Trump’s 15% EU tariff could raise prices for cars, drugs and luxury goods
President Donald Trump’s trade deal with the EU could raise prices for cars, medicines and luxury goods.
The Senate Committee unanimously approved a major housing bill on July 29, signaling bipartisan support for the issue plaguing members in districts around the country.
New opportunities for housing from the 2025 American Dream were sponsored by Sen. Tim Scott, a Republican from South Carolina, and Sen. Elizabeth Warren, a Democrat of Massachusetts. The legislation aims to “increase the supply of affordable housing in America” through a wide range of policies, including increasing construction, achieving small mortgages, reforming the valuation process, and especially supporting manufactured homes.
The law has been “part of the most influential and comprehensive housing law since the Great Recession,” which began in 2007, and has been “partisan, the most influential and comprehensive housing law since the Great Recession,” an analyst at the Bipartisan Policy Center said in a summary released after the bill passed the Senate Committee on Banks, Housing and Urban Affairs.
One hint as to how comprehensive the bill is, incorporates at least 27 previously introduced legislation, with a summary of 23 of which were introduced with bipartisan sponsors.
The national housing crisis has deepened – and it is also becoming more widespread. The main presidential candidates for both parties focused on it on the campaign trail last fall, with legislators across the country continuing to be involved.
Shawn Donovan, CEO and president of Enterprise Community Partners who served as secretary to the Obama administration’s Housing and Urban Development Agency, told USA Today in December that “there are a much broader political order than you’ve seen around homes,” making almost every pocket in America, not just expensive coastal cities.
In 2024, home prices reached an all-time high, with a median value of $412,500. Using a traditional lender ratio of 31% debt income, borrowers need an annual income of at least $126,700 to make mortgage payments at the home at that price.
“Many people across the country were frustrated with the way we do American politics. Are there any issues connecting this country together?” said Senator Scott, who chairs the Senate Banking Committee during the July 29 session. “I say Hallelujah here! We found it. It’s a housing.”
Industry groups, including the National Association of Housing Builders, National Association of Realtors and the Association of Mortgage Banks, have issued statements in support of legislation.
But even if supporters cheered on the committee on a step in the bill, they warned that the bill would have a long way to go before it became law. The House will take it in the fall, and a bipartisan policy analyst said, “The bill will strengthen many existing federal housing programs and propose creating new housing programs, but will not evenly propose funding levels for these changes or offset increasing budget savings or revenue.”
