The Biden administration is considering a series of new bills that would require up to $3 trillion in new government spending, the New York Times reported on Monday.
Biden’s economic advisers will recommend separate pieces of legislation intended to build and enhance the country’s infrastructure and fight climate change, according to people familiar with the plans and internal documents obtained by the Times. The nature of the plans is still in flux, however Biden advisers could present a clear outline of the initiatives to the president sometime this week.
The legislative package is divided into two parts, the first dealing with infrastructure. The infrastructure plan includes upgrades for the country’s roads and highways, funds for rural broadband access, and and the establishment of electric vehicle charging stations across the U.S. The bill would allocate $400 billion towards combating climate change, according to the Washington Post.
The second package deals primarily with education, and would establish universal pre-kindergarten and free community college for any American. The legislation would also include a national paid-leave plan and efforts to promote childcare.
It is not yet clear how the Biden administration will finance the proposed spending plan. Officials have discussed raising taxes on corporations to help pay for the initiative, and potentially raising the top marginal income tax rate from 37 percent to 39.6 percent.
Senate Minority Leader Mitch McConnell (R., Ky.) said at a press conference last week that the initiative could be a “Trojan horse” for tax increases that would not be acceptable to the Republican caucus.
However, it is also unclear if congressional Democrats will attempt to compromise with Republicans on certain proposals or pass the legislation under Senate rules that would obviate the need for GOP assent. Senate Democrats passed their $1.9 trillion coronavirus relief bill via budget reconciliation rules, requiring a majority vote instead of the filibuster-proof 60-vote threshold.
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