Fresh off enacting a $1.9 trillion COVID-19 relief bill earlier this month, President Joe Biden will roll out a sweeping $3 trillion infrastructure and social welfare package under his “Build Back Better” promise next week in Pittsburgh.
The package will reportedly have two main components: an infrastructure plan for improving roads, bridges, rail, electrical vehicle charging stations and the cellular network that will total roughly $2 trillion, and an investment in family-friendly policies focused on education and paid leave valued at roughly $1 trillion.
White House press secretary Jen Psaki said Biden is still finalizing some details of the proposal but added, “His focus, of course, will be on investing in America’s workers, making sure the tax code rewards worth not wealth, delivering on the promises he made to the American people when he was running for president.”
Biden has been meeting with Senate Democrats this week to build support for his bold initiative, which may have trouble winning over Republicans who oppose the price tag and the “pay-fors,” which will include raising the corporate tax rate and on individuals making more than $400,000 per year.
Senate Minority Leader Mitch McConnell (R-KY) is already describing the plan as a “Trojan horse that includes massive tax increases on Americans. [Democrats] are going hard-left. They misread the election. It is a 50/50 Senate and a very narrow Democratic majority in the House, not a mandate to turn America into Bernie Sanders’ view of what America ought to be.”
Given the expected opposition from Republicans, the legislation may be drafted over the summer but end up in a reconciliation package this fall.