cnbc--2020-10-14--Amy Coney Barrett to face more questions from senators on Wednesday

U.S. Supreme Court nominee Judge Amy Coney Barrett testifies during the second day of her confirmation hearing before the Senate Judiciary Committee on Capitol Hill in Washington , D.C. , October 13 , 2020 .
Judge Amy Coney Barrett will face a second day of grilling from lawmakers on the Senate Judiciary Committee on Wednesday after fending off questions on Obamacare and abortion in a marathon session Tuesday .
Starting at 9 a.m .
ET , the 22 senators on the committee will have 20 minutes each to ask Barrett questions , after receiving half an hour each on Tuesday @ @ @ @ @ @ @ the testimony from outside groups .
Barring a major surprise , Barrett is expected to be approved by the committee on Oct. 22 with the support of its GOP majority .
Democrats on the committee spent Tuesday unsuccessfully probing Barrett about her views on the Supreme Court 's abortion precedents , including Roe v. Wade , and an upcoming case about the legality of the Affordable Care Act , or Obamacare , which the court will hear on Nov. 10 .
Barrett repeatedly refused to answer questions about the court 's past precedents @ @ @ @ @ @ @ to stick to that policy on Wednesday .
Barrett , a conservative in the mold of the late Justice Antonin Scalia , did tell the committee that she would take calls for her recusal from potential cases arising from the Nov. 3 election seriously , and affirmed that she had made no commitments to anyone in the executive branch .
`` I have no agenda , '' she repeatedly told the committee on Tuesday .
Pushing back on Democrats ' main line of inquiry , she rejected characterizations of herself as hostile to @ @ @ @ @ @ @ on a mission to destroy the Affordable Care Act , '' she said .
While she acknowledged signing onto a 2006 newspaper ad that was critical of abortion , she said that her personal views have not influenced her job as a federal appeals court judge and would not affect her role as a justice .
`` Judges ca n't just wake up one day and say , ' I have an agenda , I like guns , I hate guns , I like abortion , I hate abortion , ' and walk @ @ @ @ @ @ @ their will on the world , '' Barrett said .
President Donald Trump appointed Barrett to the Supreme Court last month after the death of Justice Ruth Bader Ginsburg , a liberal icon who sat on the bench for nearly three decades .
If Barrett is confirmed , she will cement a 6-3 conservative majority on the high court and is expected to shift the balance of the panel for a generation .
Republicans touted Barrett 's credentials on Tuesday and defended her from Democratic critiques .
Democrats have called for Senate Republicans @ @ @ @ @ @ @ for Ginsburg until after voting concludes in the race between Trump and former Vice President Joe Biden , the Democratic nominee .
Barrett declined to weigh in on that controversy on Tuesday , and she appears likely to be confirmed by the full Senate before Election Day .
Judiciary Committee Chairman Sen. Lindsey Graham , R-S.C. , has said Barrett could be confirmed by Oct. 27 .

Judge Amy Coney Barrett will face a second day of grilling from lawmakers on the Senate Judiciary Committee on Wednesday after fending off questions on Obamacare and abortion in a marathon session Tuesday.
Starting at 9 a.m. ET, the 22 senators on the committee will have 20 minutes each to ask Barrett questions, after receiving half an hour each on Tuesday. Hearings will conclude on Thursday with the testimony from outside groups.
Barring a major surprise, Barrett is expected to be approved by the committee on Oct. 22 with the support of its GOP majority.
Democrats on the committee spent Tuesday unsuccessfully probing Barrett about her views on the Supreme Court's abortion precedents, including Roe v. Wade, and an upcoming case about the legality of the Affordable Care Act, or Obamacare, which the court will hear on Nov. 10.
Barrett repeatedly refused to answer questions about the court's past precedents or future cases, and is likely to stick to that policy on Wednesday.
Barrett, a conservative in the mold of the late Justice Antonin Scalia, did tell the committee that she would take calls for her recusal from potential cases arising from the Nov. 3 election seriously, and affirmed that she had made no commitments to anyone in the executive branch.
"I have no agenda," she repeatedly told the committee on Tuesday.
Pushing back on Democrats' main line of inquiry, she rejected characterizations of herself as hostile to Obamacare.
"I'm not here on a mission to destroy the Affordable Care Act," she said.
While she acknowledged signing onto a 2006 newspaper ad that was critical of abortion, she said that her personal views have not influenced her job as a federal appeals court judge and would not affect her role as a justice.
"Judges can't just wake up one day and say, 'I have an agenda, I like guns, I hate guns, I like abortion, I hate abortion,' and walk in like a royal queen and impose their will on the world," Barrett said.
President Donald Trump appointed Barrett to the Supreme Court last month after the death of Justice Ruth Bader Ginsburg, a liberal icon who sat on the bench for nearly three decades.
If Barrett is confirmed, she will cement a 6-3 conservative majority on the high court and is expected to shift the balance of the panel for a generation. Republicans touted Barrett's credentials on Tuesday and defended her from Democratic critiques.
Democrats have called for Senate Republicans to hold off on confirming a replacement for Ginsburg until after voting concludes in the race between Trump and former Vice President Joe Biden, the Democratic nominee.
Barrett declined to weigh in on that controversy on Tuesday, and she appears likely to be confirmed by the full Senate before Election Day. Judiciary Committee Chairman Sen. Lindsey Graham, R-S.C., has said Barrett could be confirmed by Oct. 27.


cnbc--2020-10-14--Democrats raise at least $35 million during Amy Coney Barrett hearings

Judge Amy Coney Barrett attends the third day of her Senate confirmation hearing to the Supreme Court on Capitol Hill in Washington , DC , U.S. , October 14 , 2020 .
Democrats have raked in millions of dollars in donations during the three days of Amy Coney Barrett 's Supreme Court confirmation hearings before the Senate Judiciary Committee .
The party has raised a total of at least $ 35 million during the time periods the hearings have occurred .
The donations were processed through ActBlue , the Democratic fundraising website .
CNBC tracked the amount raised through the @ @ @ @ @ @ @ of Barrett 's testimony starting on Monday morning and carrying into Wednesday afternoon .
The topics discussed during the hearings likely resonated with Democratic donors , including the possible repeal of the Affordable Care Act .
On Monday , which included Barrett 's opening statement and remarks by lawmakers on the committee , ActBlue processed nearly $ 6 million in contributions .
That day included an opening statement by Joe Biden 's running mate , Sen. Kamala Harris .
Biden 's campaign sent out fundraising emails to supporters on Monday and cited Barrett @ @ @ @ @ @ @ .
`` This nomination is the Republicans ' latest attempt to tilt the scales of the court against the Affordable Care Act , even in the wake of a pandemic when folks need coverage the most , '' one of the email reads .
The next day , which consisted of nearly 12 hours of questioning and Barrett 's testimony , the ActBlue site notched close to $ 20 million in donations .
The last day of questioning on Wednesday was on track to raise over $ 10 million .
As of 3:00 @ @ @ @ @ @ @ of testimony , the ActBlue ticker was still skyrocketing .
Thursday 's hearing will consist of lawmakers hearing from experts .
Those totals do not include the hours before and after each hearing .
Republicans appear to have the votes to be able to confirm Barrett to the highest court .
The total haul may end up being less than what Democrats raised during the contentious hearings for Brett Kavanaugh .
According to a report by Yahoo News , those hearings two years ago raised over $ 63 million .
Democrats raised $ @ @ @ @ @ @ @ death of Ruth Bader Ginsburg .
President Donald Trump nominated Barrett to fill Ginsburg 's seat .
Still , the bump in fundraising could be key for both Biden and the Democrats taking on Republicans in Senate races with only a few weeks left until many voters take to the polls .
Biden is already expected to raise more in September than he did in August , when his campaign and the Democratic National Committee combined to bring in $ 364 million .
Biden leads Trump by about 9 points , according to @ @ @ @ @ @ @ Democrats taking on incumbent Republican senators have seen massive fundraising figures in the third quarter .
Contenders such as Cal Cunningham in North Carolina , Jaime Harrison in South Carolina and John Hickenlooper in Colorado , all of whom are in races deemed as toss-ups by the Cook Political Report , have been big beneficiaries from donors .

Judge Amy Coney Barrett attends the third day of her Senate confirmation hearing to the Supreme Court on Capitol Hill in Washington, DC, U.S., October 14, 2020.
Democrats have raked in millions of dollars in donations during the three days of Amy Coney Barrett's Supreme Court confirmation hearings before the Senate Judiciary Committee.
The party has raised a total of at least $35 million during the time periods the hearings have occurred. The donations were processed through ActBlue, the Democratic fundraising website.
CNBC tracked the amount raised through the site's live ticker during the hours of Barrett's testimony starting on Monday morning and carrying into Wednesday afternoon. The topics discussed during the hearings likely resonated with Democratic donors, including the possible repeal of the Affordable Care Act.
On Monday, which included Barrett's opening statement and remarks by lawmakers on the committee, ActBlue processed nearly $6 million in contributions. That day included an opening statement by Joe Biden's running mate, Sen. Kamala Harris.
Biden's campaign sent out fundraising emails to supporters on Monday and cited Barrett's nomination as a reason to contribute.
"This nomination is the Republicans' latest attempt to tilt the scales of the court against the Affordable Care Act, even in the wake of a pandemic when folks need coverage the most," one of the email reads.
The next day, which consisted of nearly 12 hours of questioning and Barrett's testimony, the ActBlue site notched close to $20 million in donations. The last day of questioning on Wednesday was on track to raise over $10 million. As of 3:00 p.m. Wednesday, Barrett's final day of testimony, the ActBlue ticker was still skyrocketing. Thursday's hearing will consist of lawmakers hearing from experts.
Those totals do not include the hours before and after each hearing. Republicans appear to have the votes to be able to confirm Barrett to the highest court.
The total haul may end up being less than what Democrats raised during the contentious hearings for Brett Kavanaugh. According to a report by Yahoo News, those hearings two years ago raised over $63 million.
Democrats raised $100 million in the days following the death of Ruth Bader Ginsburg. President Donald Trump nominated Barrett to fill Ginsburg's seat.
Still, the bump in fundraising could be key for both Biden and the Democrats taking on Republicans in Senate races with only a few weeks left until many voters take to the polls.
Biden is already expected to raise more in September than he did in August, when his campaign and the Democratic National Committee combined to bring in $364 million. Biden leads Trump by about 9 points, according to a Real Clear Politics polling average.
Democrats taking on incumbent Republican senators have seen massive fundraising figures in the third quarter. Contenders such as Cal Cunningham in North Carolina, Jaime Harrison in South Carolina and John Hickenlooper in Colorado, all of whom are in races deemed as toss-ups by the Cook Political Report, have been big beneficiaries from donors.


cnbc--2020-10-14--Trump declines to say he will bring back Attorney General Barr if he wins: 'I'm not happy'

U.S. President Donald Trump speaks next to U.S. Attorney General Bill Barr during a discussion with state attorneys general on social media abuses in the Cabinet Room at the White House in Washington , U.S. , September 23 , 2020 .
President Donald Trump refused to say when asked Wednesday if he would keep William Barr as his attorney general in a potential second term .
But the president added : `` I 'm not happy . ''
Trump 's chilly remarks toward Barr , the head of the Department of Justice , came in a phone interview with Newsmax @ @ @ @ @ @ @ evening and on the heels of news that a DOJ probe into the origins of the Russia investigation would not be released before Election Day .
`` I have no comment , '' Trump responded when asked whether Barr will keep his job if the president wins reelection over Democratic nominee Joe Biden .
`` Ca n't comment on that , it 's too early .
I 'm not happy , with all of the evidence I had , I can tell you that .
I am not happy , '' Trump said @ @ @ @ @ @ @ attorney general just days earlier , during a live radio interview Friday with Rush Limbaugh .
When Trump was told that Barr had reportedly warned Republicans not to expect the DOJ 's probe into the origins of the Russia investigation to be released before Election Day , the president replied , `` If that 's the case I think it 's terrible .
It 's very disappointing .
And I 'll tell him to his face . ''
That probe , which is being overseen by U.S. Attorney John Durham , is investigating @ @ @ @ @ @ @ administration to open an inquiry into Trump 's presidential campaign in 2016 and its contacts with Russia .
The results of Durham 's probe have been hotly anticipated by the president and his supporters , while Democrats have accused Barr of pursuing the investigation based on political motivations .
Excerpts from Trump 's most recent interview with Newsmax came a day after The Washington Post reported that another investigation by the Justice Department , which delved into the `` unmasking '' of Trump campaign officials during the Obama administration , had concluded without @ @ @ @ @ @ @ think it 's ridiculous .
It 's ridiculous .
It 's a disgrace , '' Trump said of that outcome , Newsmax reported .
`` I think it 's really a horrible thing that they 're allowed to get away — when they say no indictments , they actually said no indictments before the election . ''
`` I had to go through elections with all those clouds over my head .
But they do n't because the Republicans are so nice , '' Trump reportedly said .
`` Personally , I think @ @ @ @ @ @ @ it 's too bad , they 're guilty as hell . ''
Justice Department spokeswoman Kerri Kupec did not immediately respond to a request for comment .
The White House did not immediately provide comment .
Trump has repeatedly asserted that Biden , former President Barack Obama and others should face charges for , as he claims , `` spying '' on his 2016 presidential campaign .
`` Unless Bill Barr indicts these people for crimes — the greatest political crimes in the history of our country — then we 're going to @ @ @ @ @ @ @ '' Trump said on Fox Business last week .
`` But these people should be indicted , this was the greatest political crime in the history of our country .
And that includes Obama and it includes Biden . ''
Barr is Trump 's second attorney general after Jeff Sessions , who was frequently criticized by the president following his decision to recuse himself from former special counsel Robert Mueller 's Russia probe .

U.S. President Donald Trump speaks next to U.S. Attorney General Bill Barr during a discussion with state attorneys general on social media abuses in the Cabinet Room at the White House in Washington, U.S., September 23, 2020.
President Donald Trump refused to say when asked Wednesday if he would keep William Barr as his attorney general in a potential second term.
But the president added: "I'm not happy."
Trump's chilly remarks toward Barr, the head of the Department of Justice, came in a phone interview with Newsmax that was set to air later Wednesday evening and on the heels of news that a DOJ probe into the origins of the Russia investigation would not be released before Election Day.
"I have no comment," Trump responded when asked whether Barr will keep his job if the president wins reelection over Democratic nominee Joe Biden.
"Can't comment on that, it's too early. I'm not happy, with all of the evidence I had, I can tell you that. I am not happy," Trump said.
Trump had expressed impatience with his attorney general just days earlier, during a live radio interview Friday with Rush Limbaugh. When Trump was told that Barr had reportedly warned Republicans not to expect the DOJ's probe into the origins of the Russia investigation to be released before Election Day, the president replied, "If that's the case I think it's terrible. It's very disappointing. And I'll tell him to his face."
That probe, which is being overseen by U.S. Attorney John Durham, is investigating the DOJ's decision under the Obama administration to open an inquiry into Trump's presidential campaign in 2016 and its contacts with Russia.
The results of Durham's probe have been hotly anticipated by the president and his supporters, while Democrats have accused Barr of pursuing the investigation based on political motivations.
Excerpts from Trump's most recent interview with Newsmax came a day after The Washington Post reported that another investigation by the Justice Department, which delved into the "unmasking" of Trump campaign officials during the Obama administration, had concluded without finding wrongdoing.
"Personally, I think it's ridiculous. It's ridiculous. It's a disgrace," Trump said of that outcome, Newsmax reported. "I think it's really a horrible thing that they're allowed to get away — when they say no indictments, they actually said no indictments before the election."
"I had to go through elections with all those clouds over my head. But they don't because the Republicans are so nice," Trump reportedly said. "Personally, I think it's too bad. I think it's too bad, they're guilty as hell."
Justice Department spokeswoman Kerri Kupec did not immediately respond to a request for comment. The White House did not immediately provide comment.
Trump has repeatedly asserted that Biden, former President Barack Obama and others should face charges for, as he claims, "spying" on his 2016 presidential campaign.
"Unless Bill Barr indicts these people for crimes — the greatest political crimes in the history of our country — then we're going to get little satisfaction unless I win," Trump said on Fox Business last week. "But these people should be indicted, this was the greatest political crime in the history of our country. And that includes Obama and it includes Biden."
Barr is Trump's second attorney general after Jeff Sessions, who was frequently criticized by the president following his decision to recuse himself from former special counsel Robert Mueller's Russia probe.


cnbc--2020-10-14--Pelosi, Mnuchin speak about coronavirus stimulus again as stalemate drags on

House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin spoke Wednesday morning but again did not strike a deal on coronavirus stimulus .
The pair talked by phone and had `` productive '' discussions about language in relief proposals delivered over the weekend , Pelosi spokesman Drew Hammill said in a tweet .
He added that `` one major area of disagreement continues to be that the White House lacks an understanding of the need for a national strategic testing plan '' for Covid-19 .
Pelosi and Mnuchin , the lead negotiators in aid talks between the White House and @ @ @ @ @ @ @ Thursday .
Mnuchin said Wednesday that he and Pelosi `` had a comprehensive discussion on a lot of issues . ''
`` We continue to make progress on certain issues , but on certain issues we continue to be far apart , '' he told the Milken Institute Global Conference .
The Treasury secretary , who over the weekend urged Congress to allow businesses to access a second Paycheck Protection Program loan from $ 130 billion in unused funds , said the `` all or nothing approach '' on legislation `` does n't @ @ @ @ @ @ @ called for immediate , `` targeted '' aid , Mnuchin conceded that `` getting something done before the election and executing on that would be difficult . ''
The negotiators have made a last-ditch push to reach a stimulus agreement before the 2020 election .
But the chances of Congress passing new aid before Nov. 3 have slimmed as the Republican-held Senate pushes to vote on a more narrow plan than either the White House or Democrats have proposed .
While Trump earlier this month scrapped talks until after the election , he @ @ @ @ @ @ @ bid for a second term in the White House .
Pelosi , whose party passed a $ 2.2 trillion relief bill in the House , has dismissed the White House 's latest $ 1.8 trillion proposal as inadequate .
Congress has not passed new relief funds in months as the coronavirus spreads throughout the country and millions of Americans remain unemployed after shutdowns designed to slow the outbreak .
While the overall cost of the Trump administration plan is similar to the price tag of the Democratic bill , major disputes remain unresolved @ @ @ @ @ @ @ in aid for state and local governments that could have to cut essential services as they face increased costs and lower revenue during the pandemic .
Mnuchin offered $ 300 billion for states and municipalities .
Trump , who signed off on his administration 's proposal , again railed against state and local aid on Wednesday .
He said he wants to `` see the Democrats loosen up a little bit '' because `` all they want to do is bail out their badly run cities and states . ''
The bipartisan National @ @ @ @ @ @ @ $ 500 billion more in relief .
Mnuchin on Wednesday noted that governments laying off employees like firefighters `` would have a cost to the federal government in unemployment , but also a cost to the economy . ''
The Democrats ' bill also reinstates the $ 600 per week enhanced federal unemployment insurance through January .
The White House proposal would establish a $ 400 weekly benefit through the third week of January .
Pelosi has faced some pressure within her caucus to either address issues like unemployment insurance in a stand-alone @ @ @ @ @ @ @ the White House .
In a tense interview on CNN on Tuesday night , the California Democrat said members who have criticized her strategy `` have no idea about the particulars '' of the talks .
Senate Majority Mitch McConnell , meanwhile , has seen criticism for the Senate 's decision to move forward with Amy Coney Barrett 's Supreme Court nomination as jobless Americans await relief .
When he announced the Senate 's plans to vote on a limited bill after the chamber returns on Monday , he said lawmakers would have @ @ @ @ @ @ @ and confirm Barrett before the election .
A lack of new relief could also hurt vulnerable Republican incumbents as the GOP looks to hold its 53-47 Senate majority on Election Day .
Even if Pelosi and Mnuchin can reach an agreement that would earn Democratic votes and Trump 's signature , they could have a difficult time persuading the Senate GOP to support it .

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House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin spoke Wednesday morning but again did not strike a deal on coronavirus stimulus. The pair talked by phone and had "productive" discussions about language in relief proposals delivered over the weekend, Pelosi spokesman Drew Hammill said in a tweet. He added that "one major area of disagreement continues to be that the White House lacks an understanding of the need for a national strategic testing plan" for Covid-19. Pelosi and Mnuchin, the lead negotiators in aid talks between the White House and congressional Democrats, plan to speak again Thursday. Mnuchin said Wednesday that he and Pelosi "had a comprehensive discussion on a lot of issues." "We continue to make progress on certain issues, but on certain issues we continue to be far apart," he told the Milken Institute Global Conference.
Nancy Pelosi and Steven Mnuchin Reuters
The Treasury secretary, who over the weekend urged Congress to allow businesses to access a second Paycheck Protection Program loan from $130 billion in unused funds, said the "all or nothing approach" on legislation "doesn't make sense." Even as he called for immediate, "targeted" aid, Mnuchin conceded that "getting something done before the election and executing on that would be difficult." The negotiators have made a last-ditch push to reach a stimulus agreement before the 2020 election. But the chances of Congress passing new aid before Nov. 3 have slimmed as the Republican-held Senate pushes to vote on a more narrow plan than either the White House or Democrats have proposed. While Trump earlier this month scrapped talks until after the election, he reversed course as he faces a difficult bid for a second term in the White House. Pelosi, whose party passed a $2.2 trillion relief bill in the House, has dismissed the White House's latest $1.8 trillion proposal as inadequate. Congress has not passed new relief funds in months as the coronavirus spreads throughout the country and millions of Americans remain unemployed after shutdowns designed to slow the outbreak.
watch now
While the overall cost of the Trump administration plan is similar to the price tag of the Democratic bill, major disputes remain unresolved. Democrats have proposed $436 billion in aid for state and local governments that could have to cut essential services as they face increased costs and lower revenue during the pandemic. Mnuchin offered $300 billion for states and municipalities. Trump, who signed off on his administration's proposal, again railed against state and local aid on Wednesday. He said he wants to "see the Democrats loosen up a little bit" because "all they want to do is bail out their badly run cities and states." The bipartisan National Governors Association has repeatedly asked Congress for $500 billion more in relief. Mnuchin on Wednesday noted that governments laying off employees like firefighters "would have a cost to the federal government in unemployment, but also a cost to the economy." The Democrats' bill also reinstates the $600 per week enhanced federal unemployment insurance through January. The White House proposal would establish a $400 weekly benefit through the third week of January. Pelosi has faced some pressure within her caucus to either address issues like unemployment insurance in a stand-alone bill or accept a smaller deal from the White House. In a tense interview on CNN on Tuesday night, the California Democrat said members who have criticized her strategy "have no idea about the particulars" of the talks. Senate Majority Mitch McConnell, meanwhile, has seen criticism for the Senate's decision to move forward with Amy Coney Barrett's Supreme Court nomination as jobless Americans await relief. When he announced the Senate's plans to vote on a limited bill after the chamber returns on Monday, he said lawmakers would have enough time to pass the aid legislation and confirm Barrett before the election. A lack of new relief could also hurt vulnerable Republican incumbents as the GOP looks to hold its 53-47 Senate majority on Election Day. Even if Pelosi and Mnuchin can reach an agreement that would earn Democratic votes and Trump's signature, they could have a difficult time persuading the Senate GOP to support it. Subscribe to CNBC on YouTube.


cnbc--2020-10-14--Here are the top moments from Day 3 of Amy Coney Barrett's Senate confirmation hearings

Judge Amy Coney Barrett defended her independence and avoided answering direct inquiries on Wednesday during a Senate Judiciary Committee hearing that appeared unlikely to slow down her path to a Supreme Court confirmation ahead of the Nov. 3 presidential election .
The third day of Barrett 's hearings featured a second round of questioning from each of the committee 's 22 senators .
Republicans projected confidence that Barrett will have the votes needed to be approved by the committee and the full Senate , and embraced what one called Barrett 's `` unashamedly pro-life '' personal views .
President Donald @ @ @ @ @ @ @ succeed Justice Ruth Bader Ginsburg after the 87-year-old liberal died last month , and has repeatedly pushed for her to be seated in time to address any litigation stemming from the election .
Her confirmation would give Trump his third nominee on the high court and deliver a 6-3 majority for conservatives , providing a legal boost to the GOP for the foreseeable future .
The hearing concluded around 6 p.m .
ET , about nine hours after it began .
The first day of questioning on Tuesday stretched from 9 a.m .
@ @ @ @ @ @ @ On Thursday , the committee will hear from experts for and against Barrett 's confirmation , and a committee vote is expected Oct. 22 .
Democrats , who have conceded they are probably powerless to stop Barrett from being confirmed , quizzed the judge about voting rights cases and her past statements on the Affordable Care Act , and pressed her to acknowledge constitutional limits on Trump 's power .
Liberal senators continued to target an upcoming case on the Affordable Care Act , also known as Obamacare , which the Supreme Court @ @ @ @ @ @ @ .
While Barrett has repeatedly refused to express an opinion on the case , Democrats believe that focusing on the Trump administration 's efforts to wipe out the law could stir voters .
On Obamacare and other cases , Barrett told the senators she would come to the bench with an open mind , but followed the model set by past nominees by declining to say much else .
When Sen. Chris Coons , D-Del.
, suggested that Barrett would vote in the same way as the late Justice Antonin Scalia , a @ @ @ @ @ @ @ her career , she fired back that `` I assure you I have my own mind . ''
Barrett had previously publicly identified with Scalia 's judicial ideology .
Barrett 's refusal to delve into specifics continued to frustrate Democrats .
After Sen. Dianne Feinstein of California , the committee 's ranking Democrat , asked Barrett whether she agreed with some originalist legal scholars who believed that the Medicare program was unconstitutional , Barrett said she could not respond , citing what she has called the `` Ginsburg Rule '' of `` no @ @ @ @ @ @ @ . ''

Judge Amy Coney Barrett defended her independence and avoided answering direct inquiries on Wednesday during a Senate Judiciary Committee hearing that appeared unlikely to slow down her path to a Supreme Court confirmation ahead of the Nov. 3 presidential election.
The third day of Barrett's hearings featured a second round of questioning from each of the committee's 22 senators. Republicans projected confidence that Barrett will have the votes needed to be approved by the committee and the full Senate, and embraced what one called Barrett's "unashamedly pro-life" personal views.
President Donald Trump nominated Barrett, 48, to succeed Justice Ruth Bader Ginsburg after the 87-year-old liberal died last month, and has repeatedly pushed for her to be seated in time to address any litigation stemming from the election.
Her confirmation would give Trump his third nominee on the high court and deliver a 6-3 majority for conservatives, providing a legal boost to the GOP for the foreseeable future.
The hearing concluded around 6 p.m. ET, about nine hours after it began. The first day of questioning on Tuesday stretched from 9 a.m. ET to late in the evening. On Thursday, the committee will hear from experts for and against Barrett's confirmation, and a committee vote is expected Oct. 22.
Democrats, who have conceded they are probably powerless to stop Barrett from being confirmed, quizzed the judge about voting rights cases and her past statements on the Affordable Care Act, and pressed her to acknowledge constitutional limits on Trump's power.
Liberal senators continued to target an upcoming case on the Affordable Care Act, also known as Obamacare, which the Supreme Court is scheduled to hear on Nov. 10. While Barrett has repeatedly refused to express an opinion on the case, Democrats believe that focusing on the Trump administration's efforts to wipe out the law could stir voters.
On Obamacare and other cases, Barrett told the senators she would come to the bench with an open mind, but followed the model set by past nominees by declining to say much else.


cnbc--2020-10-14--Joe Biden tells donors he spoke with Warren Buffett about how America can lead the world

Democratic nominee Joe Biden told donors during a virtual fundraiser on Wednesday that he had just spoken to influential billionaire investor Warren Buffett .
Biden told contributors that he and Buffett spoke on America 's opportunity `` to lead the whole damn world in a way that no one else can , '' according to a press pool report .
Biden told attendees that he was on the phone with Buffett just before the virtual gathering .
`` Just got off the phone with Warren Buffett and talking about how ... we 're in a position , unlike we were @ @ @ @ @ @ @ , to lead the whole damn world in a way that no one else can , '' Biden said .
`` There 's no limit to America 's future .
The only thing that 's going to tear America apart is America itself . ''
The campaign said the hosts were mainly Wall Street executives , including Blair Effron , a partner at Centerview Partners ; Deven Parekh , the managing director of Insight Partners ' and Roger Altman , the founder and senior chairman of Evercore .
There were 37 attendees present @ @ @ @ @ @ @ Hathaway , has been largely silent on whom he is supporting in the 2020 election .
Before Biden officially captured the Democratic nomination , he told CNBC that he would back billionaire Mike Bloomberg .
The former New York mayor ended up spending $ 1 billion on his campaign and later bowed out of the contest after Super Tuesday in March .
Buffett has a net worth of $ 80 billion , according to Forbes .
Buffett has n't contributed to Biden 's campaign for president this cycle , according to the nonpartisan @ @ @ @ @ @ @ , however , given to the Democratic Congressional Campaign Committee and Democratic Arizona Senate candidate Mark Kelly 's campaign .
The billionaire investor has previously told CNBC he 's not a card-carrying Democrat , pointing out that he 's voted for Democratic candidates and Republican candidates over the years .
Still , Buffett did have a strong relationship with former President Barack Obama .
Buffett held fundraisers for Obama , and the billionaire investor received the Medal of Freedom later in the president 's first term .

Democratic nominee Joe Biden told donors during a virtual fundraiser on Wednesday that he had just spoken to influential billionaire investor Warren Buffett.
Biden told contributors that he and Buffett spoke on America's opportunity "to lead the whole damn world in a way that no one else can," according to a press pool report. Biden told attendees that he was on the phone with Buffett just before the virtual gathering.
"Just got off the phone with Warren Buffett and talking about how ... we're in a position, unlike we were 50, 70, 80 years ago, to lead the whole damn world in a way that no one else can," Biden said. "There's no limit to America's future. The only thing that's going to tear America apart is America itself."
The campaign said the hosts were mainly Wall Street executives, including Blair Effron, a partner at Centerview Partners; Deven Parekh, the managing director of Insight Partners' and Roger Altman, the founder and senior chairman of Evercore. There were 37 attendees present.
Buffett, the CEO of Berkshire Hathaway, has been largely silent on whom he is supporting in the 2020 election. Before Biden officially captured the Democratic nomination, he told CNBC that he would back billionaire Mike Bloomberg. The former New York mayor ended up spending $1 billion on his campaign and later bowed out of the contest after Super Tuesday in March.
Buffett has a net worth of $80 billion, according to Forbes.
Buffett hasn't contributed to Biden's campaign for president this cycle, according to the nonpartisan Center for Responsive Politics. He has, however, given to the Democratic Congressional Campaign Committee and Democratic Arizona Senate candidate Mark Kelly's campaign.
The billionaire investor has previously told CNBC he's not a card-carrying Democrat, pointing out that he's voted for Democratic candidates and Republican candidates over the years.
Still, Buffett did have a strong relationship with former President Barack Obama.
Buffett held fundraisers for Obama, and the billionaire investor received the Medal of Freedom later in the president's first term.


cnbc--2020-10-14--Michigan's Macomb County is a crucial blue-collar battleground for Trump and Biden

Sterling Heights Mayor Michael Taylor voted for Donald Trump in the 2016 presidential election , but he said his `` buyer 's remorse '' kicked in on the first day of his presidency .
Taylor , the mayor of Michigan 's fourth-largest city and a lifelong Republican voter , said he was turned off by then-White House press secretary Sean Spicer 's nakedly false claim that Trump 's inauguration crowd was the largest ever .
`` Why lie about things that are verifiably false ? ''
Taylor said .
`` Also , why lie about something so petty and so @ @ @ @ @ @ @ Since then , Taylor said , he has continued to be disillusioned with the president .
Taylor was never Trump 's biggest fan but defaulted to the Republican candidate in 2016 , hoping Trump 's campaign talk was like `` a WWE persona '' he would drop in office .
Taylor calls himself a moderate who supports free-market policies but also government help for those who need it .
He supports gay marriage and says the science of climate change should n't be up for political debate .
He also said he assumed @ @ @ @ @ @ @ and wanted to cast a protest vote to show that her victory did not represent a sweeping mandate .
Taylor said Trump 's handling of the coronavirus pandemic was the final straw because it displayed a lack of leadership .
He now says he regrets his vote and that Clinton clearly would have done a better job for the American people , despite disagreeing with many of her policy positions .
So for the first time in his life , Taylor said , he is voting for the Democratic nominee for president in @ @ @ @ @ @ @ .
Taylor is one of the more than 687,000 registered voters in Macomb County , who represent a critical bloc that could help decide this year 's election .
The county twice voted for former President Barack Obama before turning red for Trump in 2016 .
Macomb is largely White ( about 80 % ) but its Black and immigrant populations are slowly growing .
`` It 's a transition county that 's very middle class and very blue collar , '' said Jonathan Hanson , a public policy professor at the University @ @ @ @ @ @ @ it 's a snapshot of Michigan overall , but also in a lot of ways it kind of looks similar to a lot of the rest of the country . ''
Bordering Detroit 's Wayne County , Macomb 's history lies in automotive manufacturing .
But in the 21st century , steady manufacturing jobs have become more uncertain .
As recently as last year , a General Motors factory closed its doors in the county .
Macomb won political notoriety for its `` Reagan Democrats '' back in 1980 , the moniker for @ @ @ @ @ @ @ votes to the right for former Republican President Ronald Reagan .
Reagan Democrats `` would have been sort of prototypical Democratic-leaning voters except that they were feeling strain in the economy and Reagan offered a message of economic change and hope , '' Hanson said .
`` And in a lot of ways , that was Trump 's message , too . ''
In 2016 , Trump promised to renegotiate trade deals to benefit American workers and build back manufacturing towns .
In the years since , Hanson said , Macomb voters have @ @ @ @ @ @ @ unemployment rates that persisted prior to the pandemic , some of which was set in motion before he took office .
In a statement , the Biden campaign 's Michigan State director , Eric Hyers , blamed Trump for recent hardships in the manufacturing sector .
`` In 2016 , Donald Trump stood in Macomb County and promised Michiganders , 'if I 'm elected , you wo n't lose one plant . '
'' Hyers said in the statement .
`` Since then , Michigan 's economy has been crushed by the President @ @ @ @ @ @ @ rate that has more than doubled since March , a manufacturing industry shedding jobs , a decline in motor vehicle manufacturing jobs even before the pandemic started , and plants shuttered across the state .
On his first trip to Michigan as the Democratic nominee , Joe Biden stopped in Macomb County to roll out his Buy America plan that will bring jobs back to Michigan and the United States , and revitalize American manufacturing . ''
Trump campaign deputy national press secretary Ken Farnaso emphasized the president 's support from blue-collar workers @ @ @ @ @ @ @ '' `` Just this week , Eric Trump was in Macomb County campaigning on behalf of his father at a local manufacturing plant , and it could n't be more clear that the enthusiasm for President Trump is off the charts , '' Farnaso said in a statement .
`` Blue collar workers took a chance on President Trump and know that his America First agenda will always put everyday Americans first compared to Biden 's radical , Bernie-inspired manifesto .
With President Trump in the Oval , Michiganders can rest assured that @ @ @ @ @ @ @ them . ''
Hanson suggested looking at the most recent midterm election as a way to gauge how Michiganders feel about the status quo .
`` If the 2018 election is any indicator of where Michigan is heading , Republicans are in pretty deep trouble , '' said Hanson , referring to the wave of statewide races won by Democrats .
Macomb County voters contributed to a victory for Democratic Gov .
Gretchen Whitmer , who has taken a tough stance on stay-at-home orders to combat the coronavirus pandemic but maintained a 59 @ @ @ @ @ @ @ early September poll of 600 likely Michigan voters by the nonpartisan Glengariff Group .
That 's up from a 43 % approval rate in January .
Trump , by contrast , has struggled to prove to voters he has the virus under control .
Only 37 % of American adults approved of his handling of the pandemic , according to a Reuters/Ipsos poll conducted last week .
Trump 's lead over Clinton in Michigan in 2016 was not so large that it would take a whole lot to overcome , Hanson said .
@ @ @ @ @ @ @ votes .
`` If Trump is not putting up numbers like a margin , say , at least 30,000 in Macomb County , it seems unlikely he could win Michigan , '' said Hanson .
`` So it does n't really take a whole lot of support to peel off Trump to kind of shift things in the other direction . ''
Biden leads Trump by more than 7 percentage points in Michigan , according to Real Clear Politics ' polling average .
Biden 's background from the blue-collar town of Scranton , @ @ @ @ @ @ @ things to put him over the edge .
`` While Biden left Scranton a long time ago , Macomb County is a lot like Scranton , '' said Sander Levin , a former congressman who represented part of Macomb County as a Democrat from 1983 until 2019 .
His son , Andy Levin , now represents his former district .
`` I think people can identify .
If they ca n't identify with Joe Biden exactly , they can accept him .
He 's been in the Senate for a long long time @ @ @ @ @ @ @ to identify , ... [ but ] I think there remains that kind of blue-collar upraising in him . ''
Hanson said Biden may appeal to voters like the Reagan Democrats .
`` They can sort of think that Biden understands where they 're coming from a lot more than Clinton , '' he said .
`` In some ways , it might be less about Trump than it is about how Biden plays compared to how Clinton did for these voters . ''
By now , voters like Taylor who assumed Trump @ @ @ @ @ @ @ in office understand that 's not the case .
Trump has continued to show a willingness to appeal to his largely White and male base while displaying a hesitancy to disavow even the most fringe groups .
It took two days for Trump to clearly state that he condemns White supremacists and the far-right group the Proud Boys after he told them to `` stand back and stand by '' during the first presidential debate .
Taylor said many other people he 's talked with in his county also feel weary .
The @ @ @ @ @ @ @ 's seen on walks around his neighborhood still favors the president , but by a smaller margin than he observed in 2016 .
Taylor said the large wave of new voter registrations in the county indicate to him that plenty are unhappy with the way things stand .
`` One thing about Macomb County voters , there 's only so much bull -- -- they 'll take , '' Taylor said .
`` When [ Trump ] blames other people , when he blames China — he 's at the top .
You @ @ @ @ @ @ @ things go good and get to pass the buck when things go bad .
And I think there 's a significant amount of people that see that that 's what 's happening . ''
Taylor admits that for the first three years of Trump 's presidency , he was disappointed but saw himself and those around him doing pretty well .
His 401 ( k ) was growing and neighbors held onto steady jobs , even as he bristled at Trump 's shattering of political norms .
But the pandemic crystallized Taylor 's @ @ @ @ @ @ @ time .
And the presidential debate drove the point home .
He said of the many people he has spoken to in the county since the debate , not a single one was pleased about Trump 's performance .
`` It 's very rare that you hear someone say , ' I 'm proud of President Trump , ' but what they will say is , 'You know what , I understand why he does what he does because the media attacks him or the liberals attack him , ' '' Taylor said @ @ @ @ @ @ @ there were no excuses , there was no rationalizing it .
...
Some of them will go and vote for him anyways .
But to anybody who 's mind was n't made up , I think that could have been the final nail in his political coffin . ''

US President Donald Trump (L) and Democratic Presidential candidate former Vice President Joe Biden pictured during the first presidential debate at the Case Western Reserve University and Cleveland Clinic in Cleveland, Ohio on September 29, 2020. For small business owners across the nation, casting a ballot in the 2020 election presents a difficult series of economic, personal and political choices. Getty Images
Sterling Heights Mayor Michael Taylor voted for Donald Trump in the 2016 presidential election, but he said his "buyer's remorse" kicked in on the first day of his presidency. Taylor, the mayor of Michigan's fourth-largest city and a lifelong Republican voter, said he was turned off by then-White House press secretary Sean Spicer's nakedly false claim that Trump's inauguration crowd was the largest ever. "Why lie about things that are verifiably false?" Taylor said. "Also, why lie about something so petty and so insignificant as your inauguration turnout?" Since then, Taylor said, he has continued to be disillusioned with the president. Taylor was never Trump's biggest fan but defaulted to the Republican candidate in 2016, hoping Trump's campaign talk was like "a WWE persona" he would drop in office. Taylor calls himself a moderate who supports free-market policies but also government help for those who need it. He supports gay marriage and says the science of climate change shouldn't be up for political debate. He also said he assumed then-Democratic nominee Hillary Clinton would win anyway and wanted to cast a protest vote to show that her victory did not represent a sweeping mandate. Taylor said Trump's handling of the coronavirus pandemic was the final straw because it displayed a lack of leadership. He now says he regrets his vote and that Clinton clearly would have done a better job for the American people, despite disagreeing with many of her policy positions. So for the first time in his life, Taylor said, he is voting for the Democratic nominee for president in 2020, former Vice President Joe Biden. Taylor is one of the more than 687,000 registered voters in Macomb County, who represent a critical bloc that could help decide this year's election. The county twice voted for former President Barack Obama before turning red for Trump in 2016. Macomb is largely White (about 80%) but its Black and immigrant populations are slowly growing. "It's a transition county that's very middle class and very blue collar," said Jonathan Hanson, a public policy professor at the University of Michigan. "In some ways it's a snapshot of Michigan overall, but also in a lot of ways it kind of looks similar to a lot of the rest of the country."
Blue-collar identity
Bordering Detroit's Wayne County, Macomb's history lies in automotive manufacturing. But in the 21st century, steady manufacturing jobs have become more uncertain. As recently as last year, a General Motors factory closed its doors in the county. Macomb won political notoriety for its "Reagan Democrats" back in 1980, the moniker for the blue-collar union workers who swung their votes to the right for former Republican President Ronald Reagan. Reagan Democrats "would have been sort of prototypical Democratic-leaning voters except that they were feeling strain in the economy and Reagan offered a message of economic change and hope," Hanson said. "And in a lot of ways, that was Trump's message, too."
Zoom In Icon Arrows pointing outwards
In 2016, Trump promised to renegotiate trade deals to benefit American workers and build back manufacturing towns. In the years since, Hanson said, Macomb voters have credited Trump with economic growth and low unemployment rates that persisted prior to the pandemic, some of which was set in motion before he took office. In a statement, the Biden campaign's Michigan State director, Eric Hyers, blamed Trump for recent hardships in the manufacturing sector. "In 2016, Donald Trump stood in Macomb County and promised Michiganders, 'if I'm elected, you won't lose one plant.'" Hyers said in the statement. "Since then, Michigan's economy has been crushed by the President's failed leadership, with an unemployment rate that has more than doubled since March, a manufacturing industry shedding jobs, a decline in motor vehicle manufacturing jobs even before the pandemic started, and plants shuttered across the state. On his first trip to Michigan as the Democratic nominee, Joe Biden stopped in Macomb County to roll out his Buy America plan that will bring jobs back to Michigan and the United States, and revitalize American manufacturing." Trump campaign deputy national press secretary Ken Farnaso emphasized the president's support from blue-collar workers for his "America First agenda." "Just this week, Eric Trump was in Macomb County campaigning on behalf of his father at a local manufacturing plant, and it couldn't be more clear that the enthusiasm for President Trump is off the charts," Farnaso said in a statement. "Blue collar workers took a chance on President Trump and know that his America First agenda will always put everyday Americans first compared to Biden's radical, Bernie-inspired manifesto. With President Trump in the Oval, Michiganders can rest assured that they've got a fighter working for them." Hanson suggested looking at the most recent midterm election as a way to gauge how Michiganders feel about the status quo. "If the 2018 election is any indicator of where Michigan is heading, Republicans are in pretty deep trouble," said Hanson, referring to the wave of statewide races won by Democrats. Macomb County voters contributed to a victory for Democratic Gov. Gretchen Whitmer, who has taken a tough stance on stay-at-home orders to combat the coronavirus pandemic but maintained a 59% overall approval rating according to an early September poll of 600 likely Michigan voters by the nonpartisan Glengariff Group. That's up from a 43% approval rate in January. Trump, by contrast, has struggled to prove to voters he has the virus under control. Only 37% of American adults approved of his handling of the pandemic, according to a Reuters/Ipsos poll conducted last week. Trump's lead over Clinton in Michigan in 2016 was not so large that it would take a whole lot to overcome, Hanson said. Trump carried the state by about 11,000 votes. "If Trump is not putting up numbers like a margin, say, at least 30,000 in Macomb County, it seems unlikely he could win Michigan," said Hanson. "So it doesn't really take a whole lot of support to peel off Trump to kind of shift things in the other direction." Biden leads Trump by more than 7 percentage points in Michigan, according to Real Clear Politics' polling average. Biden's background from the blue-collar town of Scranton, Pennsylvania, could be one of the things to put him over the edge. "While Biden left Scranton a long time ago, Macomb County is a lot like Scranton," said Sander Levin, a former congressman who represented part of Macomb County as a Democrat from 1983 until 2019. His son, Andy Levin, now represents his former district. "I think people can identify. If they can't identify with Joe Biden exactly, they can accept him. He's been in the Senate for a long long time, so he's not so easy to identify, ... [but] I think there remains that kind of blue-collar upraising in him." Hanson said Biden may appeal to voters like the Reagan Democrats. "They can sort of think that Biden understands where they're coming from a lot more than Clinton," he said.
"In some ways, it might be less about Trump than it is about how Biden plays compared to how Clinton did for these voters."
Tired of the rhetoric
By now, voters like Taylor who assumed Trump's strong language would tone down once in office understand that's not the case. Trump has continued to show a willingness to appeal to his largely White and male base while displaying a hesitancy to disavow even the most fringe groups. It took two days for Trump to clearly state that he condemns White supremacists and the far-right group the Proud Boys after he told them to "stand back and stand by" during the first presidential debate. Taylor said many other people he's talked with in his county also feel weary. The ratio of Trump to Biden signs he's seen on walks around his neighborhood still favors the president, but by a smaller margin than he observed in 2016. Taylor said the large wave of new voter registrations in the county indicate to him that plenty are unhappy with the way things stand. "One thing about Macomb County voters, there's only so much bull---- they'll take," Taylor said. "When [Trump] blames other people, when he blames China — he's at the top. You don't get all the credit when things go good and get to pass the buck when things go bad. And I think there's a significant amount of people that see that that's what's happening." Taylor admits that for the first three years of Trump's presidency, he was disappointed but saw himself and those around him doing pretty well. His 401(k) was growing and neighbors held onto steady jobs, even as he bristled at Trump's shattering of political norms. But the pandemic crystallized Taylor's decision not to vote for Trump this time. And the presidential debate drove the point home. He said of the many people he has spoken to in the county since the debate, not a single one was pleased about Trump's performance. "It's very rare that you hear someone say, 'I'm proud of President Trump,' but what they will say is, 'You know what, I understand why he does what he does because the media attacks him or the liberals attack him,'" Taylor said. "But with that debate, there were no excuses, there was no rationalizing it. ... Some of them will go and vote for him anyways. But to anybody who's mind wasn't made up, I think that could have been the final nail in his political coffin." Subscribe to CNBC on YouTube. WATCH: The U.S.'s massive mail-in election experiment


cnbc--2020-10-14--Biden advisor declines to 'litigate' timing of a potential corporate tax hike while U.S. struggles w

Biden advisor declines to 'litigate' timing of a potential corporate tax hike while U.S. struggles with coronavirus pandemic

One of Joe Biden 's economic advisors said Wednesday that he 's not ready to `` litigate '' the timing of a planned corporate tax hike with the U.S. economy still recovering from the coronavirus recession .
Asked by Washington Post economics reporter Heather Long to clarify if a Biden administration would still pursue a corporate tax hike if the U.S. economy was still struggling , informal campaign advisor Jared Bernstein declined to offer specifics .
`` I 'm not going to litigate the timing of that set of policies , '' said Bernstein , who served as chief economist @ @ @ @ @ @ @ administration .
The Biden campaign has said it plans to raise the rate businesses pay from the current 21 % to the proposed 28 % to help fund sweeping initiatives the former vice president has promised .
The Biden advisor also noted that virus control and quick fiscal stimulus would likely be the Biden administration 's top two economic priorities before moving on to more-permanent structural changes .
`` I think the timing of the fiscal-relief plan — the timing of virus control and fiscal relief — are very much baked into the @ @ @ @ @ @ @ , who spoke at the virtual Milken Institutes Global Conference , noted that the partial rollback to President Donald Trump 's 2017 tax cuts would be used to help fund a slew of government programs that could help the U.S. recovery from the pandemic .
`` We have to push through policy , because aggregate demand on its own wo n't get there , '' Bernstein said in a reference to a sharp pullback in normal consumer activity .
The Biden plan includes `` deep investments in child care , in elder care @ @ @ @ @ @ @ , in public transit , in renewables . ''
Biden 's tax proposals would increase federal revenues relative to the status quo by about $ 4 trillion between 2021 and 2030 , according to the Tax Policy Center .
About half of the revenue gain would come from higher rates on high-income households and about one-third of the added cash would come from the elevated corporate rate , the center found .
But some businesses have expressed worries that a hike in the corporate tax rate could exacerbate an already-fraught economic backdrop and @ @ @ @ @ @ @ signal from the Biden team that those tax increases may be delayed until the economy recovers could prove welcome to the business community .
Other critics worry that such a measure could actually be counterproductive since a higher corporate rate could decrease businesses ' incentive to take advantage of tax breaks Congress created to promote investment in some of Biden 's key priorities including renewable energy and low-income housing .
Bernstein , a senior fellow at the Center on Budget and Policy Priorities , was quick to reiterate that Biden 's tax plans @ @ @ @ @ @ @ high gross income to pay more in taxes .
The Democrat 's plan would revert the top individual income tax rate for incomes above $ 400,000 from 37 % under current law to the pre-Tax Cuts and Jobs Act level of 39.6 % .
The plan would also tax long-term capital gains at the ordinary income tax rate of 39.6 % on income above $ 1 million .
The economist also argued that the corporate tax , if and when a Biden White House moves to increase it , is `` counter-cyclical '' @ @ @ @ @ @ @ impact on already-profitable firms .
`` You have to think about what these taxes are and where they 're targeted , '' Bernstein said .
`` If you have losses ... those are deducted so that the corporations that pay the higher tax rate are highly profitable corporations . ''

One of Joe Biden's economic advisors said Wednesday that he's not ready to "litigate" the timing of a planned corporate tax hike with the U.S. economy still recovering from the coronavirus recession.
Asked by Washington Post economics reporter Heather Long to clarify if a Biden administration would still pursue a corporate tax hike if the U.S. economy was still struggling, informal campaign advisor Jared Bernstein declined to offer specifics.
"I'm not going to litigate the timing of that set of policies," said Bernstein, who served as chief economist to Vice President Biden during the Obama administration.
The Biden campaign has said it plans to raise the rate businesses pay from the current 21% to the proposed 28% to help fund sweeping initiatives the former vice president has promised.
The Biden advisor also noted that virus control and quick fiscal stimulus would likely be the Biden administration's top two economic priorities before moving on to more-permanent structural changes.
"I think the timing of the fiscal-relief plan — the timing of virus control and fiscal relief — are very much baked into the cake," he added.
Bernstein, who spoke at the virtual Milken Institutes Global Conference, noted that the partial rollback to President Donald Trump's 2017 tax cuts would be used to help fund a slew of government programs that could help the U.S. recovery from the pandemic.
"We have to push through policy, because aggregate demand on its own won't get there," Bernstein said in a reference to a sharp pullback in normal consumer activity. The Biden plan includes "deep investments in child care, in elder care, in housing, in clean energy, in public transit, in renewables."
Biden's tax proposals would increase federal revenues relative to the status quo by about $4 trillion between 2021 and 2030, according to the Tax Policy Center. About half of the revenue gain would come from higher rates on high-income households and about one-third of the added cash would come from the elevated corporate rate, the center found.
But some businesses have expressed worries that a hike in the corporate tax rate could exacerbate an already-fraught economic backdrop and dampen already-compressed profit margins.
Any perceived signal from the Biden team that those tax increases may be delayed until the economy recovers could prove welcome to the business community.
Other critics worry that such a measure could actually be counterproductive since a higher corporate rate could decrease businesses' incentive to take advantage of tax breaks Congress created to promote investment in some of Biden's key priorities including renewable energy and low-income housing.
Bernstein, a senior fellow at the Center on Budget and Policy Priorities, was quick to reiterate that Biden's tax plans focus on asking businesses and those with high gross income to pay more in taxes.
The Democrat's plan would revert the top individual income tax rate for incomes above $400,000 from 37% under current law to the pre-Tax Cuts and Jobs Act level of 39.6%. The plan would also tax long-term capital gains at the ordinary income tax rate of 39.6% on income above $1 million.
The economist also argued that the corporate tax, if and when a Biden White House moves to increase it, is "counter-cyclical" insofar as it has a far greater impact on already-profitable firms.
"You have to think about what these taxes are and where they're targeted," Bernstein said. "If you have losses ... those are deducted so that the corporations that pay the higher tax rate are highly profitable corporations."


cnbc--2020-10-14--Florida's Pinellas County could hold the key to the Trump-Biden election

If you want to know who will win the 2020 presidential election between President Donald Trump and Democratic challenger Joe Biden on Nov. 3 , Florida 's Pinellas County may be able to tell you .
Pinellas is the biggest swing county in the ultimate swing state .
The county has picked the right horse in every presidential race since 1980 , except for 2000 , when it voted for Al Gore in what became one of the most contested elections in U.S. history .
`` The county has a track record , '' said Susan MacManus , University of @ @ @ @ @ @ @ .
Pinellas sits just west of Tampa , along Florida 's central Gulf Coast .
Its population is just shy of 1 million .
Once a bastion of conservatism , Pinellas has become a purple place , with Republicans dominating the northern part of the county , Democrats the south and a melting pot in the middle .
`` It 's got the three key geographies of politics , '' said MacManus .
`` It 's got very rural areas , very suburban areas and a big urban area in St. Petersburg that @ @ @ @ @ @ @ while it could be days or even weeks before the vote is certified nationwide , Pinellas should be in the bag by 11 p.m .
ET on election night , said Pinellas Democratic Chair Barbara Scott .
That 's because unlike many states that have expanded mail-in voting to offer a safer alternative to in-person voting during the coronavirus pandemic , Florida has years of experience with mail-in ballots .
While the Sunshine State is known for election-night hiccups and razor-thin margins , Pinellas County is n't usually among the trouble spots .
@ @ @ @ @ @ @ in vote-by-mail technology , '' Scott said .
So , tea-leaf readers will be looking very carefully at those results .
MacManus notes that the county has turned a lot bluer since 2016 , when there were about 2,000 more registered Republicans than Democrats .
These days there are just over 5,000 more registered Democrats than Republicans , according to the Pinellas County Supervisor of Elections ' website , and a total of just over 711,000 registered voters .
The county 's population remains older , though not the oldest in the state @ @ @ @ @ @ @ with younger families and more Black and Latino residents populating the area .
`` What you see happening there is what 's happening everywhere , '' MacManus said , noting `` generational replacement , the rise of multiethnic families and demographics that are yielding more blue voters around country . ''
Indeed , while voters sided with Trump in 2016 , the county in 2018 went for Democrats Andrew Gillum for governor and incumbent Bill Nelson for senator .
Both lost their respective statewide races to Republicans Ron DeSantis and Rick Scott , @ @ @ @ @ @ @ the county is losing its predictive edge ?
While it 's impossible to know how the 2020 election will turn out , `` I will be very happy if we lose our swing status and become solid blue , '' Scott , the Pinellas Democratic chair , said .
Pinellas has had a relatively high number of Covid-19 cases and deaths .
According to the New York Times tracker , the county had 23,161 cases and 782 deaths as of Oct. 12 .
That could give Biden a leg up , said J.
@ @ @ @ @ @ @ and public administration at the University of South Florida 's Tampa campus .
`` What I 'm hearing across the Tampa Bay is that Covid is weighing very big in the election , '' Benton said .
`` They view Trump as not being proactive and aggressive in dealing with it .
He downplayed it .
That is not playing well with citizens of Pinellas County . ''
Still , Anthony Pedicini , a longtime GOP consultant in neighboring Hillsborough County — a solid blue bastion — is optimistic about Trump 's chances @ @ @ @ @ @ @ the registration gap with Democrats statewide to a historically low margin .
Even in Pinellas the margin is smaller than it was at the peak , when there were about 9,000 more registered Democrats , Scott admits .
`` They have cut into our lead , '' she said .
`` Who are all those newly registered Republicans voting for ?
Not Joe Biden , '' Pedicini said in a recent interview .
But Trump 's widely panned debate performance , his Covid-19 diagnosis , a White House coronavirus outbreak that most voters @ @ @ @ @ @ @ York Times expose showing that Trump paid just $ 750 in federal income taxes in 2016 and 2017 have further depressed the president 's poll numbers .
Trump is currently lagging Biden by nearly 4 points in Florida , according to a Real Clear Politics statewide polling average .
`` Republicans ca n't win the presidency unless they carry Florida , '' said Stephen Craig , a political science professor at the University of Florida .
`` If they lose Florida , it means they 're losing elsewhere in places they need to @ @ @ @ @ @ @ Republican strategist Ron Pierce said the recent events may not impact voters as much as Democrats would like .
`` I think lot of people were disappointed overall from the debate , but I 'm not sure it 's enough to sway undecided voters one way or the other , '' he said .
He pointed out that Biden 's potential weakness in the state is in South Florida , where Cuban voters have been showing more support for Trump than they did in 2016 .
`` It will come down to Hispanic @ @ @ @ @ @ @ corridor , '' which covers much of central Florida , including Orlando and Tampa .
It 's not just Cubans , a group that has long been shifting toward Republicans .
Venezuelans , Colombians , Nicaraguans and Hondurans are moving in Trump 's direction , too , MacManus said .
`` Socialism is all you have to say to those people and they 're not voting for anyone who looks like they 're going toward that , '' she said , noting that Republican messaging about Biden appears to be working in those @ @ @ @ @ @ @ 's Deputy National Press Secretary , reinforced that messaging in an email to CNBC , `` Floridians know better than to trust Joe Biden , who 's been in office for 47 years yet is running solely on fear of the coronavirus and lies about his socialist agenda . ''
She added , `` President Trump is running a campaign founded on boundless optimism and faith in our American values , which includes a roaring , post-COVID economy and the opportunity for people to pursue their version of the American dream . ''
@ @ @ @ @ @ @ to a request for comment .
So , while polls give Biden the advantage in the state , there are plenty of variables that could swing Florida the other way .
As for Pinellas , Benton said , `` They 're ready for a change . ''

A server wearing a protective mask serves a drink to a customer in the outside dining area of a restaurant in St. Petersburg, Florida, on Monday, May 4, 2020. Zack Wittman | Bloomberg via Getty Images
If you want to know who will win the 2020 presidential election between President Donald Trump and Democratic challenger Joe Biden on Nov. 3, Florida's Pinellas County may be able to tell you. Pinellas is the biggest swing county in the ultimate swing state. The county has picked the right horse in every presidential race since 1980, except for 2000, when it voted for Al Gore in what became one of the most contested elections in U.S. history. "The county has a track record," said Susan MacManus, University of South Florida professor emerita of political science. Pinellas sits just west of Tampa, along Florida's central Gulf Coast. Its population is just shy of 1 million. Once a bastion of conservatism, Pinellas has become a purple place, with Republicans dominating the northern part of the county, Democrats the south and a melting pot in the middle. "It's got the three key geographies of politics," said MacManus. "It's got very rural areas, very suburban areas and a big urban area in St. Petersburg that is ethnically diverse." And, while it could be days or even weeks before the vote is certified nationwide, Pinellas should be in the bag by 11 p.m. ET on election night, said Pinellas Democratic Chair Barbara Scott. That's because unlike many states that have expanded mail-in voting to offer a safer alternative to in-person voting during the coronavirus pandemic, Florida has years of experience with mail-in ballots. While the Sunshine State is known for election-night hiccups and razor-thin margins, Pinellas County isn't usually among the trouble spots.
Zoom In Icon Arrows pointing outwards
"Pinellas is one of the leaders in vote-by-mail technology," Scott said. So, tea-leaf readers will be looking very carefully at those results. MacManus notes that the county has turned a lot bluer since 2016, when there were about 2,000 more registered Republicans than Democrats. These days there are just over 5,000 more registered Democrats than Republicans, according to the Pinellas County Supervisor of Elections' website, and a total of just over 711,000 registered voters. The county's population remains older, though not the oldest in the state. And the demographics are changing, with younger families and more Black and Latino residents populating the area. "What you see happening there is what's happening everywhere," MacManus said, noting "generational replacement, the rise of multiethnic families and demographics that are yielding more blue voters around country." Indeed, while voters sided with Trump in 2016, the county in 2018 went for Democrats Andrew Gillum for governor and incumbent Bill Nelson for senator. Both lost their respective statewide races to Republicans Ron DeSantis and Rick Scott, respectively. So, does that mean the county is losing its predictive edge? While it's impossible to know how the 2020 election will turn out, "I will be very happy if we lose our swing status and become solid blue," Scott, the Pinellas Democratic chair, said.
Coronavirus concerns could tip the scales
Pinellas has had a relatively high number of Covid-19 cases and deaths. According to the New York Times tracker, the county had 23,161 cases and 782 deaths as of Oct. 12. That could give Biden a leg up, said J. Edwin Benton, professor of political science and public administration at the University of South Florida's Tampa campus. "What I'm hearing across the Tampa Bay is that Covid is weighing very big in the election," Benton said. "They view Trump as not being proactive and aggressive in dealing with it. He downplayed it. That is not playing well with citizens of Pinellas County." Still, Anthony Pedicini, a longtime GOP consultant in neighboring Hillsborough County — a solid blue bastion — is optimistic about Trump's chances. He noted that Republicans have closed the registration gap with Democrats statewide to a historically low margin. Even in Pinellas the margin is smaller than it was at the peak, when there were about 9,000 more registered Democrats, Scott admits. "They have cut into our lead," she said. "Who are all those newly registered Republicans voting for? Not Joe Biden," Pedicini said in a recent interview. But Trump's widely panned debate performance, his Covid-19 diagnosis, a White House coronavirus outbreak that most voters think was avoidable, and a New York Times expose showing that Trump paid just $750 in federal income taxes in 2016 and 2017 have further depressed the president's poll numbers. Trump is currently lagging Biden by nearly 4 points in Florida, according to a Real Clear Politics statewide polling average. "Republicans can't win the presidency unless they carry Florida," said Stephen Craig, a political science professor at the University of Florida. "If they lose Florida, it means they're losing elsewhere in places they need to win."
The Cuban question


cnbc--2020-10-14--Supreme Court sides with Trump administration bid to end 2020 census count

A demonstrator holds a sign that reads `` Everyone Counts '' outside the U.S. Supreme Court in Washington , June 27 , 2019 .
The Supreme Court on Tuesday cleared the way for the Trump administration to end field operations for the 2020 census , temporarily halting a lower court decision that had extended the count .
The decision came in an unsigned order , as is typical for emergency cases .
Justice Sonia Sotomayor dissented .
The order will allow the Trump administration to end the decennial count while the 9th U.S .
Circuit Court of Appeals considers the @ @ @ @ @ @ @ it has already received enough responses to have an accurate count of the population .
The case arose after Commerce Secretary Wilbur Ross backtracked on a plan announced in April to extend the count until Oct. 31 as a result of the Covid-19 pandemic .
In August , Ross said that count would conclude at the end of September in order to meet a Dec. 31 statutory deadline for reporting the census results to the president .
A consortium of advocacy groups , cities , counties and Native American tribes sued to keep @ @ @ @ @ @ @ , the groups argued that their communities would `` almost certainly be inaccurately represented and underrepresented in the final census count if the administration succeeds in truncating census data-collection and data-processing . ''
A federal district court in California ordered the Trump administration not to halt the count ahead of Oct. 31 in a September order that the 9th Circuit temporarily upheld earlier this month while it continues to consider the case .
In dissent , Sotomayor wrote that the administration was downplaying the risk of ending the census early by emphasizing that @ @ @ @ @ @ @ 49 states were accounted for already .
`` But even a fraction of a percent of the Nation 's 140 million households amounts to hundreds of thousands of people left uncounted , '' Sotomayor wrote .
`` And significantly , the percentage of nonresponses is likely much higher among marginalized populations and in hard-to-count areas , such as rural and tribal lands . ''
`` The harms caused by rushing this year 's census count are irreparable .
And respondents will suffer their lasting impact for at least the next 10 years , @ @ @ @ @ @ @ case related to the census , the Trump administration is asking the Supreme Court to allow it to exclude undocumented immigrants from the count used to apportion representation in the House of Representatives .
If the Census Bureau hits the Dec. 31 deadline , the Trump administration will retain control of the apportionment even if Democratic nominee Joe Biden wins the election on Nov. 3 .
A lower court has blocked the Trump administration 's plans to exclude undocumented immigrants and the Supreme Court has not said whether it will review the matter @ @ @ @ @ @ @ the case at their private conference on Friday .
Melissa Arbus Sherry , a partner at the law firm Latham & Watkins , which argued on behalf of the challengers in the case , said in a statement that the Supreme Court 's order `` does not erase the tremendous progress that has been made as a result of the district court 's rulings . ''
`` We 've come a long way since the district court enjoined defendants from prematurely winding down census field operations on September 11 , '' she said @ @ @ @ @ @ @ more Americans have been counted — a fact used by Defendants themselves as an argument for staying the preliminary injunction . ''
In a statement released on Wednesday morning , Ross said the Supreme Court 's move `` allows the 2020 Census data collection to come to an orderly end and for data processing to begin , taking an important step toward delivery of a complete and accurate count . ''
`` Comparable to 2000 and 2010 , the U.S. Census Bureau has enumerated well over 99.9 percent of all housing units in @ @ @ @ @ @ @ the press reporting about this case , the Supreme Court understood these facts , with only a single Justice writing in dissent , '' Ross said .

A demonstrator holds a sign that reads "Everyone Counts" outside the U.S. Supreme Court in Washington, June 27, 2019.
The Supreme Court on Tuesday cleared the way for the Trump administration to end field operations for the 2020 census, temporarily halting a lower court decision that had extended the count.
The decision came in an unsigned order, as is typical for emergency cases. Justice Sonia Sotomayor dissented.
The order will allow the Trump administration to end the decennial count while the 9th U.S. Circuit Court of Appeals considers the matter. The administration has argued that it has already received enough responses to have an accurate count of the population.
The case arose after Commerce Secretary Wilbur Ross backtracked on a plan announced in April to extend the count until Oct. 31 as a result of the Covid-19 pandemic.
In August, Ross said that count would conclude at the end of September in order to meet a Dec. 31 statutory deadline for reporting the census results to the president.
A consortium of advocacy groups, cities, counties and Native American tribes sued to keep the extended deadline.
In court papers, the groups argued that their communities would "almost certainly be inaccurately represented and underrepresented in the final census count if the administration succeeds in truncating census data-collection and data-processing."
A federal district court in California ordered the Trump administration not to halt the count ahead of Oct. 31 in a September order that the 9th Circuit temporarily upheld earlier this month while it continues to consider the case.
In dissent, Sotomayor wrote that the administration was downplaying the risk of ending the census early by emphasizing that more than 99% of households in 49 states were accounted for already.
"But even a fraction of a percent of the Nation's 140 million households amounts to hundreds of thousands of people left uncounted," Sotomayor wrote. "And significantly, the percentage of nonresponses is likely much higher among marginalized populations and in hard-to-count areas, such as rural and tribal lands."
"The harms caused by rushing this year's census count are irreparable. And respondents will suffer their lasting impact for at least the next 10 years," Sotomayor added.
In a separate case related to the census, the Trump administration is asking the Supreme Court to allow it to exclude undocumented immigrants from the count used to apportion representation in the House of Representatives.
If the Census Bureau hits the Dec. 31 deadline, the Trump administration will retain control of the apportionment even if Democratic nominee Joe Biden wins the election on Nov. 3.
A lower court has blocked the Trump administration's plans to exclude undocumented immigrants and the Supreme Court has not said whether it will review the matter. The justices are scheduled to discuss the case at their private conference on Friday.
Melissa Arbus Sherry, a partner at the law firm Latham & Watkins, which argued on behalf of the challengers in the case, said in a statement that the Supreme Court's order "does not erase the tremendous progress that has been made as a result of the district court's rulings."
"We've come a long way since the district court enjoined defendants from prematurely winding down census field operations on September 11," she said. "As a result, millions more Americans have been counted — a fact used by Defendants themselves as an argument for staying the preliminary injunction."
In a statement released on Wednesday morning, Ross said the Supreme Court's move "allows the 2020 Census data collection to come to an orderly end and for data processing to begin, taking an important step toward delivery of a complete and accurate count."
"Comparable to 2000 and 2010, the U.S. Census Bureau has enumerated well over 99.9 percent of all housing units in the entire Nation. Unlike much of the press reporting about this case, the Supreme Court understood these facts, with only a single Justice writing in dissent," Ross said.


cnbc--2020-10-14--Wall Street has lingering concerns about a contested election, even as Biden leads in the polls

US President Donald Trump and Democratic presidential candidate and former US Vice President Joe Biden are seen during the first presidential debate on a YouTube video displayed on a screen of a smartphone .
United States presidential election scheduled on November 3 , 2020 .
Even as Joe Biden consistently leads in national and swing-state polls , bankers on Wall Street are still concerned about the possibility of a contested election .
The notion of a contested election was a focus at a private client meeting held by Goldman Sachs leaders a few weeks ago , according to a person @ @ @ @ @ @ @ their clients , according to a person familiar with the meeting , were trying to reposition themselves for what could be an extended period of volatility after Election Day , Nov. 3 .
Since then , as Biden opened up a bigger lead in the polls , a handful of Goldman executives have told allies on Wall Street that they are `` cautiously optimistic '' that there wo n't be a post-election battle between the Democratic nominee and President Donald Trump , according to a person briefed on the matter .
Still , @ @ @ @ @ @ @ expressed that concerns about a potential contested election could grow if the polls start to tighten again during the final three weeks of the campaign , this person added .
That could potentially add to market volatility .
`` Obviously that 's kind of the worst outcome people are worried about .
After the last election , and there a lot of people in this camp on Wall Street , no one can trust the polls , '' said a corporate restructuring attorney with banking clients .
This person declined to be named @ @ @ @ @ @ @ Hillary Clinton ahead of Trump going into election night 2016 .
CNBC asked JPMorgan Chase CEO Jamie Dimon during the company 's third-quarter earnings call whether he is concerned about what could happen on election night .
`` I have great faith in this country and I 'm sure we 'll have a proper election , '' Dimon said on the call .
Trump has repeatedly claimed without evidence that the election could be subject to widespread voting fraud .
He has suggested that he believes the election could take months or years @ @ @ @ @ @ @ thousands of lawyers at the ready to push back on election results .
Biden 's team has also assembled a strong group of legal advisors .
The election is going to be decided , in part , on what will likely be a historic amount of mail-in ballots as states take safety precautions during the coronavirus pandemic .
At first concerned about a Democratic sweep , analysts now see it as a potential positive since it could result in more economic stimulus .
A contested election would be a far bigger concern than @ @ @ @ @ @ @ Indeed , as Biden edged toward capturing the Democratic nomination this past summer , Wall Street executives were bracing for a Trump loss and for taxes to go back up .
Now , there appears to be a shift from being concerned about an increased tax rate to hoping to have some form of certainty after Election Day .
`` Investors may have initially feared a Blue Wave , but a delayed or contested election outcome is even more unsettling , '' analysts at UBS said in a recent note .
Bank of @ @ @ @ @ @ @ 61 % of investors polled believe the U.S. election result will be contested .
The survey was published Tuesday .
A leader at one big bank told CNBC that , if polls hold up , the firm 's risk management team expects to see a shift in sentiment on Wall Street toward not just the anticipation of a sweep by Democrats , but how big a win it could be – and its potential impact on policy .
PricewaterhouseCoopers is among the corporate leaders hearing concerns from clients about a potential contested election @ @ @ @ @ @ @ and what we 're hearing , without a doubt , is regardless of where we end up , they 're hoping for certainty , '' Tim Ryan , PwC 's chairman , told CNBC during a Tuesday briefing on the election .
`` It 's on their minds , and it all comes down to they just need to know what the playing field is , '' Ryan added , referring to the firm 's clients .
The PwC chairman noted that CEOs he has spoken with want a fair election and they @ @ @ @ @ @ @ election outcomes .
Charles Myers , founder of financial advisory firm Signum Global , told CNBC that he senses investment funds are preparing for a volatile few weeks after Election Day .
`` I think most funds right now are starting to hedge for a volatile election outcome , and are starting to position for a Biden win , '' Myers said .
Other institutions are giving clients a historical breakdown of what a contested election could look like .
In a research note to clients last week , Deutsche Bank gave historical @ @ @ @ @ @ @ in a similar fashion next month .
One was the 2000 election between Al Gore and George W. Bush .
The other was the 1876 contest between Rutherford B. Hayes and Samuel Tilden .
`` The last two contested elections , in 2000 and 1876 , saw the result in doubt long after election day , with the winner not clear for more than a month afterwards in both cases , '' Deutsche Bank said .
The day after Election Day in 2000 , Deutsche Bank notes that the S & P 500 @ @ @ @ @ @ @ declines .
`` In fact , November 2000 was the S & P 500 's worst monthly performance of that year , with an 8 % decline from start to finish , '' the note said .
Deutsche Bank notes that the fight in 1876 between Hayes and Tilden was worse than the 2000 election because there was no clear winner for months .
Hayes eventually won following a compromise .
`` As with 2000 , a scenario like 1876 – where the election is disputed in multiple states -- raises the prospect @ @ @ @ @ @ @ result , '' the Deutsche Bank note reads .

US President Donald Trump and Democratic presidential candidate and former US Vice President Joe Biden are seen during the first presidential debate on a YouTube video displayed on a screen of a smartphone. United States presidential election scheduled on November 3, 2020.
Even as Joe Biden consistently leads in national and swing-state polls, bankers on Wall Street are still concerned about the possibility of a contested election.
The notion of a contested election was a focus at a private client meeting held by Goldman Sachs leaders a few weeks ago, according to a person familiar with the gathering.
Some of their clients, according to a person familiar with the meeting, were trying to reposition themselves for what could be an extended period of volatility after Election Day, Nov. 3.
Since then, as Biden opened up a bigger lead in the polls, a handful of Goldman executives have told allies on Wall Street that they are "cautiously optimistic" that there won't be a post-election battle between the Democratic nominee and President Donald Trump, according to a person briefed on the matter.
Still, some of these banking leaders have privately expressed that concerns about a potential contested election could grow if the polls start to tighten again during the final three weeks of the campaign, this person added. That could potentially add to market volatility.
"Obviously that's kind of the worst outcome people are worried about. After the last election, and there a lot of people in this camp on Wall Street, no one can trust the polls," said a corporate restructuring attorney with banking clients. This person declined to be named. Many national polls had then-Democratic nominee Hillary Clinton ahead of Trump going into election night 2016.
CNBC asked JPMorgan Chase CEO Jamie Dimon during the company's third-quarter earnings call whether he is concerned about what could happen on election night.
"I have great faith in this country and I'm sure we'll have a proper election," Dimon said on the call.
Trump has repeatedly claimed without evidence that the election could be subject to widespread voting fraud. He has suggested that he believes the election could take months or years to determine. The president reportedly has thousands of lawyers at the ready to push back on election results. Biden's team has also assembled a strong group of legal advisors.
The election is going to be decided, in part, on what will likely be a historic amount of mail-in ballots as states take safety precautions during the coronavirus pandemic.
At first concerned about a Democratic sweep, analysts now see it as a potential positive since it could result in more economic stimulus. A contested election would be a far bigger concern than a big Election Day for Democrats.
Indeed, as Biden edged toward capturing the Democratic nomination this past summer, Wall Street executives were bracing for a Trump loss and for taxes to go back up. Now, there appears to be a shift from being concerned about an increased tax rate to hoping to have some form of certainty after Election Day.
"Investors may have initially feared a Blue Wave, but a delayed or contested election outcome is even more unsettling," analysts at UBS said in a recent note.
Bank of America's fund manager survey shows that 61% of investors polled believe the U.S. election result will be contested. The survey was published Tuesday.
A leader at one big bank told CNBC that, if polls hold up, the firm's risk management team expects to see a shift in sentiment on Wall Street toward not just the anticipation of a sweep by Democrats, but how big a win it could be – and its potential impact on policy.
PricewaterhouseCoopers is among the corporate leaders hearing concerns from clients about a potential contested election.
"Our clients want certainty, and what we're hearing, without a doubt, is regardless of where we end up, they're hoping for certainty," Tim Ryan, PwC's chairman, told CNBC during a Tuesday briefing on the election. "It's on their minds, and it all comes down to they just need to know what the playing field is," Ryan added, referring to the firm's clients.
The PwC chairman noted that CEOs he has spoken with want a fair election and they are planning for a variety of possible election outcomes.
Charles Myers, founder of financial advisory firm Signum Global, told CNBC that he senses investment funds are preparing for a volatile few weeks after Election Day.
"I think most funds right now are starting to hedge for a volatile election outcome, and are starting to position for a Biden win," Myers said.
Other institutions are giving clients a historical breakdown of what a contested election could look like.
In a research note to clients last week, Deutsche Bank gave historical and market-based precedents that could play out in a similar fashion next month. One was the 2000 election between Al Gore and George W. Bush. The other was the 1876 contest between Rutherford B. Hayes and Samuel Tilden.
"The last two contested elections, in 2000 and 1876, saw the result in doubt long after election day, with the winner not clear for more than a month afterwards in both cases," Deutsche Bank said.
The day after Election Day in 2000, Deutsche Bank notes that the S&P 500 fell 1.6%, before seeing further declines.
"In fact, November 2000 was the S&P 500's worst monthly performance of that year, with an 8% decline from start to finish," the note said.
Deutsche Bank notes that the fight in 1876 between Hayes and Tilden was worse than the 2000 election because there was no clear winner for months. Hayes eventually won following a compromise.
"As with 2000, a scenario like 1876 – where the election is disputed in multiple states -- raises the prospect of a protracted legal battle over the result," the Deutsche Bank note reads.
– CNBC's Hugh Son contributed to this article.


cnbc--2020-10-15--Here are the top moments from Day 3 of Amy Coney Barrett's Senate confirmation hearings

Judge Amy Coney Barrett defended her independence and avoided answering direct inquiries on Wednesday during a Senate Judiciary Committee hearing that appeared unlikely to slow down her path to a Supreme Court confirmation ahead of the Nov. 3 presidential election .
The third day of Barrett 's hearings featured a second round of questioning from each of the committee 's 22 senators .
Republicans projected confidence that Barrett will have the votes needed to be approved by the committee and the full Senate , and embraced what one called Barrett 's `` unashamedly pro-life '' personal views .
President Donald @ @ @ @ @ @ @ succeed Justice Ruth Bader Ginsburg after the 87-year-old liberal died last month , and has repeatedly pushed for her to be seated in time to address any litigation stemming from the election .
Her confirmation would give Trump his third nominee on the high court and deliver a 6-3 majority for conservatives , providing a legal boost to the GOP for the foreseeable future .
The hearing concluded around 6 p.m .
ET , about nine hours after it began .
The first day of questioning on Tuesday stretched from 9 a.m .
@ @ @ @ @ @ @ On Thursday , the committee will hear from experts for and against Barrett 's confirmation , and a committee vote is expected Oct. 22 .
Democrats , who have conceded they are probably powerless to stop Barrett from being confirmed , quizzed the judge about voting rights cases and her past statements on the Affordable Care Act , and pressed her to acknowledge constitutional limits on Trump 's power .
Liberal senators continued to target an upcoming case on the Affordable Care Act , also known as Obamacare , which the Supreme Court @ @ @ @ @ @ @ .
While Barrett has repeatedly refused to express an opinion on the case , Democrats believe that focusing on the Trump administration 's efforts to wipe out the law could stir voters .
On Obamacare and other cases , Barrett told the senators she would come to the bench with an open mind , but followed the model set by past nominees by declining to say much else .