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      High Mortgage Rates Leave Biden Searching for Housing Relief

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      The president and his team are seeking ways to help Americans afford to rent and buy homes, as high borrowing costs dampen views of the economy.President Biden and his economic team, concerned that elevated mortgage rates and housing costs are hurting Americans and hindering his re-election bid, are searching for new ways to make housing more available and affordable.Mr. Biden’s forthcoming budget request will call on Congress to pass a raft of initiatives to build more affordable housing and help certain Americans afford to purchase a home. The president is also expected to address housing affordability for both homeowners and renters in his State of the Union address next week, according to people familiar with the speech planning.On Thursday, administration officials announced a handful of relatively modest executive actions, including steps to increase the supply of manufactured homes. White House officials said this week that they would announce “additional actions we are taking to lower housing costs.”The increased focus on housing affordability comes as congressional Republicans assail Mr. Biden over high mortgage rates and housing costs, and as allies of the president warn that those costs are hurting working-class voters he needs to win in November.There is little Mr. Biden can do immediately and directly to affect mortgage rates. Those are heavily influenced by the Federal Reserve’s interest rate policies, and the White House is careful not to appear to be pressuring the central bank to cut rates. Fed officials have signaled that they expect to begin cutting rates this year.New research from economists at Harvard University and the International Monetary Fund — including Lawrence H. Summers, the former Treasury secretary — suggests high mortgage rates and other borrowing costs are contributing to Americans’ relatively gloomy mood about the economy, despite low unemployment and healthy growth. By weighing on consumer confidence, those costs could be depressing Mr. Biden’s re-election hopes.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      How the Biden-Trump Border Visits Revealed a Deeper Divide

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      Their approaches to immigration represent a test of voters’ appetite for the messiness of democracy, pitting the president’s belief in legislating against his rival’s pledge to be a “Day 1” dictator.Even the participants in President Biden and Donald J. Trump’s overlapping visits to Texas on Thursday seemed to sense there was something remarkable about their near encounter along the southern border.Rarely do the current and former commanders in chief arrive on the same scene on the same day to present such sharply different approaches to an issue as intractable as immigration. Even rarer still was the reality that the two men are most likely hurtling toward a rematch in November.“Today is a day of extraordinary contrast,” declared Gov. Greg Abbott of Texas, who had appeared alongside Mr. Trump.But the dueling border events were about something even more fundamental than immigration policy. They spoke to the competing visions of power and presidency that are at stake in 2024 — of autocracy and the value of democracy itself.Perhaps the most surprising facet of the split screen was that Mr. Trump and Mr. Biden agreed on some of the basic contours of the border problem: that the current situation, with migrant crossings setting a new monthly record of nearly 250,000 in December, is unsustainable.“It’s long past time to act,” Mr. Biden said.“I didn’t get everything I wanted in that compromise bipartisan bill, but neither did anybody else,” President Biden said on Thursday as he visited the border, in Brownsville, Texas. “Compromise is part of the process. That’s how democracy works.”Kenny Holston/The New York TimesWe are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Austin Faces Questions About His Hospitalization From House Committee

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      The defense secretary was asked to explain why he did not immediately tell the White House about his illness in January.Defense Secretary Lloyd J. Austin III presented himself before a congressional committee for chastisement on Thursday, continuing a round of mea culpas over his failure last month to tell his boss that he was in the hospital with complications from prostate cancer surgery.Republican lawmakers had been preparing to lay into Mr. Austin before the hearing, calling former Defense Department officials for advice. Even the formal title of the hearing, listed on the House Armed Services Committee’s website, struck an ominous tone: “A Review of Defense Secretary Austin’s Unannounced Absence.”Mr. Austin sought to get ahead of the expected scolding by apologizing — again — for keeping his hospitalization at Walter Reed National Military Medical Center a secret.“We did have a breakdown in notifications during my January stay at Walter Reed — that is, sharing my location and why I was there,” he told the packed hearing room. “And back in December, I should have promptly informed the president, my team, and Congress and the American people of my cancer diagnosis and subsequent treatment.”He added: “I take full responsibility.”On Monday, the Pentagon released an unclassified version of a review of how Defense Department officials, including Mr. Austin, handled his hospitalization. The document offered little if any criticism and faulted no one for the failure to disclose his illness.Even before the hearing began, lawmakers had been steaming. Representative Mike D. Rogers, Republican of Alabama and the chairman of the Armed Services Committee, resorted to capital letters to make his point on social media that “the review of Sec Austin’s actions, conducted by his own subordinates & subject to his approval, HELD NO ONE ACCOUNTABLE.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Biden Summons Lawmakers to White House as Shutdown Deadline Looms

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      The president also plans to discuss the urgency of sending aid to Ukraine and Israel as he convenes the top four leaders of Congress.President Biden will try to break through a deadlock on Capitol Hill over keeping the government running and providing aid for Ukraine and Israel as he convenes the top four leaders of Congress at the White House on Tuesday.Lawmakers are running out of time to strike a deal to avert another partial government shutdown. The first batch of funding will run out on Friday at midnight, while funding for some agencies including the Defense Department will expire on March 8.“A basic, basic priority or duty of Congress is to keep the government open,” Karine Jean-Pierre, the White House press secretary, said on Monday. “So, that’s what the president wants to see. He’ll have those conversations.”Separately, Mr. Biden will ask the leaders to pass critical emergency aid for Ukraine. The administration has spent months pushing for additional funding, arguing that Ukraine is running out of artillery, air defense weaponry and other munitions. The bill also includes billions in security assistance for Israel as it tries to wipe out Hamas after the terrorist attacks on Oct. 7.Keeping the federal government open, however, appears to be the first order of business.The spending bill is being held up by demands from hard-right lawmakers in the House, including measures to restrict abortion access, that many members will not support. Ultraconservatives have brought the government to the brink of a shutdown or a partial shutdown three times in the past six months as they try to win more spending cuts and conservative policy conditions written into how federal money is spent.Senator Mitch McConnell, Republican of Kentucky and the minority leader; Speaker Mike Johnson; Senator Chuck Schumer, Democrat of New York and the majority leader; and Representative Hakeem Jeffries, Democrat of New York and the minority leader, will attend the meeting at the White House. Vice President Kamala Harris will also attend.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      The F.T.C. Boosts Biden’s Fight Against Inflation

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      The regulator’s move to block Kroger’s $25 billion bid for Albertsons could win the president points with voters squeezed by rising prices.Kroger’s “low prices” promise has come under fire after the F.T.C. and a number of states sued to block the supermarket giant’s $25 billion bid to buy Albertsons.Rogelio V. Solis/Associated PressKroger, Albertsons and the politics of inflation A paradox at the heart of the U.S. economy is that consumers are feeling squeezed even as growth indicators look strong — and are taking it out on President Biden’s approval ratings.So the White House probably cheered a move by the F.T.C. and several states on Monday to block Kroger’s $25 billion bid to buy Albertsons, arguing that the biggest supermarket merger in U.S. history would raise prices and hit union workers’ bargaining power.The Biden administration has little influence over inflation, but it’s still getting heat. Consumers are spending the highest proportion of their income on food in 30 years, and an internal White House analysis found that grocery prices had the biggest impact on consumer sentiment.The Fed has jacked up interest rates to a 20-year-high in an effort to cool inflation, but progress on that has slowed in recent months.Biden is blaming big business. In a video released on Super Bowl Sunday, he went after “shrinkflation,” lashing out at companies for reducing packaging sizes and food portions without cutting prices. Biden is expected to reiterate that view in his State of the Union address next month.The president could point to the F.T.C.’s tough approach to M.&A. The agency operates independently, but Lina Khan, the F.T.C.’s chair, has taken the most aggressive and expansive antitrust enforcement stance in decades. That may help Biden’s message with voters that he’s fighting for their interests.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Biden Will Make Rare Visit to Southern Border on Same Day as Trump

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      President Biden is planning to make a rare visit to the southern border on Thursday, according to two people briefed on the plans, traveling to Brownsville, Texas, on the same day that former President Donald J. Trump has already scheduled a border trip.The plans underscore the urgency now propelling the Biden team on immigration, which has become one of his most serious political liabilities. Under the Biden administration, record numbers of migrants have crossed the southern border — a fact that Mr. Trump and Republicans have wielded aggressively against Mr. Biden.A majority of Americans disapprove of Mr. Biden’s job performance, and polls show that the president’s detractors cite immigration more than any other policy issue when assessing him.On his Thursday trip to Brownsville, Mr. Biden plans to meet with Border Patrol, law enforcement and local officials, according to a person briefed on the matter.Mr. Trump will visit Eagle Pass in Texas on Thursday. CNN was the first to report his planned trip last week. On the trip, Mr. Trump plans to deliver remarks from the border to highlight the immigration crisis and lay blame at the feet of Mr. Biden, according to a person close to Mr. Trump who was not authorized to discuss the plans publicly.Mr. Trump is expected to highlight crimes committed by migrants in New York and in other cities, as well as the arrest of a Venezuelan undocumented immigrant in the recent high-profile killing of a 22-year-old nursing student in Georgia, the person added. More

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      Biden Targets a New Economic Villain: Shrinkflation

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      Liberals prodded the president for years to blame big corporations for price increases. He is finally doing so, in the grocery aisle.On Super Bowl Sunday, the White House released a short video in which a smiling President Biden, sitting next to a table stocked with chips, cookies and sports drinks, slammed companies for reducing the package size and portions of popular foods without an accompanying reduction in price.“I’ve had enough of what they call shrinkflation,” Mr. Biden declared.The video lit up social media and delighted a consumer advocate named Edgar Dworsky, who has studied “shrinkflation” trends for more than a decade. He has twice briefed Mr. Biden’s economic aides, first in early 2023 and again a few days before the video aired. The first briefing seemed to lead nowhere. The second clearly informed Mr. Biden’s new favorite economic argument — that companies have used a rapid run-up in prices to pad their pockets by keeping those prices high while giving consumers less.The products arrayed in the president’s video, like Oreos and Wheat Thins, were all examples of the shrinkflation that Mr. Dworsky had documented on his Consumer World website.While inflation is moderating, shoppers remain furious over the high price of groceries. Mr. Biden, who has seen his approval ratings suffer amid rising prices, has found a blame-shifting message he loves in the midst of his re-election campaign: skewering companies for shrinking the size of candy bars, ice cream cartons and other food items, while raising prices or holding them steady, even as the companies’ profit margins remain high.The president has begun accusing companies of “ripping off” Americans with those tactics and is considering new executive actions to crack down on the practice, administration officials and other allies say, though they will not specify the steps he might take. He is also likely to criticize shrinkflation during his State of the Union address next week.Mr. Biden could also embrace new legislation seeking to empower the Federal Trade Commission to more aggressively investigate and punish corporate price gouging, including in grocery stories.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      The 2024 Election May Be Decided By Nonvoters. If They Vote.

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      “I wish God gave green noses to undecided voters, because between now and election eve, I’d work only the green noses,” Matt Reese, one of America’s first full-time political consultants, liked to say.Listen to this article, read by Natalia CastellanosOpen this article in the New York Times Audio app on iOS.Decades after Reese helped John F. Kennedy win the 1960 Democratic primary, consultants no longer need to wish for divine intervention. Microtargeting — the kind of selective persuasion efforts that Reese dreamed of — has become a fixture of 21st-century campaigns. Field operatives now target swing voters house by house, carrying computer tablets loaded with polling, registration and market-research data. And everyone understands that in close presidential elections, a few thousand votes in one state or another may decide the winner.But as Americans grow more polarized in their political identities, the number of swing voters diminishes. So a different kind of inconsistent voter grows more important: one who vacillates not so much between parties or candidates but between voting and not voting. Let’s call them the “ambivalent voters.” They’re the ones who often believe that showing up at the polls just isn’t worth the hassle.Elections, historically, are decided not only by those who cast votes but also by those who don’t. President George W. Bush edged out Al Gore in the 2000 election by 537 ballots in Florida. Yet there’s a case to be made that the five million Floridians who were eligible to vote in that election but did not were the ones who really tipped the balance. And nearly half of Americans regularly join the opt-out club. According to the University of Florida Election Lab, 44 percent of citizens who were eligible to vote in 2020 did not. The political scientists Lyn Ragsdale and Jerrold G. Rusk of Rice University have calculated that from 1920 to 2012, the slice of voters who sat out presidential contests averaged 42 percent. But in any given election, those who stay home or tune out may change: Fully 25 percent of the ballots in 2020 were cast by people who didn’t vote in 2016. A “nonvoter” can transform into a voter at any time — and if most of them break in the same direction, their decision to participate can be decisive.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More