Biden Plans to Split Spending Plan in Two

Biden Plans to Split Spending Plan in Two

President Biden plans to split up his next big government-spending push into two programs and will lay out his vision for an infrastructure-focused first proposal, including green-energy programs, at an event in Pittsburgh this week, a top administration official said Sunday.

The second proposal, which the administration plans to release in April, would focus more on child care and healthcare programs, among other priorities for the administration, White House press secretary Jen Psaki said on “Fox News Sunday.”

At some point the administration plans to propose tax increases on higher-income households and businesses to help pay for the programs, though it has yet to lay out its tax strategy or how it will fit together with the next two stages of spending.

Democrats say the spending programs will help to make the economy more productive, boosting growth and household incomes. Republicans are wary of wasteful spending and reject efforts to raise taxes. Some economists warn the government risks piling on too much debt, overstimulating the economy and causing inflation. However, interest rates and inflation are low, which has left administration officials believing they have room to maneuver to make long-term investments in growth.

Ms. Psaki said the president believes he can get bipartisan support for his infrastructure proposal, as some spending, such as restoring roads and bridges, is popular in both parties.

Source: WSJ – US News

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