President Joe Biden will release a $3 trillion infrastructure, health and Education package on Wednesday (March 31), and a White House spokesman confirmed that the massive infrastructure appropriations bill will be implemented in two steps.
On Monday (March 29), White House press secretary Jen Psaki said in a statement that Biden will deliver a speech in Pittsburgh, Pennsylvania, on Wednesday to talk about the first part of the appropriations bill on infrastructure investment.
In a 28-day interview with Fox, Psaki said the first bill would likely cover funding for roads, bridges and rural broadband access, while the second bill would cover funding for areas such as health and child care, with the second phase of the bill expected to be released in April of this year. She did not mention the size of the funds involved in the two parts.
In terms of the new package, The New York Times and The Washington Post reported on March 22 that the projected cost of the new plan is $3 trillion, with education areas including universal pre-K, free community college and efforts allegedly aimed at reducing income inequality.
The report also noted that the infrastructure component of the proposal includes $400 billion in spending to combat climate change, with $60 billion for green transportation-related infrastructure and $46 billion for research and development related to climate change. The plan also aims to provide electric vehicle charging stations nationwide and would include $200 billion for housing infrastructure, including $100 billion to expand the supply of housing for low-income Americans.
The White House has not yet responded to the reports.
The new $3 trillion proposal has been met with resistance from congressional Republicans, with Senate Republicans uncomfortable with the price tag of the block grant package and accusing the spending bill of potentially causing problems.
Montana Republican Sen. Steve Daines (R-Mont.) decried, “In the last 12 months, we’ve pushed through nearly $6 trillion in COVID-related spending, and now we’re adding what, $3 trillion or more to a spending bill?” , “They’re talking about a massive appropriation of funds and a high tax increase. That’s the trick that’s going to get us into economic trouble. So that’s where the fight is right now. It’s 50/50 in the Senate now, with the House (Republican) members at a disadvantage. It’s going to be an interesting fight, but I’m not going to support these massive spending increases and…massive tax increases.”
Bloomberg reported in late March that the Biden Administration‘s current plan to raise taxes includes raising the corporate tax rate from 21 percent to 28 percent, increasing the income tax rate for individuals earning more than $400,000 a year, expanding the estate tax, creating a higher capital gains tax rate for individuals earning at least $1 million a year, and cutting tax breaks for some businesses.
The Biden administration will also release its proposed budget for fiscal year 2022 this week, and the budget proposal will include the level of funding received by various government agencies and the government’s propensity to invest. The Biden administration is expected to spend more government spending on long-term Democratic priorities, such as education, green energy and climate.
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