{"id":2165273,"date":"2024-02-01T16:31:02","date_gmt":"2024-02-01T21:31:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/how-bidens-economy-is-getting-a-boost-from-an-unlikely-source-house-republicans\/"},"modified":"2024-02-01T16:33:09","modified_gmt":"2024-02-01T21:33:09","slug":"how-bidens-economy-is-getting-a-boost-from-an-unlikely-source-house-republicans","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/how-bidens-economy-is-getting-a-boost-from-an-unlikely-source-house-republicans\/","title":{"rendered":"House Republicans are unexpectedly boosting Biden&#8217;s economy"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">14<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fhow-bidens-economy-is-getting-a-boost-from-an-unlikely-source-house-republicans%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2165273&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>President Biden&#8217;s Economic Agenda Gets a \u200cBoost from Unlikely Source<\/h2>\n<p>President Joe Biden received a major victory for his economic\u200d agenda this week, and it came from \u2063an\u200d unexpected\u2063 place &#8211; the \u2062Republican-led House of Representatives.<\/p>\n<p>A bipartisan coalition of Republicans \u200dand Democrats \u200ccame together to pass\u200d a $78 billion bill\u2063 that not only expands the child tax credit\u200b but\u200d also renews\u2062 key business\u2062 investment deductions. This bill, negotiated\u2062 by House Ways and Means Chairman Jason Smith (R-MO) and Senate Finance Committee Chairman\u2062 Ron\u2064 Wyden \u2063(D-OR), is a significant step\u2062 forward \u200dfor the Biden administration&#8217;s goal of expanding the child \u2064tax credit.<\/p>\n<p>The legislation, which still needs to pass a\u200b vote in the Democratic-controlled\u200c Senate, includes an increase in the maximum refundable \u2063per\u200c child\u200d credit each year through 2025. In tax year\u2064 2023, the \u2063credit goes from $1,600 to $1,800, then rises to $1,900 in tax \u2064year 2024, and finally reaches $2,000 for tax year\u200c 2025.<\/p>\n<p>President Biden has \u200bbeen a vocal advocate for expanding the child tax credit, and the White House has expressed its support for this bill. During a press briefing last\u2063 month, White House press secretary Karine Jean-Pierre stated that\u200d the administration was &#8220;pleased&#8221; \u200bwith the bill&#8217;s provisions to expand the child tax credit.<\/p>\n<p>&#8220;This\u200c is a significant step forward for millions \u200cof families. It will lift hundreds \u2062of thousands of children out of poverty and\u2062 also support the construction of affordable rental housing,&#8221; said Jean-Pierre. &#8220;We believe Congress should pass it.&#8221;<\/p>\n<p>The \u200dfact that \u2064Republicans are\u2063 helping\u2063 to pass a bill that aligns \u2063with one\u2062 of President Biden&#8217;s agenda\u200c items in an election year has puzzled some conservative critics, including the Wall Street Journal \u200deditorial board. They questioned the motives behind this &#8220;in-kind \u2062contribution&#8221; \u2063to\u2064 the\u2063 Democrats&#8217; 2024 \u2062campaign.<\/p>\n<p>&#8220;Democrats have signed on because they see the child-credit provisions as a down payment on a guaranteed annual income and want to boost business investment. The political mystery is why Republicans \u2064want to add their signature,&#8221; wrote the Wall Street \u2063Journal editorial board.<\/p>\n<p>It is worth noting that while House Republicans have supported the bill expanding\u200b the\u2062 child tax credit, talks over a border security bill\u200c have stalled. Some have expressed concerns over the reported details of\u200c the bill, while others have allegedly worried about how it could\u200d impact President Biden&#8217;s reelection efforts.<\/p>\n<p><strong>Click here to read more from\u200c the Washington Examiner.<\/strong><\/p>\n<p> <\/p>\n<h2> What impact\u2063 is the expansion of the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/child-tax-credit-expected-to-be-a-retail-boon\/\" title=\"Child Tax Credit Expected To Be A Retail Boon\">child tax credit expected<\/a> to have on reducing child \u2063poverty?<\/h2>\n<p><span>  Stimulating the economy and providing \u2064support for working families.<\/p>\n<p>One of the most notable provisions of the bill is the \u200bexpansion of the child tax credit. Under the current law, eligible \u200bfamilies receive a maximum credit of $2,000 per \u2064child.\u200c The new legislation increases \u2063this credit\u2063 to $3,000 per child for children\u200d aged \u200c6 to 17,\u200d and \u200b$3,600 per child\u200c for children under \u20646. Additionally, the bill makes the credit fully refundable, which means that low-income families who owe little or no taxes will still be \u200bable to benefit from the full amount.<\/p>\n<p>This expansion of the child tax credit is expected to have a significant impact on reducing child poverty. Studies \u200dhave shown that a higher income for families with children leads\u200b to better health and educational\u200c outcomes for those children, and also improves their <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bank-of-america-warns-of-looming-unemployment-shock\/\" title=\"Bank of America Warns of Looming Unemployment Shock\">long-term economic prospects<\/a>. By \u2063providing more financial assistance to\u200b families with children, the bill aims to\u2062 create a \u2063more equitable \u200bsociety and give every child a chance \u2064to succeed.<\/p>\n<p>In\u200d addition to the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/obamas-top-economist-unemployment-benefits-not-lack-of-childcare-could-be-harming-recovery\/\" title=\"Obama\u2019s Top Economist: Unemployment Benefits, Not Lack Of Childcare, Could Be Harming Recovery\">child tax credit expansion<\/a>, the bill also includes provisions that <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/heres-how-lawmakers-want-to-pay-for-78-billion-child-tax-credit-and-business-tax-bill\/\" title=\"Lawmakers propose funding B child tax credit and business tax bill\">renew key business investment deductions<\/a>. These deductions, known as &#8220;bonus depreciation&#8221; and &#8220;section 179 expensing,&#8221;\u200b allow\u2063 businesses\u200d to \u2064deduct the cost of certain investments immediately, rather than spreading the deductions \u2062over \u200dseveral years.<\/p>\n<p>By renewing these deductions,\u2062 the bill encourages businesses to invest \u2063in new\u200b equipment, machinery, and technology, which can \u200chelp\u2064 to boost productivity and create jobs. This is particularly\u200c important as the\u200c country continues to \u200brecover from the economic downturn caused by the COVID-19 pandemic. By providing incentives for \u200bbusinesses \u2062to invest, the \u200cbill aims to \u200baccelerate\u2062 the \u200cpace of economic growth and ensure a robust and\u200d sustainable recovery.<\/p>\n<p>The passage\u2064 of this bill with bipartisan support is a promising sign for President Biden&#8217;s economic agenda. It shows that there is the potential for \u200dcooperation\u2062 and compromise in Congress, even on issues that have traditionally been\u200d divisive. Furthermore, it demonstrates that there is recognition\u2062 among lawmakers of\u200b the \u2062urgent need \u2062to provide relief and support to struggling\u200b families and businesses.<\/p>\n<p>President Biden has\u2062 made it clear that his top priority is to build back a better and more \u2062equitable economy. This bill is a \u200bcrucial step\u200d in \u2063that direction, as it targets both the immediate needs of working families\u200d and\u200d the long-term growth and competitiveness of\u2062 businesses. By investing \u2062in families and supporting businesses, the bill lays the foundation for a strong and \u200dsustainable economic recovery.<\/p>\n<p>As the bill moves to the Senate, it is hoped\u200b that\u2063 lawmakers \u2063from both parties\u200c will continue to work together to ensure its passage. The Biden administration&#8217;s economic agenda requires\u200b the support and cooperation of Congress to be fully implemented, and this bipartisan effort is\u200b an\u200d encouraging development.<\/p>\n<p>In conclusion, President Biden&#8217;s \u200beconomic agenda received\u200b a boost this week with the\u200c passage of a $78 billion bill in the Republican-led House of Representatives. The bill expands the child tax credit and renews \u2064key business \u200binvestment deductions, \u200dproviding much-needed support\u2064 to working \u2064families and businesses. This bipartisan effort is\u200d a positive step\u200d towards achieving President Biden&#8217;s goal of a more equitable and prosperous economy.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden scored an unexpected victory for his economic agenda as the Republican-led House of Representatives passed a $78 billion bill. This bipartisan effort expands the child tax credit and renews crucial business investment deductions, following negotiations between the House Ways and Means Committee<\/p>\n","protected":false},"author":2638,"featured_media":2165274,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/wex-s3.s3.us-east-1.amazonaws.com\/wp-content\/uploads\/2024\/02\/AP24032637170066-scaled.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2165273","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/wex-s3.s3.us-east-1.amazonaws.com\/wp-content\/uploads\/2024\/02\/AP24032637170066-scaled.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2165273","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2638"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2165273"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2165273\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2165274"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2165273"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2165273"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2165273"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}