Biden Planning $3-4 Trillion in Additional Public Spending

The President of the United States, Joe Biden, is set to discuss with his aides the administration’s spending plans for infrastructure, climate change, and job creation, Reuters reported.

Combined, these plans could cost around $4 trillion, which are expected to financed through tax increases.

Biden “is considering a range of options, scopes and sizes of plans and will discuss with his policy team in days ahead, but speculation is premature,” said the White House spokeswoman, Jen Psaki, on Twitter, noting that that the “focus will be on jobs and making life better for Americans.”

Media reports suggested that the plan could be introduced over two separate phases.

Biden has vowed during his campaign to lead transformation efforts towards clean energy sources in a bid to reduce carbon emissions resulting from the use of fossil fuels that are using global warming.

Moreover, the issue of renovating infrastructure has been discussed for years. It was one of the issues that former President Donald Trump ran on and promised repeatedly.

With Democrats enjoying a majority in Congress, Biden could have an opportunity to pass the needed legislations for his spending plans, especially with some Republican support expected for spending on infrastructure.

Earlier this month, Biden, signed the $1.9 trillion relief bill into law, officially ratifying what he originally proposed as the “American Rescue Plan” to help the U.S. economy recover from the impact of the Coronavirus pandemic.

After Congress passed the bill, following a long debate in the Senate, the new stimulus package provided an increase in direct paychecks to Americans and higher spending on vaccine programs to combat the spread of the virus.

The relief bill provides an additional $1,400 in direct payments to the majority of American households, bringing the total government paychecks to $2,000 per household, by spending an additional $400 billion. In addition to a $3,600 support per child for each household for a year.

Furthermore, the bill allocates $350 billion to higher aid to state and local governments. Moreover, the stimulus package includes $20 billion in spending on the vaccination program, as well as higher support for educational institutions and state and local governments.

The bill also extends unemployment benefits at a $300 weekly payment until early September.

Biden’s Democratic Party succeeded in passing the bill through Congress, despite large opposition from Republicans, as it enjoys a majority of seats in the House of Representatives, and half the seats of the Senate, which are not usually enough to pass such a legislation, however, through what is called the reconciliation option, the bill passed through the Senate.