Jim Tankersley reports: “President Biden’s economic advisers are preparing to recommend spending as much as $3 trillion on a sweeping set of efforts aimed at boosting the economy, reducing carbon emissions and narrowing economic inequality, beginning with a giant infrastructure plan that may be financed in part through tax increases on corporations and the rich.”
Advisors are expected to present a $3 trillion infrastructure plan to President Biden this week, along with a strategy that would split the spending plan into separate legislative pieces.
“Mr. Biden supports all of the individual spending and tax cut proposals under consideration, but it is unclear whether he will back splitting his agenda into pieces, or what legislative strategy he and Democratic leaders will pursue to maximize the chances of pushing the new programs through Congress given their narrow majorities in both chambers,” according to Tankersley.
Tankersley says the package reflects the president’s goals “to narrow economic inequality, reduce the carbon emissions that drive climate change and improve American manufacturing and high-technology industries in an escalating battle with China and other foreign competitors.”
The article also considers the political prospects of the speculative Biden infrastructure plan, noting that Republican support will depend on financing plan for such massive expenditures. The Trump administration also had an infrastructure plan with large monetary figures attached, but failed to win enough Congressional support to gain traction after a Senate Environment and Public Works Committee hearing in early 2018.