On The Money: Democratic rush complicates Biden’s human infrastructure plan | Progressives push for student debt relief
Happy Tuesday and welcome to On The Money, a herbal newsletter. My name is Sylvan Lane and here is your evening guide to everything related to your bills, your bank account and your bottom line.
THE BIG DEAL – Democratic rush complicates Biden’s human infrastructure plan:
Democrats are scrambling to get their priorities included in President BidenJoe BidenF-35 program embodies defense acquisition issues – here’s how we solve them Cindy McCain talks about Hunter Biden, sacrifices and Meghan in new interview Senate Democrats push Biden to raise cap on refugees PLUSThe company’s next major proposal, which could raise the cost of a measure that is already expected to reach over $ 1 trillion.
What is happening: Biden is expected to present a package called the U.S. Plan for Families in a speech Wednesday at a joint session of Congress, which will focus on human infrastructure, such as child care and education.
- The President sees the package as a way to help families get on a stronger footing than they were before the pandemic.
- But a number of Democrats want to go way beyond what Biden should offer, including in areas such as family tax credits, unemployment insurance and health care.
The scrambling means there will likely be a complicated fight that makes it harder to get a package to the House and Senate and Biden’s office for his signature, especially if the White House seeks to lower its overall cost. . And that will open Democrats to more attacks from Republicans, eager to prove this fiscal discipline is still a desirable quality among politicians.
Naomi Jagoda from the hill break it down here.
Where Democrats Push:
- Democratic lawmakers are pushing for make permanent the expansion of the child tax credit that was enacted by Biden’s relief program in March, which is expected to expire after a year, but Biden will likely only offer to extend it until 2025.
- Lawmakers are also pushing for reforms to the Unemployment Insurance (UI) system, including federal standards for state benefit levels, expanded eligibility and “triggers” that tie benefits to conditions. economic.
- A group of Democratic lawmakers also sent Biden a letter on Friday asking the plan to include at least $ 700 billion in investments in child care, which is more than the president is expected to propose.
Another area where the left wants to see Biden do more is student loan forgiveness. Nearly 100 days into a term that has generally been applauded by progressives, groups say Biden needs to make student debt cancellation a higher priority in the next 100 days. Alex Gangitano from the hill explain here.
LEADER THE DAY
Biden to order federal contractors’ minimum wage to be raised to $ 15: President Biden on Tuesday signed an executive order raising the minimum wage for federal contractors to $ 15 by March 2022.
- The order will result in a 37% increase for federal contractors, making the current contract minimum of $ 10.95 and setting their wages at more than double the regular statutory federal minimum wage, which has been stuck at $ 7.25 since 2009 .
- The move would affect hundreds of thousands of workers, according to a senior administration official.
Unlike the federal minimum wage, contractors’ wages are funded by the federal government, which means that the costs would theoretically be passed on to the taxpayer or increase the deficit. The Biden administration argues that higher wages will lead to lower turnover, increased productivity and training costs, creating enough savings to offset the higher payroll.
Niv Elis of the hill break it down here.
The top Senate Democrat announces the return of the brands: Sen. Patrick leahyPatrick Joseph LeahySenate Democrats Push Biden To Raise Refugee Ceiling On The Money: Democratic Rush Complicates Biden Human Infrastructure Plan | Progressives Push for Student Debt Relief No Designated Survivor Chosen for Biden Joint Speech to Congress READ MORE (D-Vt.), Chairman of the Senate Appropriations Committee, officially announced a return to allotments on Monday, offering details on how spending will work in the Senate.
How it will work:
- Lawmakers cannot request expenses for an item related to their financial interests or those of their immediate family and the request must be made in writing.
- The committee will also publicly disclose the applications online.
- Allocation money will be capped at 1% of discretionary spending, which Republicans estimate will be around $ 4 billion per side.
There will also be a ban on requesting that allotments be made to for-profit entities, and the Government Accountability Office will also be required to verify a sample of promulgated credits to ensure that the funding has been used according to its original intent. . Jordain Carney on the Hill explain here.
ON TAP TOMORROW:
GOOD TO KNOW
- President Biden is expected to propose giving the IRS a $ 80 billion more and an additional authority to facilitate its plan to target high earners who avoid paying taxes, The New York Times reported on Tuesday.
- Federal Trade Commission (FTC) Acting Chairperson Rebecca Kelly Slaughter on Tuesday called on Congress to pass legislation that would revive the agency’s ability to return the money to principals harmed by companies that have engaged in deceptive practices.
- President Biden on Tuesday brought in a trade policy expert and former union official to lead his administration “Buy American” effort.
- Home prices in the United States have risen to their fastest annual rate Since 1996, the housing market frenzy fueled by a pandemic has accelerated, according to private sector data released on Tuesday.
- Women and Americans from minority groups are more likely to say their families are financially worse off now than before the COVID-19 pandemic started last year, according to a new poll.
- Hundreds of companies have joined a coalition supporting the Equality Act, a sweeping civil rights bill that strengthens protections for LGBTQ people in areas such as education, housing and employment.