The daily business briefing: April 6, 2022
Biden is set to extend student-loan payment pause, Musk joins Twitter's board, and more


1. Biden to extend pause on student loan payments
President Biden plans to extend a pause on federal student loan payments until Aug. 31, The New York Times reported Tuesday, citing an administration official briefed on the matter. This will be the sixth delay on making people resume payments since the policy was enacted more than two years ago to help people manage the financial fallout from the coronavirus pandemic. Without another extension, payments are scheduled to resume in less than a month for tens of millions of borrowers. Seven million people have avoided collection steps, including paycheck garnishments, during the pause. The administration official said the latest delay will be announced this week. Some progressive politicians and activists want the debts canceled altogether.
2. Twitter adds Elon Musk to its board
Twitter is appointing Tesla CEO Elon Musk to its board, the social media company announced Tuesday. Musk, the world's richest person, has acquired a 9.2 percent stake in Twitter, a regulatory filing revealed Monday. That makes him Twitter's largest individual shareholder. Musk has agreed not to acquire more than 14.9 percent of Twitter shares or attempt a takeover, the Securities and Exchange Commission filing said. Musk said he was excited to work with the board to make "significant improvements" to Twitter. Like Twitter founder Jack Dorsey and CEO Parag Agrawal, he has suggested reshaping social networks by shifting power from companies to users, giving people more control over what they see in their feeds.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
3. Obama returns to White House to push health-care reform
Former President Barack Obama returned to the White House for the first time in five years on Tuesday to join President Biden as he signed an executive order telling federal agencies to find ways to improve Medicare and the Affordable Care Act. Biden also called for lowering the costs of the federal health insurance programs. Biden called the Affordable Care Act, Obama's signature domestic policy achievement, the "most consequential piece of legislation" since the establishment of Medicare and Medicaid in 1965. The Biden administration announced it would close the "family glitch," which blocks Obamacare premium assistance to people getting health care through a relative's work. Republicans accused Biden of trampling Congress' authority.
4. JetBlue offers to buy Spirit Airlines in $3.6 billion deal
JetBlue Airways has offered to buy budget carrier Spirit Airlines in an unsolicited $3.6 billion deal, Spirit said Tuesday. JetBlue said merging the two companies would position it "as the most compelling national low-fare challenger to the four large dominant U.S. carriers by accelerating JetBlue's growth," which would encourage Delta Air Lines, American Airlines, United Airlines, and Southwest Airlines to drop fares. JetBlue said the offer, which amounts to a 50 percent premium over Spirit's recent closing price, was "superior" to the ongoing merger effort involving Spirit and low-cost carrier Frontier Airlines. Frontier said JetBlue's offer "would lead to more expensive travel for consumers."
5. Stock futures fall ahead of Fed minutes
U.S. stock futures fell early Wednesday ahead of the release of minutes from the Federal Reserve's most recent policy meeting. Futures tied to the Dow Jones Industrial Average and the S&P 500 were down by 0.5 percent and 0.7 percent at 7 a.m. ET. Nasdaq futures were down by 1.1 percent. Investors will be looking to the minutes for fresh details on the Fed's plan to raise interest rates and reduce the central bank's balance sheet to help fight high inflation. The Dow fell 0.8 percent on Tuesday. The S&P 500 and the tech-heavy Nasdaq plunged by 1.3 percent and 2.3 percent, respectively, after Fed Governor Lael Brainard said the Fed needs to act quickly to bring down inflation.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
-
Book reviews: ‘Red Scare: Blacklists, McCarthyism, and the Making of Modern America’ and ‘How to End a Story: Collected Diaries, 1978–1998’
Feature A political ‘witch hunt’ and Helen Garner’s journal entries
By The Week US Published
-
The backlash against ChatGPT's Studio Ghibli filter
The Explainer The studio's charming style has become part of a nebulous social media trend
By Theara Coleman, The Week US Published
-
Why are student loan borrowers falling behind on payments?
Today's Big Question Delinquencies surge as the Trump administration upends the program
By Joel Mathis, The Week US Published
-
Discount stores were thriving. How did they stumble?
The Explainer Blame Walmart — and inflation
By Joel Mathis, The Week US Published
-
Could a private equity deal be the end of Walgreens?
Today's Big Question The pharmacy chain will be taken private in a $10 billion deal
By Justin Klawans, The Week US Published
-
Eggs too pricey? Rent a chicken.
Under the Radar The cost of eggs increased more than 15% in January
By Justin Klawans, The Week US Published
-
Crafting emporium Joann is going out of business
Speed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores
By Peter Weber, The Week US Published
-
Will Trump's tariffs hurt Walmart?
Today's Big Question The world's biggest retailer 'isn't immune' to trade impacts
By Joel Mathis, The Week US Published
-
Store closings could accelerate throughout 2025
Under the Radar Major brands like Macy's and Walgreens are continuing to shutter stores
By Justin Klawans, The Week US Published
-
The diamond market is losing its shine
Under the radar Precious gemstones are rapidly dropping in price
By Devika Rao, The Week US Published
-
Can the US Steel-Nippon Steel merger come back to life?
Today's Big Question President Trump opposed the deal. But he could be flexible.
By Joel Mathis, The Week US Published