How would a Harris Presidency differ from Biden-Harris? Jefferies weighs in

Investing.com -- In the immediate term, a Harris administration would likely mirror the policies of the Biden administration, said analysts from Jefferies in a note dated Thursday. 

This is common for former vice presidents, as drastic changes can be viewed negatively by voters. Historical parallels include Hubert Humphrey's unsuccessful attempt to distinguish himself from Lyndon Johnson during the 1968 election.

Key similar policies between President Biden and a potential Harris administration

• Immigration: Continuation of stricter border policies, including executive orders blocking migrants from seeking asylum during high levels of crossings.

• Foreign policy: Full support for aid to Ukraine, NATO, and the North Atlantic Treaty’s Article 5. Harris is expected to maintain a strict stance on China regarding trade, foreign relations, and human rights, with increased engagement with India due to her family ties.

• Trade policy: Emphasis on a worker-centric trade policy with strong environmental protections.

• Labor rights: Strengthening rights to bargain and unions.

• Gun control: Advocacy for stricter gun control measures.

• Healthcare: Initiatives to lower prescription drug costs, such as capping insulin prices, and reducing student and medical debt.

Despite initial similarities, Harris might diverge from Biden in several key policy areas if elected, the analysts added.

• Reproductive rights: Harris could push for a national pro-abortion law, reflecting her more progressive stance on this issue.

• Gaza ceasefire: Within the White House, Harris has been a vocal advocate for a ceasefire in Gaza.

• Corporate tax rate: Previously, Harris supported a 35% corporate tax rate, higher than the current 21% and the 28% favored by many Democrats. However, Jefferies said the adoption of a 35% rate was unlikely.

• Medicare: Harris once proposed a 10-year transition plan to allow private companies to offer Medicare plans, indicating a potential shift in healthcare policy.

• Environment: As a senator, Harris supported the Green New Deal, suggesting a stronger emphasis on environmental policies compared to Biden.

While a Harris presidency would initially align closely with Biden’s policies, significant divergences could emerge, particularly in areas like reproductive rights, the environment, and healthcare. 

Jefferies' underscores that the extent of these differences will become clearer as Harris solidifies her policy positions and approaches the mid-2025 policy announcement timeline.