The heavy financial burden of soaring inflation is causing Americans to struggle financially. Congress could approve $12 billion in additional aid for Ukraine.
According to The Associated Press, an unidentified source familiar with the measure reported that the U.S. government would be funded through December by more than $12 billion in emergency spending legislation.
According to the AP, the $11.7 billion requested by the Biden administration for the spending measure consisted of security and economic aid related to Ukraine. According to the outlet, in order to avoid a partial shutdown of the government, both houses of Congress must approve legislation before Friday’s end. Friday marks the close of the fiscal year.
Reuters reported, citing unidentified sources that congressional negotiators had reached an agreement to include almost $12 billion in new military and economic assistance for Ukraine into the bill. According to the outlet, Biden requested that $11.7 billion be added in aid for Ukraine by the legislature.
Ukraine is trying to defend itself from a Russian invasion.
Americans are now facing devastating financial consequences from sky-high inflation. According to U.S. Bureau of Labor Statistics data, the all-items index rose 8.3 percent in the twelve months ending August. This is less than the 8.5 percent increase recorded for the July period.
The Biden administration announced last month a plan for massive cancellation of federal student loans debt. Some have warned that this will lead to an increase in America’s inflation problems. Individuals earning less than $125,000 annually or less than $250,000 per married couple will be able to cancel $10,000 of student loans. Pell Grant recipients who earn less than these income levels would also be eligible for a $20,000 loan cancellation.
“Sad that this is being done to bribe voters. Biden’s plan to forgive student loans may win Democrats some votes but it fuels inflation and foot’s taxpayers’ financial obligations. It is unfair to those who have paid their way & creates irresponsible expectation,” GOP Senator Mitt Romney of Utah wrote last month.
Sad to see what’s being done to bribe the voters. Biden’s student loan forgiveness plan may win Democrats some votes, but it fuels inflation, foots taxpayers with other people’s financial obligations, is unfair to those who paid their own way & creates irresponsible expectations.
— Senator Mitt Romney (@SenatorRomney) August 24, 2022