the stimulus plan will create 3.5 million jobs by pumping funds into new programs to repair the nation’s aging roads, bridges and highways, as well as alternative energy programs.
“The goal at the heart of this plan is to create jobs,” Obama told members of the Business Council earlier Friday. “Not just any jobs, but jobs doing the work America needs done: repairing our infrastructure, modernizing our schools and hospitals and promoting the clean alternative energy sources that will help us finally declare independence from foreign oil.”
Business tax breaks in the final bill included: extending a 50 percent bonus depreciation for two years, an extension of small business expensing and expansion of the work opportunity tax credit for unemployed and troubled youth and recently discharged veterans.
A key business tax break allowing businesses an extension of net operating losses to five years from the current two years was changed in the final bill. It now only provides the tax incentive to small companies with gross receipts of $15 million or less, which upset some retail groups.
Obama’s top priority — tax cuts for the lower and middle class — were also trimmed. Tax breaks were cut from $500 per individual to $400 per individual and from $1,000 per family to $800 per family in the final bill.
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)
Not only does #TheProfit return to CNBC tonight, but @marcuslemonis has launched @shopmarcus, a new shopping and lifestyle retail experience in Aspen and Chicago, with more locations to come. The retail stores offer in-store stylists and a variety of contemporary womenswear selections.
“It’s life, I’m going to face it,” @mingxi11 sighed. “I fell, but you know, I think the most important thing is that I get back up. I had the love, the help from my sister — the girl next to me Gizele [Oliveira] — she’s so nice. When I went backstage everybody was trying to comfort me like ‘Oh Ming, it’s OK.’ I’m really, really touched. I think it’s them who gave me the courage to go back on stage for the finale,” Xi told WWD of her fall at the @victoriassecret fashion show. (📷: David Fisher) #wwdfashion #vsfashionshow #victoriassecret
@louisvuitton tapped @therealpeterlindbergh for its latest city-centric photo book, which is part of a series called Fashion Eye. The primarily black and white book captures the spirit of Berlin in 57 images shot between 1989 and 2019. “Berlin is an inspiration for me, more than a city. I mean @millajovovich is simply Berlin!” said Lindbergh. #wwdfashion
“You know, I think audiences expect a certain performance so I have to deliver to them what they’re expecting to a certain degree. But I’m also a different actor and a different person, I have my own spin on the character,” says @noahegalvin of his takeover of the leading role in “Dear Evan Hansen” following the departure of @bensplatt, who originated the role. Read WWD’s interview with the 23-year-old actor on WWD.com #wwdeye (📷: @jilliansollazzo)
For pre-fall 2018, @etro created richly-colored wonderland, using tapestries, textiles and wallpapers from the Eastern world at large. The line featured floral and graphic prints and jacquard motifs, like this two-piece look featured here. #wwdfashion (📷: Giovanna Pavesi)
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)