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Welcome to The Hill’s Business & Economy newsletter
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Business & Economy
Business & Economy
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The Big Story
Five things to know about Harris’ economic plan
Vice President Harris on Friday unveiled several ambitious proposals as part of her economic plan, including policies like child tax credits and bans on price gouging.
Here are five things to know about her economic agenda:
Beefing up the Child Tax Credit: Harris’s plan calls for beefing up the Child Tax Credit (CTC) to provide a $6,000 tax cut to families with newborn children, among other changes, as Democrats have sought to drive a contrast with Republicans on the issue in recent weeks.
“Price gouging” ban: The plan calls for what it described as the “first-ever federal ban on price gouging on food and groceries,” though it doesn’t offer much detail as to how the proposal would be carried out.
Expanding affordable housing: Harris’s plan pushes for the construction of 3 million new housing units over the next four years, along with what it described as the “first-ever” tax incentive for building starter homes for first-time homebuyers.
Helping first-time homebuyers: Another plan Harris proposed builds upon a previous proposal from the Biden administration that sought to provide first-generation homebuyers with $25,000 in down-payment assistance, along with a tax credit for first-time homebuyers.
Lowering prescription drug costs: The plan also calls for a $35 cap for insulin prices and for out-of-pocket expenses for prescription drugs to be capped at $2,000 for “everyone, not just seniors,” in addition to other measures the campaign says are aimed at increasing competition in the health care industry.
The Hill’s Aris Folley has more here.
Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.
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Essential Reads
Key business and economic news with implications this week and beyond:
Trump advisers slam Harris economic plan: ‘Something out of Venezuela or Cuba’
The Trump campaign on Friday lambasted Vice President Harris’s economic agenda rollout, equating it to socialist policies implemented in countries such as Cuba and Venezuela and arguing it would not effectively reduce costs for consumers.
Full Story
Ford recalling SUVs over engine fire concerns
Ford is set to recall roughly 85,000 Explorer SUVs fitted with the Police Interceptor Utility Package over concerns of engine fire risk, the National Highway Traffic Safety Administration (NHTSA) said Friday.
Full Story
Record 8.5 percent of homes worth $1 million or more: Analysis
A record 8.5 percent of U.S. homes are worth $1 million or more, according to a new report from the real estate company Redfin.
Full Story
The Ticker
Upcoming news themes and events we’re watching:
The central bank releases the July meeting minutes of the Federal Open Markets Committee next Wednesday at 2 p.m. ET.
In Other News
Branch out with more stories from the day:
San Francisco goes after websites that make AI deepfake nudes of women and girls
Nearly a year after AI-generated nude images of high school girls upended a community in southern …
Full Story
Good to Know
Business and economic news we’ve flagged from other outlets:
Stocks rise as market comeback lifts S&P 500 to best week of 2024 (CNBC)
Powell Huddles With Bank CEOs to Avoid Long Legal Fight Over Capital Plan (Bloomberg)
Disney has a price problem. It has ambitious plans to fix that (CNN)
What Others are Reading
Top stories on The Hill right now:
Supreme Court refuses DOJ request to partially reinstate new Title IX rule
The Supreme Court in a 5-4 decision denied the Biden administration’s emergency request to partially reinstate its new Title IX rule. Read more
Given the issue environment and national mood, Donald Trump should be the favorite to win back the White House in November. Instead, he is running the most incompetent presidential campaign since George McGovern. The list of foolish moves, dumb remarks and out-and-out stupidities is almost inexhaustible. … Read more
Janet Payne is a writer and editor with a passion for politics, health, business, and finance. She loves writing about the intersection of those topics and how they affect people's everyday lives.
