Biden’s First 100 Days
Sign up for smart news, insights, and analysis on the biggest financial stories of the day.
Republic or Democrat, there is one thing all Americans can agree on: Joe Biden has his work cut out from him after he is sworn in as president today.
Let’s dig into what the Biden administration is focused on.
Joe Biden has repeatedly said his economic plan will be grounded in a full court press against coronavirus. Yesterday, he rejected an effort from President Trump to lift a travel ban. And last week he asserted he
One of Biden’s first measures will be a $1.9 trillion stimulus plan, a bill that’s almost as large as the first stimulus passed by Congress in March. The plan will include:
- $1,400 stimulus checks per person up to a certain income limit
- An additional $400 per week in unemployment benefits
- Expanded paid leave and a $15 minimum wage
The other green: Biden has said many times that he wants the U.S. to hit net zero emissions by 2050. In addition to rejoining the Paris climate agreement (which does about as much as signing a Change.com petition), he’s also planning major investments in clean energy and tightening regulations on automakers and oil drilling companies.
Big Spending, Big Relief
Janet Yellen, Biden’s nominee for Treasury secretary, told Congress today that the American workers urgently need governmental aid. But with such slim control of Congress, the success of Biden’s plan hinges on bipartisan support.
Student Loan Relief: Biden has said that he will cancel up to $10,000 in student loans per borrower. This one won’t go over easy—some Democrats have expressed a desire for wiping the slate clean on student debt and are unlikely to settle for a partial relief plan.
Housing: With much of the younger generations locked out of the housing market due to soaring home prices, Biden has proposed a $15,000 tax credit for first-time home buyers. President Biden is also expected to extend a ban on evictions until the end of September.
While Democrats succeeded in winning a majority in both the House and the Senate, they’re operating on slim margins. As a result, Biden’s plan for the first 100 days of his presidency largely relies on bipartisan legislation and policies that can be passed with executive orders.