Millions of student loan borrowers are about to get a break. The Biden administration is now planning to freeze federal student loan repayments through the end of August, according to sources. An announcement is expected on Wednesday. Student loan payments were scheduled to resume on May 1, after being halted since the start of the pandemic. The extension applies to more than 43 million Americans who collectively owe more than $1.6 trillion in student debt held by the federal government. It follows calls from Democrats in Congress. Other members of Congress, including New Jersey Sens. Cory Booker and Bob Menendez, have asked the administration to cancel thousands of dollars in student debt.
As state lawmakers continue to consider how the state should spend billions in extra revenue, business groups have been arguing that more money is needed to help businesses. A new analysis finds New Jersey’s business climate is worse than its neighboring states. The New Jersey Business & Industry Association’s report finds New Jersey’s overall business climate was the weakest for the fourth straight year, scoring behind New York, Delaware, Pennsylvania, Maryland, Connecticut and Massachusetts. The analysis points to New Jersey’s top corporate-tax rate of 11.5% as one reason why the state’s business climate falls short.
U.S. Rep. Josh Gottheimer (D-5th) says the state’s business climate would be a lot better with less bureaucratic red tape. Gottheimer has introduced bipartisan legislation that would create a commission to review rules that are outdated or duplicative and then make a recommendation to Congress. Gottheimer contends burdensome federal regulations are standing in the way of New Jersey businesses expanding and creating jobs.
