With the nation stuck at its $31.38 trillion debt limit and the Department of the Treasury imposing “extraordinary measures” to keep the government running, one GOP lawmaker is floating a new proposal to default federal spending to current levels to avert recurring standoffs over raising the debt ceiling.
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President Joe Biden’s budget proposes to scrap more than $45 billion in fossil fuel subsidies, his administration’s latest attack on the beleaguered industry.
The White House budget will remove more than a dozen fossil fuel industry tax credits, increasing the federal government’s revenue by an estimated $45.2 billion between 2023-2032, according to the proposal published Monday. The administration explained that the proposal was written to prevent further fossil fuel investment.
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President Joe Biden suggested that Americans may be negatively impacted at the pump as a result of a sanctions package targeting Russia he unveiled Tuesday.
“As we respond, my administration is using every tool at our disposal to protect American businesses and consumers from rising prices at the pump,” the president remarked at the White House on Tuesday. “As I said last week, defending freedom will have costs for us as well and here at home. We need to be honest about that.”
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Low-income tenants across the country are behind on rent payments because of the pandemic, even as billions of dollars appropriated by Congress to assist renters remain untouched.
About $5.2 billion of the $46.6 billion — roughly 11% — set aside for the Emergency Rental Assistance (ERA) program has been distributed to low-income tenants, according to the most recent data released by the Department of the Treasury on Wednesday. House Financial Services Committee Ranking Member Patrick McHenry characterized the Biden administration’s handling of the ERA program as “gross mismanagement.”
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The Department of the Treasury has awarded a small fraction of the tens of billions of dollars Congress appropriated for pandemic rental assistance since January.
The federal government has expended less than $3 billion of the $46.6 billion in funds given to the Emergency Rental Assistance (ERA) program, the Treasury Department announced on Wednesday. The U.S. doled out $1.49 billion from January through May and $1.5 billion in June to low-income renters nationwide, according to a spreadsheet published by the Treasury.
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Massachusetts Sen. Elizabeth Warren plans to lobby Democratic nominee Joe Biden to be his Treasury Secretary if he wins next week’s election, Politico reported Thursday evening.
“She wants it,” two Democratic officials told Politico, referring to Warren.
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