President Joe Biden and his administration have already outlined their next big spending bill, The American Families Plan. A basic outline of the second bill was revealed by the Washington Post on Tuesday citing “two people aware of internal discussions.”
The bill will likely include $225 billion for child-care, $200 billion for universal preschool, and hundreds of billions for tuition-free community colleges, according to the Post.
Other priorities include $225 billion for paid family and medical leave and an expansion of food stamp programs.
President Joe Biden’s infrastructure plan may include $4 trillion in spending and $3 trillion in increased taxes, according to a report released Monday. https://t.co/ydYKJ6ZdGb
— Breitbart News (@BreitbartNews) March 30, 2021
The White House said in a statement the reported details of the second spending package were still subject to change.
The package would also include an extension of the expanded child tax credit that was included in Biden’s $1.9 trillion coronavirus spending package.
The tax credit this year offers families $3,600 per young child under five and $3,000 per child ages 6-17. The White House would like to see that credit expanded through 2025.
To pay for the plan, Biden would increase taxes on the wealthy and investors, and boost tax enforcement at the IRS.
President Biden’s tax hike plan would cost the American economy one million lost jobs in the first two years, according to a study from the National Association of Manufacturers. https://t.co/NuJfyd1eUb
— Breitbart News (@BreitbartNews) April 8, 2021
Biden’s combined spending proposals tied together with the $1.9 trillion coronavirus rescue package would end with a whopping $5.4 trillion dollars in spending in the first year of his presidency.
The president would have to ask Congress to move all of his spending packages forward using reconciliation, with complete unity among Democrats in the Senate. Republicans remain opposed to Biden’s proposed tax hikes as well as the massive cost of his planned spending.