After six months of negotiations ping-pong among the nation’s top leaders over the Joe Biden , the incoming leader has a few tools at his disposal to address some of the country’s most pressing needs., the best-case scenario is that a . But if a deal completely falls through before President-elect
A president’s power over financial affairs is limited, something President Donald Trump discovered when he, while the country waited for Congress to work out a larger package that never came.
Biden won’t have the power — or likely the access to enough unspent federal stimulus money — to send . Typically, Congress alone approves big-ticket budgetary spending like stimulus and . But in limited circumstances, the sitting president can use an executive order or memo to create temporary rules. This is what Biden could do in a worst-case scenario.
(Here’s more on, which could include . Here’s what happens if a bill passes .)
Read up on the kind of stimulus actions Biden could bring through executive orders alone. For more on another round of direct payments, here’s, how much to your specific household, and in another round. This story was recently updated.
Biden could reinstate extra unemployment benefits
Biden has the power to spend rests with Congress and not the President, Biden would need to find a funding source for the aid, much as Trump did in August when he tapped unused FEMA money for his extension.an expansion of the authorized under the . Trump in August signed an order extending unemployment benefits past a July 31 expiration, at a lower weekly level. Because
(Treasury Secretary Steven Mnuchin closed off another source of funding for Biden’s potential executive action that had been available to the Federal Reserve to use emergency lending when he requested the Fed return to the Treasury unused funds from the program.)
Increase the minimum wage, starting with federal contractors
During Biden’s campaign, the incoming president talked about raising the federal minimum wage to $15 an hour, up from the current $7.25 an hour. Without Congressional support, Biden will not be able to raise the federal minimum wage, but he could get part way there through an increase to the minimum wage of workers on federal contracts.
Biden could accomplish the increase through an executive order, according to Heidi Shierholz, a senior economist and the director of policy at the Economic Policy Institute. The hourly boost could affect the pay of 5 million workers, Shierholz estimated.
Temporarily suspend student loan payments, without interest
With a deferment for student-loan repayments set to expire Dec. 31, Biden could and extend the deferral into 2021. That means students could postpone making loan repayments until further into 2021.
Along with a short-term fix, Biden could also look at forgiving student loans, based on a plan he outlined in his Emergency Action Plan to Save the Economy, where he proposed cancelling a minimum of $10,000 for federal student loans.
Stop evictions on unpaid rent
If Congress doesn’t put a hold on evictions beforeruns out on Dec. 31, Biden can also use an executive order to keep landlords from evicting their tenants for not paying rent during the pandemic. Tenants could still be evicted for other reasons.
The precedent set by Trump’s administration was to invoke a rare law exercised by the Centers for Disease Control aimed at limiting the spread of disease by keeping people in their homes and out of homeless shelters or from crossing state lines.
Some of what Biden will be able to quickly accomplish will depend on the Georgia Senate runoffs, which could potentially give Democrats a slim control of the Senate if both Democratic challengers win.
With the, here’s what we know about , unless Congress acts, and where things stand on .