Business & Economy

On The Money: Biden asks Congress to extend eviction ban with days until expiration | Economic growth rose to 6.5 percent annual rate in second quarter

Happy Monday and welcome back to On The Money. I’m Sylvan Lane, and here’s your nightly guide to everything affecting your bills, bank account and bottom line.

See something I missed? Let me know at slane@digital-stage.thehill.com or tweet me @SylvanLane. And if you like your newsletter, you can subscribe to it here: http://bit.ly/1NxxW2N.

Write us with tips, suggestions and news: slane@digital-stage.thehill.com and njagoda@digital-stage.thehill.com. Follow us on Twitter: @SylvanLane and @NJagoda.

THE BIG DEAL—Biden calls on Congress to extend eviction ban with days until expiration: The White House called on Congress to pass an emergency extension of the Centers for Disease Control and Prevention’s (CDC) eviction ban on Thursday, three days before it expires, insisting the administration does not have the legal power to extend it after a recent Supreme Court ruling.

“Given the recent spread of the delta variant, including among those Americans both most likely to face evictions and lacking vaccinations, President Biden would have strongly supported a decision by the CDC to further extend this eviction moratorium to protect renters at this moment of heightened vulnerability,” White House press secretary Jen Psaki said in a statement.

“Unfortunately, the Supreme Court has made clear that this option is no longer available,” she added.

The background: 

For that reason, another extension could be reversed by the court if it is challenged by one of the moratorium’s many opponents.

“In light of the Supreme Court’s ruling, the President calls on Congress to extend the eviction moratorium to protect such vulnerable renters and their families without delay,” Psaki said Thursday.

What comes next: 

Republican lawmakers have also opposed Biden’s previous extensions of the CDC ban and have called on Congress to lay out a more sustainable process to keep renters housed and make landlords whole. 

“This is a full-scale failure by the Biden Administration that Republicans have been trying to address for months,” said Rep. Patrick McHenry (N.C.), the top Republican on the House Financial Services Committee. “Now, we are three days away from the end of the CDC’s unconstitutional eviction moratorium, and what is President Biden’s solution? Blame the Court and call on Congress to fix it. This is absurd.”

I break it down here.

LEADING THE DAY

Economic growth rose to 6.5 percent annual rate in second quarter: U.S. economic growth stayed strong in the second quarter as rising vaccinations and a return to pre-pandemic activities unleashed a wave of pent-up demand, according to data released Thursday by the Commerce Department.

The bigger picture: A number of economists had expected GDP to grow roughly 8 percent in the second quarter, according to a consensus of estimates, as an American public increasingly vaccinated against COVID-19 returned to restaurants, bars, hotels, entertainment venues, sports events, and vacations hindered by pandemic-related restrictions and health concerns. 

But, a sharp jump in inflation, supply shortages driven by the reopening rush, and the surge of the COVID-19 delta variant later in the quarter caused some analysts to trim down their estimates shortly before Thursday’s report, which came in well below expectations.

I explain here.

Democrats say they have the votes to advance $3.5T budget measure: Senate Democrats say they have the votes needed to pass a $3.5 trillion budget resolution, which would green light a massive spending measure packed with President Biden’s top legislative priorities.

In addition to the $1.2 trillion bipartisan deal currently being debated by the Senate, Democrats are expected to try to pass a $3.5 trillion bill along party lines through a budget process that lets them bypass a GOP filibuster.

In order to do that, they first need to pass a budget resolution that will include the top-line figure and instructions for crafting the Democratic-only bill, which will require total unity from all 50 members of the Democratic caucus.

Senate Majority Leader Charles Schumer (D-N.Y.), speaking from the floor, said Democrats were “on track” to pass both before leaving for a weeks-long August break. The Hill’s Jordain Carney has more here.

GOOD TO KNOW

ODDS AND ENDS