Biden Administration Considering Up to $3 Trillion for Next Economic Plan

Subscribe to The Global Herald in Google News

Bloomberg Quicktake: Now published this video item, entitled “Biden Administration Considering Up to $3 Trillion for Next Economic Plan” – below is their description.

The Biden administration is considering as much as $3 trillion worth of measures to include in the long-term economic program that will follow the $1.9 trillion pandemic-relief bill signed earlier this month, according to three people familiar with the deliberations.

The proposal will be presented to President Joe Biden this week, one person said, asking not to be named as the discussions are private.

Infrastructure and climate change have long been described as key efforts in the pending program, and the new details show the administration is eyeing some $400 billion for so-called green spending, according to the two people.

The plan also addresses investing in human capital, with tuition reductions among minorities along with health-care initiatives, one said. Another person familiar with the talks said there’ll be money for child care and elder care.

Unlike the Covid-19 emergency-spending program, the longer-term proposals will feature a major revenue-raising effort. Aides say increasing corporate taxes and rates for the wealthy will be central components of what’s set to amount to the biggest tax increases since the 1990s.

The New York Times and Washington Post earlier reported on the administration’s discussions of a $3 trillion program, likely to be divided into two separate packages.

“It’s coming soon, so this week he’ll be talking to his team about what the options are, the size and scope, the options of what it could look like,” White House Press Secretary Jen Psaki said Monday.

The $3 trillion figure compares with economists’ estimates for a range of $2 trillion to $4 trillion. The person familiar with the talks said no final spending total has yet been decided on.

Biden is expected to make his case for his so-called Build Back Better program in a joint address to Congress in April.

Democratic aides have increasingly expected the program will be split into more than one package, given legislative challenges. Putting everything into a reconciliation bill, which allows for a simple majority vote in a Senate with a 50-50 partisan split, may be too difficult given the rules for what things can be included.

Republicans have already made clear they won’t favor tax increases, and are unlikely to support major spending on renewable energy.

“We’re hearing the next few months might bring a so-called infrastructure proposal that may actually be a Trojan horse for massive tax hikes and other job-killing left-wing policies,” Senate Republican leader Mitch McConnell said on the chamber floor Monday. Democrats “have an obsessive focus on climate policies to the exclusion of everything else,” he said.

But many Republicans favor more traditional infrastructure tied to transport such as highways, and have endorsed spending designed to enhance the competitiveness of American technology versus China. Senate Majority Leader Chuck Schumer has teamed up with GOP Senator Todd Young of Indiana to propose such a China-oriented bill.

Bloomberg Quicktake: Now YouTube Channel

Got a comment? Leave your thoughts in the comments section, below. Please note comments are moderated before publication.


Subscribe to The Global Herald in Google News

About This Source - Bloomberg QuickTake: Now

Bloomberg L.P. is a privately held financial, software, data, and media company headquartered in Midtown Manhattan, New York City.

It was founded by Michael Bloomberg in 1981, with the help of Thomas Secunda, Duncan MacMillan, Charles Zegar, and a 12% ownership investment by Merrill Lynch.

Recent from Bloomberg QuickTake: Now:

  • Biden Lays Out Plan for Dealing with Omicron Variant
  • At Least 3 Dead in Michigan High School Shooting
  • Bolsonaro joins centrist party in reelection bid
  • In This Story: China

    China is the third largest country in the world by area and the largest country in the world by population. Properly known as the People’s Republic of China, the political territory of the country includes the former nations of Tibet and Hong Kong. The capital is Beijing.

    7 Recent Items: China

  • Organizing consultant becomes fast-growing profession in China
  • EU to Invest 300 Billion-Euros in Global Gateway Program
  • China Plans to Ban Foreign IPO Loophole
  • China’s housing nightmare: The story behind Evergrande’s near-bankruptcy • FRANCE 24 English
  • Social stigma of HIV still plagues Asia-Pacific
  • Macau police arrest Suncity casino junket boss in crackdown on online gambling
  • Rare snow turns Taklimakan Desert into winter wonderland
  • In This Story: Climate Change

    Climate Change is the name commonly given to the notion that the Earth is undergoing a changing climate as a result of human activity, including notable leaders, scientists and naturalists including Sir David Attenborough.

    Climate change includes both the global warming driven by human emissions of greenhouse gases, and the resulting large-scale shifts in weather patterns.

    2 Recent Items: Climate Change

  • El Salvador: Fighting climate change | Global Ideas
  • Russia – Monthly Press Briefing (30 November 2021) | United Nations
  • In This Story: COVID-19

    Covid-19 is the official WHO name given to the novel coronavirus which broke out in late 2019 and began to spread in the early months of 2020.

    Symptoms of coronavirus

    The main symptoms of coronavirus are:

    • a persistent new cough (non productive, dry)
    • a high temperature (e.g. head feels warm to the touch)
    • shortness of breath (if this is abnormal for the individual, or increased)

    Latest News about Covid-19

    Below are stories from around the globe related to the 2020 outbreak of novel Coronavirus – since the WHO gave the Covid-19 naming. Most recent items are posted nearest the top.

    5 Recent Items: COVID-19

  • Omicron variant raises new fears for pandemic-hit world economy • FRANCE 24 English
  • Boris Johnson promises Covid booster vaccines for every adult by end of January
  • ‘Don’t be afraid of yourself’: The importance of fighting stigma surrounding HIV • FRANCE 24
  • Experts warn HIV sidelined during COVID-19 pandemic | DW News
  • Omicron scare: The world BRACES for new COVID outbreak
  • In This Story: Democrats

    “Democrats” usually refers to the The Democratic Party of the United States – one of the two major political parties in the country, along with its main, historic rival, the Republican Party.

    It was founded on 8th January 1828 and has its contemporary headquarters in Washington, D.C., United States. The present leadership is Nancy Pelosi (Party leader) and Jaime Harrison (Party chair).

    2 Recent Items: Democrats

  • CrossTalk | Too far left?
  • Why Biden’s approval ratings are so low
  • In This Story: Joe Biden

    Joe Biden is an American politician serving as the 46th and current president of the United States. A member of the Democratic Party, he served as the 47th vice president from 2009 to 2017 under Barack Obama and represented Delaware in the United States Senate from 1973 to 2009.

    He is married to Dr Jill Biden.

    Books by Joe Biden #Ad

    6 Recent Items: Joe Biden

  • Live: Biden talks about Infrastructure Bill in Minnesota
  • President Biden talks omicron variant
  • Why Biden’s approval ratings are so low
  • Biden says Omicron variant reaching US ‘almost inevitable’
  • Countries reintroduce travel bans over omicron variant | Coronavirus Latest
  • Beijing Winter Olympics not a stage for political manipulation: MOFA
  • In This Story: Mitch McConnell

    Mitch McConnell is an American politician currently serving as Kentucky’s senior United States senator and as Senate majority leader.

    2 Recent Items: Mitch McConnell

  • Senate Republicans hold press conference on energy prices
  • Donald Trump is doing everything he can to hurt GOP chances in 2022
  • In This Story: New York Times

    The New York Times is an American newspaper based in New York City with worldwide influence and readership. Founded in 1851 and nicknamed “the Gray Lady”, the Times has long been regarded within the industry as a national “newspaper of record”.

    2 Recent Items: New York Times

  • These moments made Stephen Sondheim the master of the musical
  • Wall Street expected to dole out record bonuses this year: NY Post’s Moynihan
  • In This Story: Republicans

    The Republican Party, sometimes also referred to as the GOP (Grand Old Party), is one of the two major contemporary political parties in the United States, along with its main, historic rival, the Democratic Party.

    It was founded on 20th March 1854 and has its contemporary headquarters in Washington, D.C., United States. The present leadership is Ronna McDaniel (chairwoman).

    2 Recent Items: Republicans

  • ‘If the election were tomorrow, Trump would win comfortably, to say the least,’ says Greg Swenson
  • Republicans Take Omicron Conspiracies To A New Level | The Daily Show
  • Leave a Comment

    We don't require your email address, or your name, for anyone to leave a comment. If you do add an email address, you may be notified if there are replies to your comment - we won't use it for any other purpose. Please make respectful comments, which add value, and avoid personal attacks on others. Links are not allowed in comments - 99% of spam comments, attempt to post links. Please verbalise where people may find additional information - for example "visit the UN website" or "search Google for..." rather than posting a link. Comments failing to adhere to these guidelines will not be published.

    Posting....