President Biden is set to announce his plan for additional fiscal stimulus today. Previous reports suggest that the new US stimulus package calls for $3 trillion in new spending, although reports in the Washington Post raise the figure in Biden’s proposal to $4 trillion, which would be funded by tax increases of $3 trillion, up from the $1 trillion initially estimated.
Politico stresses, on the other hand, that Biden will not push for the implementation of a wealth tax. Thus, and according to different media, the new spending program contemplates $650 billion dedicated to roads, bridges, ports and the like; $500 billion for the elderly and disabled; $300 billion for housing infrastructure; $300 billion to boost U.S. manufacturing and strengthen the electrical grid, establish a national bandwidth and renew water systems.
The second part of the plan, to be unveiled in April, is expected to address other traditional Democratic policy priorities. It will be focused “squarely on creating economic security for the middle class through investments in childcare, healthcare, education and other areas” according to White House press secretary Jen Psaki. The biggest current uncertainty appears to be whether the plan will garner enough support among Democrats to pass unilaterally, yet again.