Noted: Schiff seeks to upend race to lead House Democrats

On our radar: House to take up Chips bill, but GOP support in question

On our radar: Biden to deliver remarks on economy after release of closely watched GDP report

The latest: Russia says no deal yet on releasing Americans Brittney Griner, Paul Whelan

The latest: Biden and China’s Xi to speak during tense Taiwan standoff

On our radar: Democrats aim to move ahead with Manchin-blessed economic package next week

Noted: Schiff seeks to upend race to lead House Democrats

On our radar: House to take up Chips bill, but GOP support in question

On our radar: Biden to deliver remarks on economy after release of closely watched GDP report

The latest: Russia says no deal yet on releasing Americans Brittney Griner, Paul Whelan

The latest: Biden and China’s Xi to speak during tense Taiwan standoff

On our radar: Democrats aim to move ahead with Manchin-blessed economic package next week

Today, President Biden plans to deliver remarks on the economy hours after the release of a report expected to show sluggish or possibly even negative growth in the nation’s gross domestic product. It will be a chance for Biden to make a case for his economic agenda during an important stretch for his presidency and his party’s future.

Meanwhile, the House is poised to pass legislation strongly backed by Biden that would provide $52 billion in subsidies to domestic semiconductor manufacturers and invest billions in science and technology innovation in a bid to strengthen U.S. competitiveness with China and other nations. And the Senate is now angling to pass a separate economic package next week blessed by Biden that aims to lower health-care costs, combat climate change and reduce the federal deficit.

Biden is also expected to talk Thursday with Chinese President Xi Jinping amid tension over a possible trip to Taiwan by House Speaker Nancy Pelosi (D-Calif.).

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The shadow campaign to lead House Democrats next year has been underway for months — and in many ways years — as a new generation of leaders quietly makes a play for the top positions. But an eleventh-hour push by Rep. Adam B. Schiff (D-Calif.) in recent weeks has taken Democrats by surprise and raised questions about how the caucus wants to mirror the diversity that makes up its party’s base.

The Post’s Marianna Sotomayor and Leigh Ann Caldwell report that Schiff, who gained notoriety investigating Russia’s involvement in the 2016 election before leading the first impeachment of President Donald Trump, is exploring a bid to lead the House Democratic caucus if Speaker Nancy Pelosi (D-Calif.) retires after the midterm elections, according to more than a dozen House members and top aides who have spoken directly with the congressman.

You can read the full story here.

The House is poised to take up a bipartisan bill Thursday that would provide $52 billion in subsidies to domestic semiconductor manufacturers and invest billions in science and technology innovation, in a bid to strengthen the United States’ competitiveness with China and other nations.

The Senate passed the $280 billion Chips and Science Act on a 64-33 vote. Republican support in the House is now in question, however, given anger at the announcement of a deal Wednesday that could allow Democrats to push a separate economic package through both chambers of Congress in coming weeks without any GOP votes.

The Post’s Amy B Wang and Mike DeBonis have details on the bill, which is a major priority for President Biden:

You can read the full story from our colleagues here.

Biden is scheduled to deliver remarks on the economy Thursday, hours after the Bureau of Economic Analysis releases a report expected to show sluggish or possibly even negative growth in the nation’s gross domestic product during the second quarter of the year.

The data is being closely watched amid fears of a recession following a report last quarter showing economic output declining in the first three months of the year.

According to a White House advisory, in addition to delivering remarks Thursday, Biden will receive updates from business leaders “on economic conditions across key sectors and industries.”

He is expected to be joined at the event by Treasury Secretary Janet L. Yellen, Commerce Secretary Gina Raimondo and Cecilia Rouse, chair of the Council of Economic Advisers.

Russia said Thursday that no concrete agreement has been reached in prisoner release negotiations with the United States, a day after Secretary of State Antony Blinken said a “substantial proposal” was made to Moscow to free two jailed Americans: WNBA star Brittney Griner and security consultant Paul Whelan.

The Post’s Robyn Dixon and Adela Suliman have details:

You can read more from our colleagues here.

President Biden and Chinese leader Xi Jinping are expected to speak Thursday amid angry warnings from Beijing that the bilateral relationship cannot make progress unless the White House stops House Speaker Nancy Pelosi (D-Calif.) from visiting Taiwan.

Reporting from Taipei, Taiwan, The Post’s Christian Shepherd writes that the call comes at a time of heightened tensions over China’s increasingly aggressive encounters with U.S. and partner militaries in the Indo-Pacific, a potential planned trip by Pelosi to Taiwan and Biden’s seemingly off-the-cuff assertions that the United States would defend the island militarily — statements that the White House has walked back. Per Christian:

You can read the full story here.

The Democratic-led Senate is angling to move forward next week with a deal on a spending package brokered by Senate Majority Leader Charles E. Schumer (D-N.Y.) and Sen. Joe Manchin III (D-W.Va.) that aims to lower health-care costs, combat climate change and reduce the federal deficit.

In a statement Wednesday, Biden urged lawmakers to get the legislation to his desk, describing it as “historic” even though it includes significantly less than Democrats had hoped to achieve through the more sweeping, roughly $2 trillion initiative known as the Build Back Better Act.

The new legislation has been rebranded as the “Inflation Reduction Act of 2022.”

In a letter to Democratic colleagues, House Speaker Nancy Pelosi (D-Calif.) also signaled support for the package, calling it “a remarkable achievement,” while acknowledging it does not include several of her chamber’s priorities.

Under budget reconciliation rules, the Senate will be able to pass the package with only Democratic votes if the party sticks together. It will require all 50 members of the Democratic caucus to be healthy and covid-free and available to vote, a challenge in recent weeks.

The Post’s Tony Romm, Jeff Stein, Rachel Roubein and Maxine Joselow have details on what’s in the package:

You can read the full story from our colleagues here.