The White House will unveil tomorrow a plan to spend $2.25 trillion on a jobs and infrastructure package that could form a cornerstone of President Biden’s economic agenda.
Biden’s plan will include approximately $650 billion to rebuild the country’s infrastructure, such as its roads, bridges, highways and ports.
The plan will also include in the range of $400 billion toward home care for the elderly and the disabled, $300 billion for housing infrastructure and $300 billion to revive U.S. manufacturing.
And it will include hundreds of billions of dollars to bolster the nation’s electric grid, enact nationwide high-speed broadband and revamp the nation’s water systems to ensure clean drinking water, among other major investments.
Sources, who spoke to The New York Times on the condition of anonymity to reveal internal deliberations, cautioned that White House officials were still making last-minute adjustments to the plan and that details were subject to change.
White House press secretary Jen Psaki has said the proposal will be paid for in new tax hikes.
These hikes will be particularly focused on corporations, seeking to reverse much of President Trump’s 2017 tax law, the people familiar with the plan said.
The plan will also include approximately $400 billion in clean-energy credits on top of the $2.25 trillion in new spending.
The plan, which Biden will introduce in Pittsburgh on Wednesday, forms one part of the “Build Back Better” agenda that the administration aims to introduce.
Psaki has said the administration within weeks will introduce a second legislative package.
That second package is expected to include an expansion in health insurance coverage, an extension of the expanded child tax benefit, and paid family and medical leave, among other efforts aimed at families, the officials said.
White House officials have not explained whether they will seek to have both efforts pass at the same time or try to get Congress to approve one first.
The combined price tag of the plans could top $4 trillion.