Biden’s $3T Infrastructure Bill
President Joe Biden and his administration are eyeing a $3 trillion infrastructure package that aims to reduce carbon emissions, boost the continuing economic recovery, and lessen economic inequality.
The exact details of the bill are still being sorted out, according to officials. However, the proposal’s massive scale reveals the Biden administration’s ambitious commitment to using the federal government’s power to make the economy more equitable, fight climate change, and boost American manufacturing.
Earlier this month, President Biden signed a $1.9 trillion stimulus bill into law, providing funds to help struggling Americans and American businesses amid the pandemic. However, the bill does nothing to further President Biden’s long-term economic goals, including transitioning to clean energies and developing America’s ability to invest in emerging markets such as electric cars.
The proposed $3 trillion package would address Biden’s long-term economic goals, including $1 trillion in spending to improve bridges, roads, electric vehicle charging stations, telecommunications networks and more. The goal would be to make it easier for the country to switch to renewable energy while still increasing its economic competitiveness. Another package component would include investments in workers — providing free community college, universal pre-kindergarten, and paid family leave.
The bill may be financed partly by tax increases on corporations and wealthy Americans. Biden’s administration has already proposed increasing the corporate tax rate and tax increases on people making more than $400,000 a year.
According to lawmakers, President Biden is set to release his budget in the coming weeks while Congress works on the infrastructure bill that could be ready by summer.
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