Biden administration is preparing a new $3 trillion package
Advisers of the President of the United States, Joe Biden, are preparing a $3 trillion plan to stimulate the economy in the long run. The package includes measures to combat climate change and alleviate inequality in the country, in addition to a series of infrastructure projects that must be partly financed by raising taxes on the wealthiest and businesses.
According to The New York Times, after months of internal discussions at the White House, advisers are expected to present the ideas to Biden later this week. US government sources told that they will propose to the Democratic president a split in the megapackage into several bills to facilitate approval in Congress.
The value of Biden’s new economic package is expected to reach $3 trillion and this number does not include the cost of extending new temporary tax cuts designed to combat poverty, one of the measures studied by advisers, which could raise the figure by hundreds of billions of dollars.
Biden supports the new package and tax cuts for the poorest, but according to the Times, it remains unclear whether he will be willing to split the project into several parts. The government must assess with the Democratic leadership in Congress what is the best strategy to get the plans approved before the 2022 legislative elections.
Despite containing measures to help low-income Americans and companies affected by the pandemic, the $ 1.9 trillion package recently approved by Congress brings little progress on the economic agenda promised by Biden during the campaign. The president wants to use the federal government’s power to reduce inequality, cut carbon emissions, in an effort to combat climate change, and improve US industry. Another focus is the technological dispute with China and other foreign competitors.