WATCH: Biden proposes new tax credit for homeowners | 2024 State of the Union

President Joe Biden proposed a new tax credit during his State of the Union address that would give homeowners $400 a month for the next two years.

His proposal comes amid high interest rates intended to curb post-pandemic inflation.

“Inflation keeps coming down. Mortgage rates will come down as well,” Biden said. “But I’m not waiting,” he added before proposing the tax break.

He also said his administration was “cracking down” on landlords “who break antitrust laws by price fixing and driving up rents.”

Biden’s March 7 address comes as he seeks reelection against likely Republican nominee former President Donald Trump. It also comes five months into a deadly war on Gaza and just more than two years after Russia invaded Ukraine – both foreign wars that have tested his relationship with allies and Congress. This is Biden’s third State of the Union address and the last of this term.

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Видео WATCH: Biden proposes new tax credit for homeowners | 2024 State of the Union канала PBS NewsHour