GOBankingRates

Biden’s Two-Part $3 Trillion Economic Plan Aims to Improve Infrastructure, Fight Climate Change

MediaPunch/Shutterstock / MediaPunch/Shutterstock

White House economic advisors are working on a $3 trillion jobs and infrastructure plan that could hit President Joe Biden’s desk as early as this week, The New York Times reported Monday, with the proposal likely being broken down into two parts.

See: Do You Support a Biden Tax Increase? Take Our Poll
Find: How Biden’s Plan To End Coronavirus Is Impacting the Economy (So Far)

The proposal, which has been weeks in the making, reportedly would include one bill focused on infrastructure and clean energy, with the other focused on important economic issues. Although details are still being worked out, the package has a wide and sweeping scope that looks to boost the economy, lower carbon emissions, narrow the economic gap between rich and poor Americans and provide for free community college, universal prekindergarten and a national paid leave program.

It will like begin with a massive infrastructure plan that The New York Times said could be partly funded by tax hikes on corporations and the wealthy. This could be a tough sell for Republicans and moderate Democrats, who support some kind of infrastructure plan but likely would be resistant to tax increases.

See: Biden’s Tax Hikes Take on Millionaires Made Richer by COVID-19
Find: Sanders’ New Tax Bill Targets Companies With High-Earning CEOs

Make Your Money Work for You

CNBC reported Monday that Biden has still not decided how to proceed with the package. In a statement to NBC News, White House Press Secretary Jen Psaki said, “President Biden and his team are considering a range of potential options for how to invest in working families and reform our tax code so it rewards work, not wealth.” She added that “conversations are ongoing, so any speculation about future economic proposals is premature and not a reflection of the White House’s thinking.”

Earlier this month Biden signed a $1.9 trillion coronavirus relief package designed to inject more money into the economy and speed up the COVID-19 vaccination program. As part of that plan, most Americans will get direct payments of up to $1,400.

More from GOBankingRates