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On The Money — Biden extends student loan relief

On The Money — Biden extends student loan relief
Written by Publishing Team

Happy Wednesday and welcome to On The MoneyYour overnight guide to everything that affects your bills, bank account, and bottom line. Subscribe here: thehill.com/newsletter-signup.

BIG DEAL TODAY: Federal student debtors have a few more months until payments are due thanks to an order from President BidenJoe Biden Collins is open to negotiating a reform of the children’s tax credit that is set to expire.. We’ll also look at how progressive lawmakers look to the “Building Back Better” revival and how supply chains have been disrupted amid the holiday rush.

But first, it’s rare Courtesy moment Between Biden and his predecessor President TrumpHelicon Valley – Biden’s Warning about Funds Misinformation – Biden’s Appeal: Don’t Rule Out Building Back Better Biden Considers Extending Student Loan Freeze More.

For The Hill, we’re Sylvain Lane, Naomi Jagoda, and Aris Foley. Write to us at slane@thehill.com or Tweet embedAndnjagoda@thehill.com or Tweet embed, And afolley@thehill.com or Tweet embed.

Let’s go to it.

Biden extends student loan freeze until May 1

President Biden on Wednesday extended a moratorium on federal student loan payments and interest accrual through May 1 amid a spike in COVID-19 cases.

  • Those who owe student loans to the federal government are not required to make their debt payments since former President Trump initially issued a moratorium in March 2020.
  • Trump’s order also freezes the interest accrual on federal student loans, effectively freezing $1.6 trillion in debt owed by more than 40 million Americans.

Biden announced the extension in a statement Wednesday that described the strength of the economy during his first year in office, but acknowledged the new threat posed by the omicron variable.

the background: The moratorium was due to expire on January 31 for every extension Biden signed in August, and the White House earlier this month, all but one more extension. But the president has faced mounting pressure to extend the federal student loan freeze as COVID-19 cases began to rise earlier this month.

“Now, while getting our jobs back is one of the most powerful jobs ever, we know that millions of student borrowers are still dealing with the effects of the pandemic and need more time before payments resume,” Biden said in a statement.

reaction: Progressive lawmakers who urged Biden to extend the moratorium offered immediate praise, paired with another push toward unilaterally waiving a significant portion of the balance sheet for federal student loans.

While Biden said he would sign a bill that would forgive up to $10,000 in federal student debt for each borrower, he ruled out paying up to $50,000. The administration has also expressed doubts about Biden’s authority to unilaterally cancel the debt and has refused to issue an internal legal analysis requested by the president.

sylvan He has more here.

Today’s Driving

Jayapal puts ‘inclusive government’ on Biden’s agenda

Chairman of the Progressive Congress Pramila JayapalPramila Jayapal Hill Morning Report – Submitted by National Blind Industries – US reeling from Omicron; Aftermath of Biden’s Mansion memo: Biden looks for a way through deepening gloom Democrats face tough choices about Biden’s plan after Mansion setback More (D-Wash) on Wednesday urged lawmakers and the White House to take a “whole government approach” to progress President Bidenagenda.

“Today, the elected leadership of Congress calls on the Progressive Caucus and all Democrats who believe in the need to build back better for climate, welfare, immigrants, and those who seek economic dignity and opportunity to come together and provide support for the American people,” Jayapal said in a statement.

The statement comes after the senator. Joe MansionThe Joe Mansion Administration Is Offering Two Large Solar Power Projects In California. There Is No Commercial Viability For Nuclear Power And Could Make Climate Change Worse On Money – Biden’s Appeal: Don’t Count On Building Back Better More (DW.Va.) He said he opposes the Democrats’ massive social spending and climate package, known as the Building Back Better Act. Manchin, the moderate, cited concerns about inflation and the national debt.

  • Gabayal said that a revised version of the Rebuild Better Act It should preserve as much of the legislation passed by the House of Representatives in November as possible.
  • Jayapal also said the White House should take a series of executive actions while negotiations on the legislation continue.
  • Additionally, Jayapal called for federal action on voting rights.

Read more from Nayomi here.

TCJA is here to stay

Trump tax law celebrates four years in a safer place

Four years later, President Trump Sign the Tax Cuts Act of 2017, and most of the measure is unlikely to be reversed in the near term, even under the Democratic president and Congress.

Democratic lawmakers united in voting against the legislation, known as the Tax Cuts and Jobs Act (TCJA), and were and President Biden He then campaigned to roll back the tax cuts that the law imposes on high-income individuals and businesses.

Loudspeaker Nancy PelosiNancy Pelosibidden considers extending student loan freeze for Trump to hold a press conference from Mar-a-Lago on Jan. 6. (D-Calif.) called it “the worst bill in the history of the United States Congress” several weeks before the 2017 tax bill was enacted.

However, four years later, Democrats are struggling to repeal large parts of the law, and it increasingly looks like Trump’s bill will survive.

Read more here.

The shelves are not empty

Biden encourages progress in supply chains

President Biden On Wednesday, he credited his administration with helping relieve supply chain bottlenecks ahead of the holiday, saying shelves were stocked despite expectations about gifts being held in the mail.

“Earlier this fall, we heard a lot of dire warnings about supply chain problems leading to a crisis over the holidays. We acted,” Biden said during a meeting on supply chains with administrators and business executives. Parcels are moving and gifts are delivered and the shelves are not empty.”

Biden met Wednesday morning, three days before Christmas, with members of his supply chain task force, as well as executives from FedEx, Yellow Corp, the American Association of Port Authority, GAP and Fastport.

Read more from The Hill’s Morgan Chalfant here.

good to know

The US economy grew by 2.3 percent in the third quarter, slightly better than previously thought, the Commerce Department He said Wednesday.

Here are the other things we’re watching:

US consumer confidence too rose to the highest level Since July this month despite worrying news about inflation, the omicron variable and the expected winter surge of the novel coronavirus, according to a monthly survey from The Conference Board.

That’s it for today. Thank you for reading and checking out The Hill’s Finance page For the latest news and coverage. OK see you tomorrow.

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