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The Senate has approved Democrats' big election-year economic package. The legislation is less ambitious than President Joe Biden’s original domestic goals. But it embodies deep-rooted party dreams of slowing global warming, moderating pharmaceutical costs and taxing big corporations. Debate began Saturday and went around the clock into Sunday afternoon. Democrats had swatted down some three dozen Republican efforts to torpedo the legislation. Biden is urging swift House passage, and the House seems on track to provide final congressional approval when it returns briefly from summer recess on Friday.

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U.S. demand for grocery delivery is cooling as food prices rise. Some shoppers are shifting to less expensive grocery pickup, while others are returning to the store. Experts say grocery delivery saw five years of growth in the first three months of the pandemic. In June 2020, grocery delivery was a $3.4 billion business. But by June 2022, that had fallen 26%. Consulting firm Chase Design says it's hard to get the delivery premium below $10 because of fuel and labor costs. That premium is tough for some consumers to swallow when food cost inflation is at a four-decade high.

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A divided Senate has voted to start debating Democrats’ election-year economic bill. The sprawling measure contains many of President Joe Biden’s climate, energy, health and tax goals. United Democrats pushed the 755-page measure toward Senate approval early Sunday. Before reaching final passage, senators plodded through a nonstop pile of amendments that seemed certain to last hours. The package is a dwindled version of earlier multitrillion-dollar bills from Biden that Democrats failed to advance. The measure has become a partisan battleground over inflation, gasoline prices and other issues that polls show are driving voters. The House, where Democrats have a slender majority, could give the legislation final approval next Friday.

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A ship bringing corn to Lebanon is offering hope after becoming the first to depart a Ukrainian Black Sea port since Russia invaded. The war has threatened food supplies in countries like Lebanon, which has the world’s highest rate of food inflation and depends on the Black Sea region for nearly all of its wheat. The shipment is a key first step to get food trapped in Ukraine to Africa, the Middle East and parts of Asia where people are going hungry. But the small scale means the initial shipments won't draw down food prices or ease a global food crisis soon. Experts also say most of the trapped grain is for animal feed, not for people to eat.

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Senate Majority Leader Chuck Schumer says Democrats have made changes in their giant economic bill that include paring part of their proposed minimum tax on huge corporations. Schumer described some of the revisions Friday as Democrats lined up the votes needed to deliver a campaign-season victory to President Joe Biden on his domestic agenda. Schumer also said bargainers dropped a proposed tax boost on hedge fund executives after pivotal centrist Sen. Kyrsten Sinema of Arizona said she would otherwise vote “no.” Schumer said the package would instead levy new taxes on companies that buy back their own stock.

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Stocks are closing mostly lower Friday after new data on the hot U.S. jobs market suggested the Fed won’t soon rein in its aggressive rate hikes. The S&P 500 is down 0.2% and the Nasdaq lost 0.5%, while the Dow Jones industrials notched a small gain. Employers unexpectedly accelerated their hiring last month and added hundreds of thousands more jobs than forecast. While the data suggests the economy may not be in a recession, it also undercuts investor hopes that inflation may be close to peaking. Treasury yields jumped. Warner Bros. Discovery had its third worst day ever after recording weak second quarter results.

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U.S. employers added an astonishing 528,000 jobs last month despite flashing warning signs of an economic downturn, easing fears of a recession and handing President Joe Biden some good news heading into the midterm elections. Unemployment dropped another notch, from 3.6% to 3.5%, matching the more than 50-year low reached just before the pandemic took hold. The economy has now recovered all 22 million jobs lost in March and April 2020 when COVID-19 slammed the U.S. The red-hot numbers were reported Friday by the Labor Department. Economists had expected only 250,000 new jobs last month, in a drop-off from June’s revised 398,000. Instead, July proved to be the best month since February.

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Senate Democrats say they have reached an accord on changes to their marquee economic legislation, clearing the major hurdle to pushing one of President Joe Biden’s leading election-year priorities through the chamber in coming days. Arizona Sen. Kyrsten Sinema, a centrist who was seen as the pivotal vote, says she is ready to “move forward” on the bill. Senate Majority Leader Chuck Schumer of New York says lawmakers have achieved a compromise that will receive the support of all Democrats in the chamber. His party needs unanimity and Vice President Kamala Harris’ tie-breaking vote to move the measure through the Senate over certain solid opposition from Republicans.

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Reining in the soaring prices of insulin has thus far been elusive in Congress, although Democrats say they’ll try again — as part of their economic package that focuses on health and climate. The price of the 100-year-old drug has more than tripled in the last two decades, forcing the nation’s diabetics to pay thousands of dollars a year for the life-saving medication. Senate Majority Leader Chuck Schumer has said some language that limits the price of insulin will be added to the economic bill, but it’s not clear what that price point will be and who will be protected by that price cap.

AP
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Asian stock markets are higher ahead of an update on the health of the U.S. jobs market while the Federal Reserve weighs whether more rate hikes are needed to cool surging inflation. U.S. futures and oil prices edged higher. Investors were looking ahead Friday to U.S. employment figures for signs of weakness that might prompt the Fed to decide it needs to ease off aggressive rate hikes to cool inflation. Investors worry rate increases by the Fed and other central banks in Europe and Asia might derail economic growth. Fed officials point to a strong job market as evidence the economy can tolerate higher borrowing costs.