Biden Cabinet officials reveal new plan to reduce prices ahead of debate with Trump

President Joe BidenHis cabinet will end its campaign tour on Thursday after two weeks of work, touting the administration’s activities. economic achievements ahead of the first debate pitting the incumbent Democrat against the former President Donald Trump.

In the 10 days before Thursday’s debate, the White House held 29 public events, attended by more than a dozen top administration officials to promote Biden’s economic agenda, an official said. The White House said in a memo released quickly.

These events span 15 states, including key battlegrounds such as Georgia, Nevada, Pennsylvania and Michigan.

Minister of Finance Janet YellenDirector of the National Economic Council Lael Brainard and Minister of Transport Pete butt participated in the roadshow along with 15 other cabinet members and senior administration officials.

On Wednesday, domestic policy adviser Neera Tanden announced a new plan to temporarily reduce out-of-pocket costs of certain prescription drugs for the elderly, by penalizing pharmaceutical companies that increase drug prices faster than the rate of inflation.

“Seniors are absolutely impacted by Big Pharma’s price increases,” Neera Tanden, White House domestic policy adviser, said in the release. No more”.

Earlier this week, Yellen visited Minnesota to make an announcement new $100 million affordable housing fund.

“Thanks to President Biden’s economic plan, the American economy is strong and resilient, with strong economic growth in recent quarters,” she said in her speech Monday.

“The labor market is healthy, with low unemployment, rising real wages, and a larger share of working-age Americans participating in the labor force than before the pandemic.”

Throughout the tour, administration officials amplified the economic arguments that both Biden and his campaign have made in recent months, and which will likely reappear in the campaign. debate on Thursday.

“The president has called on big corporations to pass savings on to consumers, secured historic cost-reduction legislation, directed the Cabinet to use every tool at its disposal to reduce costs, and eliminated hidden junk fees in virtually every area of ​​a family’s budget,” Brainard said at an event hosted by the Urban Institute.

The White House’s effort to boost voters’ economic pessimism and counter Republican narratives about inflation — a persistent problem Biden’s weakness in the polls — consistent with Biden’s own campaign’s efforts.

But they differ in one key way: While White House officials shared positive news and developments they noted about Biden’s economic policies, they were careful not to mention Donald Trump or Trump by name. any other Republican candidate.

The job of reminding voters how different Biden is from Trump fell to the campaign, which on Wednesday issued a report. new advertisement contradicted their “dueling economic vision” and accused the former Republican president of lacking a plan to “help working families.”

White House spokesman Jeremy Edwards told CNBC that the goal of the tour is for officials to “present” Biden’s economic agenda, “as they have done throughout the administration.”

Edwards likened the past two weeks to any other economic push the administration has launched during Biden’s first term.

“Since President Biden took office, the administration has continued to meet people where they are to highlight the work we are doing on behalf of the American people,” Edwards said in a statement to CNBC.

Indeed, members of Biden’s Cabinet have embarked on one The two-week roadshow is very similar in March, following his State of the Union address.

The latest efforts to hype Biden’s economic victory reach consumers Confidence has dropped this monthaccording to the nonprofit business research group The Conference Board. The June index released Tuesday fell slightly to 100.4 from May’s 101.3, signaling that households are feeling slightly worse about the economy this month than last.

The Labor Department is poised to release weekly initial jobless claims data on Thursday, just hours before the debate. The numbers, while limited to just one week, could still provide a last-minute boost to Trump or Biden, depending on where they fall. An updated estimate of the US Gross Domestic Product was also released on Thursday.

The candidates’ dueling claims about the economy will be tested further Friday morning, when the Federal Reserve releases May data from the central bank’s preferred measure of inflation: Personal Consumption Expenditure Index (PCE).