President Joe Biden will unveil a more than $2 trillion spending plan as part of an economic agenda the White House claims would transform the country's infrastructure and position the United States to take on China.
Biden's plan will include $620 billion to rebuild the country’s infrastructure, such as bridges, roads, and ports, and would include $580 billion to revive U.S. manufacturing. It also would spend $650 billion on housing infrastructure such as broadband, lead pipe replacement, electric grid modernization, affordable housing, and $400 billion for caregiving jobs and expanded care for seniors and people with disabilities.
Biden will introduce the eight-year American Jobs Plan, the next part of his “Build Back Better” agenda, in Pittsburgh, Pennsylvania, on Wednesday as part of a "commonsense" proposal to improve people's lives while shoring up domestic manufacturing, a senior official said. The spending would add to the $1.9 trillion in spending already enacted through the American Rescue Plan, adding to Biden's efforts for major fiscal expansion.
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"This is not just about infrastructure, but it's about creating more jobs and more industrial strength here in the United States," the official said the president will argue.
"When you make these infrastructure investments and you couple it with the president's commitment to 'Buy American,' what you do is, you're actually pulling forward and creating demand that will help to accelerate new industries," he added, which he called a part of the plan's "economic logic."
If passed, a companion tax reform bill would pay for the plan over 15 years and pay down deficits thereafter, according to the White House.
The tax proposal would roll back much of former President Donald Trump's 2017 Tax Cut and Jobs Act for corporations.
"This and other provisions would raise about a half a percent of GDP per year in corporate revenue, which would, over [a] 15-year period, fully pay for the investments in this plan," the official said.
Asked how many jobs the plan is expected to create, this person told reporters it would "create millions and millions" of them.
The White House has not detailed a legislative strategy for the bill, which would need 10 Republican votes in the Senate to pass by regular legislative processes.
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"We will begin and already have begun to do extensive outreach to our counterparts in Congress, Republicans and Democrats, to build on the plan, to listen to, solicit input, and to identify how we can move forward," the official said.
