Fresh on the heels of the $1.9 trillion covid relief bill, the Biden Administration announced its plan to spend an additional $3 trillion in several different legislative packages focusing on infrastructure, education, climate change, and Biden’s “Build Back Better” agenda.
According to the Wall Street Journal:
“The first proposal would center on roads, bridges and other infrastructure projects and include many of the climate-change initiatives Mr. Biden outlined in the “Build Back Better” plan he released during the 2020 campaign.
“That package would be followed by measures focusing on education and other priorities, including extending the newly expanded child tax credit scheduled to expire at the end of the year and providing for universal prekindergarten and tuition-free community college, the people said.”
The bills would face uncertainty in Congress, as Republicans who voiced opposition to the spending in the covid relief bill are more than likely going to be opposed to the additional $3 trillion cost of this economic plan.
The packages would add up to a whopping 5% increase in federal spending and a total of 1% of Gross Domestic Product. Democrats have floated the ideas of “raising the top marginal income-tax rate for high-income individuals, increasing capital-gains taxes and tightening international tax rules on companies” to help pay for it.
Climate change initiatives that could be included in the infrastructure portion include Biden’s promised 550,000 electric vehicle charging stations and additional funding for wind and solar construction. More details will be revealed as the formal package is introduced in Congress.
To read the entire story in The Wall Street Journal, click here.