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Have a nice Wednesday and welcome back to On The Moneywhere we can be booked for virtual speeches for only $ 75,000. Here’s your nightly guide to everything to do with your bills, bank account, and bottom line.
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THE BIG DEAL – Biden is confronted with backlash from the left when it comes to student loans: President BidenJoe BidenCDC Works To Tighten Testing Requirements For International Travelers On The Money – Powell Overturns Energy & Environment Amid Rising Inflation – Presented by ExxonMobil – Manchin Seeks Spending “Adjustments” To MORE is facing violent backlash by progressive lawmakers after saying Tuesday it would not sign a measure to cancel up to $ 50,000 in federal student debt per borrower through executive action.
“I won’t be able to do this,” Biden said when asked if he would support $ 50,000 in student loan making. The Hill’s Brett Samuels and I have more on that the fallout here.
The backlash: Biden’s public, outright refusal to go as far as the progressives want fueled the president’s first major battle with the left since he took office.
“An ocean of student loan debt is holding back 43 million borrowers and placing a disproportionate burden on black and brown Americans,” Schumer and Warren said in a joint statement on Wednesday. “It’s time to act. We will keep fighting,” Said.
While Biden’s refusal to target debt relief disappointed the progressives, his rationale enraged them.
“Who cares which school someone went to? Generations of working class children have been encouraged to go into debt even more under the guise of elitism. This is wrong ” Ocasio-Cortez tweeted Wednesday. “Nowhere does it say that we have to trade early childhood education for student loan forgiveness. We can have both. “
What’s next: White House press secretary Jen Psaki
Jen PsakiOn The Money – Powell turns on rising inflation New variant raises questions about air travel Biden receives “regular updates” about the shooting in Michigan MORE said Wednesday the previously announced legal review of the Biden Debt Relief Agency would not come until after the Attorney General-designate Merrick garland
Merrick GarlandHouse Progressives urge Garland to intervene in former environmental attorney Steven Donziger’s case Garland instructs DOJ to prioritize violence against airplanes Buttigieg has a high profile and popularity rating in the Biden Cabinet: Poll MORE was confirmed by the Senate, which holds out the prospect of further delays in debt repayment.
Psaki also suggested on Wednesday that Biden would cap debt relief based on a borrower’s income and educational level – a far cry from the larger, one-sided annihilation supported by progressives.
LEADING THE DAY – State of play on the COVID-19 aid measure: The Democrats are aiming to quickly implement and deliver a $ 1.9 trillion coronavirus aid package President Biden a legislative achievement at the beginning of his term of office. A variety of House committees put forward parts of the bill last week, as did the House majority leaders Steny Hoyer
Steny Hamilton HoyerOmar, Muslim Democrats condemn Islamophobia amid death threats. January 6th panel publishes contempt report on Trump’s DOJ officials ahead of the no-confidence vote The Führer calls on the GOP to “clean up” itself after Boebert has commented on it (D-Md.) Informed his colleagues on Tuesday that the bill will be discussed in the House of Commons next week. The bigger challenge, however, will be when the work is shifted to the Senate. Here is the latest information on the status of some of the main parts of the aid package:
Read more here about this and other parts of the relief effort.
The urge for more economic aid is leading to a clearer picture of how important it still is to troubled households. Retail sales rose 5.3 percent in January as federal stimulus and stimulus measures resulted in a sharp rebound in consumer spending, according to data released Wednesday by the Commerce Department.
- Retail goods and food services spending rose last month after falling 1 percent in December, largely thanks to the second round of direct payments and the extension of expanded unemployment benefits.
- The January surge came after retail sales fell 1 percent in December, according to revised numbers released on Wednesday.
What it tells us: “The January data suggests the picture is improving,” said Cailin Birch, global economist with The Economist Intelligence Unit, in an analysis on Wednesday.
“The stopgap bill passed by Congress in the final days of 2020, along with the likelihood of a substantial economic bailout from the Biden government before the end of March, will boost household confidence and support spending.”
I dismantle the report here.
MORNING ON TAP:
- Federal Reserve Governor Lael Brainard will deliver a speech on climate change at 8 a.m.
- The Senate Banking Committee will hold a hearing at 11 a.m. entitled “The Coronavirus Crisis: Paving the Way to a Just Recovery”
- The House of Representatives Financial Services Committee is holding a hearing, titled “Stopped the Game? Who wins and loses when short sellers, social media and private investors collide at 12 noon
- A subcommittee on ways and means of the house will hold a hearing on free tax preparation services during the pandemic at 2 p.m.
GOOD TO KNOW
BITS AND PIECES
- Facebook said on Wednesday that it will be Limit message content in Australia over bill that would require tech giants to pay publishers to do it.
- Epic Games, the developer of the popular Fortnite app, got its fight against Apple through a Antitrust complaint submitted to the European Union on Tuesday.
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