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Happy Monday and welcome to On The Money, your nightly guide to everything related to your bills, bank account, and bottom line. Subscribe here.

Today’s big deal: President Biden faces mounting pressure to take further action on student loans, as a nationwide freeze on federal student loan repayments is set to expire in less than a month. We will also examine the recent agreement announced by senators to provide $10 billion to the fight against COVID-19.

But first, see which books get the most trouble from parents.

For The Hill, we are Sylvan Lane, Aris Folley and Karl Evers-Hillstrom. Contact us at [email protected], [email protected] and [email protected]

Let’s go.

Biden faces growing pressure on student loans

President Biden is in a tough spot on student loans ahead of the midterms as pressure mounts from borrowers and Democrats for widespread cancellation.

Adding to the pressure is a key deadline: the 1st Maymillions of borrowers will have to pay unless the federal student loan repayment freeze put in place during the pandemic is extended.

Biden has been called on to extend the freeze into next year – beyond the midterms. But pardon advocates, as well as leading Democrats, want more than another freeze.

  • Biden last extended the suspension in December. Loan repayments were first suspended in March 2020 under former President Trump and have since been extended five times. And a growing number of Democrats are calling for another extension, mounting pressure on the White House.
  • In 2020, Biden was one of many Democratic presidential candidates who called for widespread cancellation of federal student loans. Democrats warn that inaction could cost them dearly in November, when the party tries to hold onto majorities in the House and Senate.
  • Senate Health, Education, Labor and Pensions Committee Chair Patty Murray (D-Wash.) Called last month to extend the freeze through 2023. Since then, nearly 100 Democrats of both chambers also pushed for the extension, citing inflationary loan holders. are faced.

House Progressive Caucus leaders raised the issue with Biden during a meeting last week. Rep. Mark Pocan (D-Wis.), who attended the meeting, told members of The Hill that they discussed potential next steps, including “possible cancellation, possible extension of some of the programs that we are already doing and reimbursements”.

White House press secretary Jen Psaki also said Friday that a decision must be made before May. She said the administration “will consider the impacts of economic data on ranges of groups of people, including students.”

Aris and The Hill’s Alex Gangitano has more here.

WE HAVE AN AGREEMENT

Senators announce $10 billion COVID-19 deal, without global aid

Senators announced on Monday that they had reached an agreement to provide $10 billion for the fight against COVID-19, but the deal leaves out funding for the global response to the virus.

The deal could pave the way for Congress to finally pass new funding for the virus response, which the White House has been warning for weeks is urgently needed to enable it to buy more vaccines, treatments and of testing.

  • The announcement comes after days of negotiations between a group of GOP senators and Senate Majority Leader Charles Schumer (DN.Y.), with negotiators signaling late last week that they were close to to finalize the details.
  • Schumer said the deal will give the administration “urgently needed funding to buy vaccines and treatments, maintain access to testing, and accelerate work on next-generation vaccine research.”
  • The deal will spark a stampede to try to scrap the bill before lawmakers go on a two-week recess by Friday. To get the deal through the Senate by then, they will need the buy-in of all 100 senators, which could be a significant boost. It would also need to pass the House, which is expected to vote this week on business-related coronavirus relief.

The deal will be paid for by reallocating previous coronavirus funding, a red line garnering at least 10 GOP votes for the bill. These funds include redirecting money from a closed venues fund, transport aviation money, a higher education emergency relief fund and a loans program. small business administration.

However, the $10 billion deal is less than half of the $22.5 billion originally requested by the White House. Even that total amount was only for short-term needs, and the White House said it would have to come back for more money later. That means another fight over COVID-19 funding could soon fall apart.

Check out more here from Peter Sullivan and Jordain Carney of The Hill

CLIMATE IMPACTS

White House details ‘tremendous’ climate change risks to federal budget

The White House’s Office of Management and Budget (OMB) on Monday released its first risk assessment of the impact of climate change on the federal budget, calling the fiscal risks associated with climate change “tremendous.”

OMB staff cited estimates from the Network for Greening the Financial System, a network of dozens of central banks around the world that develops best practices for climate finance, which said the current trajectory of climate change could lead to a 3 to 10% drop in gross sales. domestic product by the end of the 21st century.

  • The analysis found that climate change could cost federal revenue about 7.1%, or $2 trillion annually, by the end of the century.
  • Specific costs would include increases in crop insurance subsidies and extensive flood damage to federal buildings.

The analysis calls for the implementation of a number of priorities outlined in President Biden’s fiscal year 2023 budget to address these risks, including more than $7 billion to reduce emissions from the electricity sector. and more than $5 billion to transition the transportation sector to renewable energy.

Zack Budryk of The Hill has more here.

TALKING TRUCKS

Biden, flanked by 18-wheelers, touts trucking jobs

President Biden on Monday touted the administration’s moves to boost jobs in the trucking industry amid ongoing supply chain disruptions, alongside 18-wheel cabs parked outside the White House.

“I’ve spent a lot of time talking about the economy and the record economic return that we’re having thanks to a lot of you sitting out there in those chairs,” Biden said, addressing truckers at the meeting. ‘event.

  • The White House announced that 2021 was the best year for trucking job growth since 1994, noting that when Biden took office there were 30,000 fewer trucking jobs than in February 2020. L Trucking employment is now above its pre-pandemic level of 35,000 workers. .
  • The event focused on the trucking action plan, part of the administration’s efforts to address ongoing supply chain disruptions caused by the COVID-19 pandemic.

Alex Gangitano has more here.

Good to know

JPMorgan Chase CEO Jamie Dimon warns the company could lose around $1 billion due to Russian exposure amid Moscow’s invasion of Ukraine.

Dimon wrote in an annual letter to shareholders that JPMorgan Chase is “actively monitoring the impact of ongoing sanctions and Russia’s response, also concerned about their secondary and collateral effects on so many companies and countries.”

Here’s what else we’ve got our eyes on:

  • Pressure is mounting on the European Union to ditch Russian gas supplies as some countries begin to turn off the tap.
  • The U.S. government helped Spanish authorities seize a Russian oligarch’s yacht, the first such seizure after President Biden promised to tackle elite “ill-gotten gains.”
  • Shares of SPAC, which publicizes Truth Social, former President Trump’s social media platform, fell on Monday after the company’s top executives resigned.

    That’s all for today. Thanks for reading and check out The Hill’s Finances page for the latest news and coverage. Well see you tomorrow.

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