The Biden Administration is reportedly putting together a new economic spending plan that includes a major infrastructure package.
According to The Hill, the new $3 trillion spending package would be introduced as part of the administration's Build Back Better jobs and infrastructure proposal. The plan is expected to be split into two separate bills, the first of which would tackle infrastructure. This would include spending on climate change measures, broadband and 5G, as well as roads and bridges.
According to The New York Times, nearly $1 trillion will be proposed for roads, bridges, rail lines, ports, electric vehicle charging stations, and more. The Times says this is part of the administration's agenda to transition to renewable energy, and that building out the nation’s infrastructure and shifting to a low-carbon future are inseparable issues for the Biden team.
The Hill says that President Biden has already met with members of both parties in Congress to make a deal on infrastructure, an issue that is largely seen as having bipartisan support. The dividing issue, according to reports, may be on how to pay for the plan, as Republicans and Democrats appear to be at odds over issues such as raising the corporate tax rate to meet the funding needs for this package.
Since the inauguration, President Biden has met with several members of Congress to discuss an infrastructure package. Earlier this month, the administration met with members of the House Transportation and Infrastructure Committee and met with the Senate Environment and Public Works Committee last month.
During the transition for the Biden Administration, the transition team laid out plans to include infrastructure as one of four areas of focus to address economic recovery throughout the country as a result of the pandemic. Biden's plans for infrastructure were laid out during the campaign as part of his Build Back Better jobs and economic recovery plan.
SOURCE: The New York Times / The Hill