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President Biden on Friday unveiled a $6 trillion budget proposal as he looks to fund a sweeping economic agenda that includes large new investments in education, transportation, and fighting climate change.
The proposal includes the American Jobs Plan and the American Families Plan, the $4 trillion infrastructure, jobs, and economic proposal that the President had previously laid out.
Still, the budget is merely a proposal whether or not it’s ultimately implemented hinges on Congress.
In his economic proposal, Biden has put a large focus on spending, which he has made an entire part of his effort to transform an economy that he says leaves too many behinds.
Hopefully, all members of Congress can get behind this new budget but like most things, it’ll be a long debate.
Meanwhile, In April, income fell as stimulus checks had worn off and inflation had run higher than expected.
According to the Associated Press, “Billions of dollars in stimulus checks were distributed in March, which led to a record 20.9% income gain and the drop in April’s personal income was expected.”
In April, Americans increased their spending by 0.5% compared to March’s 4.7% spending increase.
The U.S. savings rate fell in April from 27.7% to 14.9%, but it remains twice as high as it was last year.
Economists estimate consumers hold $2 trillion in excess savings, money they would not have saved had that thing out there never happened.
The ease of restrictions, however, is likely to lead to consumers putting their savings to work.
And finally, Residents in New York can begin to apply this week for over $2.7 billion in federal funds to help assist households behind on their rent.
Families earning 80% of the median income who have fallen behind on their rent and experienced financial hardship will benefit from the rental assistance program.
Upon approval, households will receive up to 12 months of past-due rent.
Any applicant who meets the eligibility requirements will also receive utility expenses for up to a year.
This rent relief program will begin accepting applications on June 1st.
There are a lot of landlords and renters out there that can take advantage of this opportunity.
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