After the passage of the COVID-19 relief bill, the Biden administration is working towards its next major priority. An investment package that could cost up to $3 trillion, as per unsubstantiated reports, is being explored. This move is being made to improve infrastructure and other essential areas that require immediate and long term attention; to revive the flagging economy.
The “Build Back Better” was a campaign promise by Biden and the administration has started laying the foundation to build robust legislation to focus on infrastructure as well domestic policies. The family-friendly policies may focus on education and paid family leave.
A person, who wishes to remain totally anonymous as the discussions are in the preliminary stage, shared details with Associated Press. None of the parts of the proposal have finalized and funds allocated or areas of spending could also change.
Some of the areas where funds could be allocated for infrastructure include
- Developing and maintaining roads, bridges, rail lines
- Drinking water projects
- Building hospitals
- Encouraging green energy
- Improving cellular networks
Some of the parts where funds could be allocated to improve domestic policies include
- Free community college
- Universal pre-kindergarten
- Paid family leave
Republican leader in the Senate Mitch McConnell thrashed the proposal in the Senate on Monday. He said that it would only lead to a hike in taxes and called it “left-wing policies.”
Since the $1.9 trillion relief package was funded entirely through debt, this package needs an infusion of funds. So, as per their campaign proposal, taxes are expected to be raised. Higher corporate taxes as well as increases on taxes of those who make over $400,000 per annum could be imposed.
It is also being said that the Biden administration is planning to undo most of the tax cuts that were put in place in 2017 by the Trump administration.
This new package is expected to be put forth in the next few weeks. The expected date of the implementation of the package could be this summer. Although the goal is to release the package through bipartisan support, the Democrats are willing to go ahead with it alone, if the Republicans use roadblocks along the path to its passage.