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.
“What he has done at Vuitton is really exceptional,” said @gameofthrones’ actress Gwendoline Christie on @mrkimjones’ final show for @louisvuitton. “He has rebooted luxury in terms of making it commercial, viable and contemporary. And most importantly artistic. He has never compromised his artistic vision for the sake of commodity.” (📷: @zefashioninsider)
After seeing a demand for men’s wear from its customers, British contemporary women’s wear label @ariesarise has added a men’s wear component and will launch a unisex collection with @mrporterlive. The 20-piece collection includes jackets, denim, logo T-shirts and more with deconstructed ‘90s vibes. Set to launch on January 18, you can shop the pieces on Aries’ website and on mrporter.com. #wwdfashion
“And so spending so much time with a character who thinks like that, inevitability you try and analyze yourself and go back and think about your own demons and dark chapters that you had in your life,” says @thedanielbruhl of his role in TNT’s “The Alienist.” The show, set in the Gilded Age of New York, also stars Dakota Fanning and Luke Evans. Head to WWD.com to read about how 39-year-old Brühl prepared for the role and why he thinks the show is so relevant to today #wwdeye ( 📷: @Eriktanner)
Now that Celine Dion’s collection has topped $10 million in sales, the pop superstar, fashion icon and newly-minted industry player is eyeing growth in Asia. Read the full report by @tiffanyap, link in bio. #wwdnews #celinedion
“My personal philosophy to beauty is paying attention to oneself. I love to be outdoors, lots of fresh air, trying to take care of yourself as best you can. I always notice that comes through,” says Felicity Jones, the global face of @shiseido-owned @cledepeaubeauteus, which launches today. Head to WWD.com to read more about the actress’ love for beauty and how she prepared for her new role in “The Basis of Sex,” playing the young Ruth Bader Ginsburg. #wwdbeauty (📷: @dandoperalski)
Among the familiar faces at @off____white’s show was a surprise figure: Japanese artist @takashipom, pictured here on Wednesday morning. Other show-goers included @jerrylorenzo, who spoke about his upcoming project: a @nike collaboration for back to school, with designs inspired by his childhood on the West Coast. Sitting in the front row were Future, Don Crawley, @miguel and more. See the rest of the photos on WWD.com #wwdeye (📷: Stephane Feugere)
According to @laurentsai, former “Terrace House: Aloha State” cast member, she didn’t know she was auditioning for the Japanese version of “Real World.” “I was telling a couple of my friends and someone’s like, ‘That sounds a lot like Terrace House.’ I was like, ’No it can’t be.’” Turns out, it was. But Tsai isn’t just a reality star — she’s an illustrator who has worked with Starbucks Japan and most recently, she’s dipping her toes into the fashion world. Head to WWD.com to read about her time on the show, modeling and her art. #wwdeye (📷: @danieldorsa)
More changes are coming to New York Fashion Week: Beginning with the spring 2019 collection, @alexanderwangny will move his New York show to June from September, adopting a biannual schedule with collections shown in June and December. Additionally, the @cfda is planning for an official summer/winter fashion season taking place as soon as June and December 2018. Read more about the upcoming changes on WWD.com. #wwdnews #wwdfashion (📷: @slovekinpics)