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On The Money — Biden’s plea: Don’t count out Build Back Better

On The Money — Biden's plea: Don't count out Build Back Better
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Happy Tuesday and welcome to On The MoneyYour overnight guide to everything that affects your bills, bank account, and bottom line. Sign up here: thehill.com/newsletter-signup.

Today’s Big Deal: President BidenJoe Biden Federal Class Action Suit Over Treatment of Haitian Immigrants Staver Who Was in Contact with Biden Has Tested Positive for COVID-19 He thinks he can find a way to salvage some of his economic agenda. We’ll also look at the future of the child tax credit and student loan freeze.

But first, find out what Christmas candy could be the next victim of a supply chain snarler.

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

Let’s go to it.

Biden says there is still a chance

President Biden said Tuesday that he believes there is still a “possibility” that his rebuilding agenda will be better implemented, despite the senator. Joe MansionJoe ManchinOn The Money – Democrats blame building better.(DW.Va.) Opposition to Climate Law and Social Spending.

“I want to get things done. I still think there is potential to build back better,” Biden told reporters on Tuesday after his comments on COVID-19 at the White House.

  • Biden said he does not “hold a grudge” when asked if his relationship with Manchin could be salvaged following the senator’s interview with Fox News on Sunday.
  • Mansion did not criticize Biden during Monday’s interview, but said he had come to his “smart end” after suggesting that White House staff leaked negative information about him.

However, Biden’s frustration erupted multiple times in his remarks on Tuesday. The president shouted angrily on the podium about parents who work in minimum wage jobs and need expensive medicines for their children.

“Not only does it endanger a child’s life, it strips the dignity of a parent who looks down on their child. ‘I’m not joking about this,'” he said, raising his voice to reporters.

“Imagine being a parent. Looking at a child and you can’t afford it. You don’t have a home to borrow from. You don’t have savings. All the things in this law will lower prices and costs for the middle class and the working class,” he said.

Alex Gangitano takes us there.

Today’s Driving

The Expanded Child Tax Credit May Be a Mansion Victim

Advocates of the expected lapse of the expanded child tax credit are growing increasingly concerned, as the fate of the expansion becomes more uncertain after Senator Joe Manchin (DW.Va) said he opposes President Biden’s social spending plan.

  • The failure to enact the Extended Credit extension means that households that received monthly advances in credit from the IRS this year are not expected to receive a similar payment on January 15.
  • It’s unclear whether an extension to the monthly payments will be enacted, as Manchin criticized the design of the expanded children’s tax credit and a broader spending plan that included an extension.

Ares and Naomi Explain here.

Student loan freeze?

Biden considers extending another student loan freeze

White House Press Secretary Jin PsakiJen PsakiStaffer who was in contact with Biden tested positive for COVID-19 McConnell: Manchin’s opposition to Biden plan ‘brilliant blow to the arm of the state’ Harris says ‘risks too high’ for Build Back better to be around Manchin More On Tuesday, President Biden proposed that he extend the pandemic freeze on student loan payments and interest accruals.

During a press conference Tuesday at the White House, Psaki told reporters that Biden has not yet decided whether to allow millions of Americans to forgo student loan payments at no additional cost after Jan. 31.

Biden in August extended an order initially issued by the former President TrumpDonald Trump, Bill O’Reilly, said Trump will once again run the training stages of Iran’s Revolutionary Guards amid heightened tensions, a police officer in the capital, beaten up during the January 6 attack, resigns More in March 2020 to hold payments and interest on federal student loans until the end of next month. The administration said it was likely the last extension of the order, and Psaki ruled out another extension at a press conference two weeks ago.

Sylvan has more here.

Warren takes supermarket chains

It. Elizabeth WarrenELIZABETH WARREN – Helicon Valley Independent Territory Politics – Democrats press Amazon over warehouse collapse politicians and celebrities who tested positive for COVID-19 before the holidays More (D-Mass.) said in a letter to leadership in Kroger, Albertson and Publix that grocery store chains are benefiting American families struggling during the pandemic.

“While many Americans have faced loss of jobs, homes, and loved ones during the COVID-19 pandemic, grocery companies like yours have seen massive gains through record sales and profits,” Warren wrote.

“It appears that your company and the other major grocers who have reaped the benefits of a turbulent 2020, are passing on costs to consumers to maintain your pandemic gains, and even taking advantage of inflation to add even greater burdens,” she said.

Read more from The Hill’s Monique Beals here.

good to know

Intel has announced that unvaccinated employees who do not meet the company’s January 4 vaccination date and do not receive religious or medical exemptions will soon be placed on unpaid leave.

Here are the other things we’re watching:

  • New York broke its only record for coronavirus cases for the fourth consecutive day as the state struggles with the new omicron variant.
  • The US population grew 0.1 percent last year, according to new data from the Census Bureau, the lowest growth rate since the nation’s founding.

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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