President Joe Biden’s team is targeting as much as $3 trillion worth of measures to include in the long-term economic program, according to Bloomberg. The proposal will be presented to Biden this week and follows the $1.9 trillion pandemic-relief bill signed earlier this month.
Unlike the Covid-19 emergency-spending program, the longer-term proposals will feature a major revenue-raising effort such as higher corporate taxes and rates for the wealthy.
Under the new plan, the Biden administration eyes some $400 billion for the so-called green spending on infrastructure and climate change.
The plan also addresses investing in human capital, with tuition reductions among minorities as well as health-care initiatives.
Republicans have shown less intention to favor tax increases and are unlikely to support major spending on renewable energy.
Republicans favor more traditional infrastructure and endorse spending designed to enhance the competitiveness of American technology.
Given legislative hurdles, Democratic aides expect the program to be split into more than one package.
Biden is expected to make his case for his so-called Build Back Better program in a joint address to Congress in April.
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