**Biden team considers wide-ranging strategy to aid struggling households, boost economy**
WASHINGTON (Reuters) — President Joe Biden and his top economic advisers are considering a sweeping strategy to combat inflation and promote economic growth ahead of the midterm elections as concerns mount over rising prices and potential recession.
The plan, which is still under development, is likely to include a mix of spending and tax measures aimed at helping low- and middle-income families, as well as businesses, according to sources familiar with the discussions.
It comes as the Biden administration faces increasing pressure to address inflation, which has reached a 40-year high and is eroding the purchasing power of American households.
Biden and his team are also concerned about the possibility of a recession, which economists say is becoming more likely as the Federal Reserve raises interest rates to cool inflation.
The strategy being considered by the Biden administration is designed to address both of these concerns by providing immediate relief to households and businesses while also making longer-term investments in the economy.
One of the key components of the plan is likely to be an expansion of the child tax credit, which was introduced last year as part of the American Rescue Plan.
The credit, which provides monthly payments of up to $300 per child, has been shown to reduce child poverty and improve the financial well-being of families.
The Biden administration is also considering providing additional funding for affordable housing, which is in short supply in many parts of the country.
This funding could be used to build new affordable housing units, as well as to provide rental assistance to low-income families.
In addition to these spending measures, the Biden administration is also considering a number of tax cuts aimed at helping low- and middle-income families.
One possibility is to provide a tax credit for workers who earn less than a certain amount of money.
Another possibility is to expand the Earned Income Tax Credit, which is a tax credit for low- and moderate-income working individuals and families.
The Biden administration is also considering tax cuts for businesses, such as a tax credit for research and development.
This credit would encourage businesses to invest in new products and services, which could lead to job creation and economic growth.
The strategy being considered by the Biden administration is likely to be unveiled in the coming weeks.
The plan is expected to be met with resistance from Republicans, who have criticized the Biden administration for its spending plans.
However, the Biden administration believes that the plan is necessary to address the economic challenges facing the country.
The plan is also likely to be popular with voters, who are increasingly concerned about the economy.
A recent poll by the Pew Research Center found that 72% of Americans believe that the economy is in bad shape.
The poll also found that 64% of Americans believe that the government should do more to help the poor and middle class.
The Biden administration is hoping that the strategy it is considering will help to address these concerns and boost the economy ahead of the midterm elections..
