President Biden and his administration will present a wide range of proposals for federal spending increases this week, including the first look at his budget plans for the year and details of his highly anticipated infrastructure plan.
The president will travel to Pittsburgh on Wednesday to detail a “Build Back Better” proposal that advisers say will include $ 3 trillion in new spending and up to $ 1 trillion more in tax credits and other tax incentives.
It will include investments in traditional infrastructure projects such as reconstruction of roads, bridges and water supply systems; spending to advance the transition to a low-carbon energy system, such as electric vehicle charging stations and the construction of energy-efficient buildings; investments in emerging industries such as advanced batteries; educational efforts such as free community college and universal preschool; and measures to help women work and earn more, such as increased support for childcare.
Mr Biden’s agenda is expected to be offset, at least in part, by a wide range of corporate and high-income tax increases.
The president said at a press conference last week that his next move would be “to rebuild the infrastructure – both physical and technological infrastructure in this country – so that we can be competitive and create significant numbers. really well paying jobs. Really well paying jobs. “
The White House Office of Management and Budget is also expected to release Mr Biden’s discretionary funding request for the next fiscal year this week – detailing separate spending from the infrastructure plan. White House officials have said it will establish agency-by-agency funding levels and other information to help congressional committees begin drafting next year’s supply bills, which for the first time times in a decade will not be limited by spending caps imposed by Congress. (Lawmakers have agreed to break those caps in recent years.)
This request will not include Mr Biden’s tax plans, officials said. The administration’s full budget will be presented to Congress later this spring.
Mr Biden has already signed $ 1.9 trillion in new spending into the law, a coronavirus relief bill that included direct payments to individuals, extensions to the safety net for the unemployed and workers at low income and new tax credits aimed at raising people, especially children. , out of poverty.
Aides presented Mr. Biden last week with a plan to break his infrastructure proposal in half, to maximize his chances of pulling out a Congress where Democrats hold a slim majority. On Sunday, a reporter asked Mr Biden if he chose to split the package or push a single bill.
“Yes,” he said, “but I’m not telling you.”