number of executive orders by president first week

#Number of executive orders by president first week update

The three memoranda and one executive order are summarized below: However, because these funds were already appropriated, there is no additional deficit impact from spending them on unemployment benefits rather than another purpose. *$44 billion would be spent from the Disaster Relief Fund. Source: CRFB estimates based on Congressional Budget Office estimates, data from the Departments of Treasury and Labor. Identify and review existing authorities to assist renters and homeowners Increase unemployment benefits by $400/week ($300 funded by the federal government), through December 6 or as long as funding lasts (we estimate 5 weeks)ĭefer employee-side Social Security taxes that would be paid from September 1 - December 31ĭefer student loan payments and interest through December 31 In particular, the cost of unemployment provisions and payroll tax deferral will depend on final regulations issued, and the actions of various states and employers. The orders were released today, and their ultimate cost depends on many details yet to be determined. These estimates are rough and preliminary, and will be revised as more information becomes available. Because much of the money was already allocated and deferred taxes would be paid later, however, the net cost will likely total $10 billion absent further policy changes. We estimate that these four orders will provide approximately $165 billion of near-term funds. President Trump signed four memos and executive orders this afternoon increasing unemployment benefits, deferring payroll taxes, extending student loan deferral, and discussing housing assistance. As a result, we estimate the total near-term impact is $165 (rather than $225) billion.

We also slightly reduced our student loan estimate.

#Number of executive orders by president first week update

Update 8/10/20: We have revised our estimates downward to reflect our understanding from the final text of the memorandum that the payroll tax deferral is available only to workers who make less than $4,000 biweekly rather than only wages below $4,000.