Biden budget has Manchin priorities
President Joe Biden’s $5.8 trillion budget for next year would trim federal deficits and boost taxes on the wealthiest Americans. Both could appeal to Sen. Joe Manchin. And Democrats are hoping that could help revive talks with Manchin over the party’s derailed social and environment plan.
Before Christmas, the West Virginia Democrat sank a House-passed, $2 trillion social and environment bill that was a top party priority. Manchin said it would have fueled inflation and deepened deficits. Democrats are hoping the more moderate approach that Biden’s budget takes this year might help convince Manchin that there’s a deal to be had.
UnitedHealth to buy LHC Group for $5.4 billion
UnitedHealth Group is spending about $5.4 billion to delve deeper into home health care with the acquisition of LHC Group. The health care giant said Tuesday that it will pay $170 for each share of LHC’s stock in a deal expected to close later this year.
UnitedHealth plans to add LHC Group to its Optum Health business, which runs primary care clinics and surgery centers. Health insurers and other payers have been emphasizing home-based care more in recent years as an alternative to expensive stays in hospitals or care centers.
Senate advances controversial nominee
The Senate on Tuesday agreed to consider the nomination of Lisa Cook for a position on the Federal Reserve’s Board of Governors on a 50-49 party-line vote.
The result suggests that there is sufficient support in the Senate to approve Cook, who would be the first Black woman to serve on the Fed’s powerful board in its 108-year history. All 50 Senate Democrats voted in favor, while all Republicans, except for Sen. John Kennedy, from Louisiana, voted against her nomination. Kennedy did not vote.
Work starts to free stranded ship in bay
Tug boats began working to dislodge a stranded container ship Tuesday, more than two weeks after it ran aground in the Chesapeake Bay. From shore, three tug boats could be seen pulling on taut lines attached to the rear of the Ever Forward, sending puffs of smoke into the air.
Dozens of people gathered at a park nearby to watch the work Tuesday afternoon. The more than 1,000-foot ship operated by Taiwan-based Evergreen Marine Corp. was headed from Baltimore to Norfolk, Virginia, on
March 13 when it ran aground north of the Chesapeake Bay Bridge. Officials have said there were no reports of injuries, damage or pollution.
Sportsman’s Warehouse: reports Q4 profit
Sportsman’s Warehouse Holdings Inc. (SPWH) on Tuesday reported profit of $58.4 million in its fiscal fourth quarter. On a per-share basis, the West Jordan, Utah-based company said it had net income of $1.31. Earnings, adjusted for non-recurring gains, were 49 cents per share. The outdoor sporting goods specialty retailer posted revenue of $416.3 million in the period.
For the year, the company reported profit of $108.5 million, or $2.44 per share. Revenue was reported as $1.51 billion. For the current quarter ending in May, Sportsman’s Warehouse expects its results to range from a loss of 1 cent per share to earnings of 1 cent per share. The company said it expects revenue in the range of $300 million to $310 million for the fiscal first quarter.