Biden Team preparing for $3 Trillion in New Spending for the Economy

President Joe Biden is preparing to invest #3 trillion in infrastructure, education, workforce development and fighting climate change, intending to make the economy more productive.

After months of internal debate, President Biden’s economic advisers are preparing to recommend spending as much as $3 trillion on efforts aimed at boosting the economy, reducing carbon emissions and narrowing economic inequality, starting with a giant infrastructure plan that may be financed in part through tax increases on corporations and the rich.

The figure, however, does not include the cost of extending new temporary tax cuts meant to fight poverty, which could reach hundreds of billions of dollars, according to estimates prepared by administration officials.

The exact breakdown in cost between packaged has not yet been determined, officials have said.

While he supports all the individual spending, it is not yet clear whether Mr Biden will split his agenda into pieces or the strategy that Democratic leader will employ to increase their chances of pushing the new programs through Congress.

“I don’t think there’s going to be any enthusiasm on our side for a tax increase,” Senator Mitch McConnell of Kentucky, the Republican leader said in a  statement. He predicted the administration’s infrastructure plan would be a “Trojan horse” for tax increases.

Mr Biden’s team has aggressively been pursuing a compromise with Republicans and business leaders on an infrastructure package.

Mr Biden’s advisers plan to present the proposal to congressional leaders this week.