President Biden unveils multi-trillion dollar infrastructure plan

The New York Post:

President Biden on Wednesday rolled out the broad outline of a $2 trillion infrastructure and jobs package that he hopes to finance through tax hikes on corporations and upper middle class earners.

In his remarks unveiling the proposal, Biden said, it would mark “the moment that America won the future.”

The package will face protracted debate in Congress, where Democrats hold razor-thin margins in both the House and Senate. The spending and associated tax hikes are only likely to pass the Senate via a restrictive budget reconciliation process that circumvents the usual 60 votes required for bills.

Biden’s preliminary proposal was presented during a speech in Pittsburgh. According to a White House fact sheet, it includes:

Home care for seniors, disabled: $400 billion

The single largest item is a proposal to “put $400 billion toward expanding access to quality, affordable home- or community-based care for aging relatives and people with disabilities,” according to the fact sheet. [More at NYPost]

Electric vehicles: $174 billion

The second-largest pot of funding would go toward electric vehicles, including rebates and tax incentives for people who buy the cars and funds for the feds to swap out their own petroleum-fueled vehicles. [More at NYPost]

Roads and bridges: $115 billion

Biden is proposing a significant amount of funding for traditional infrastructure projects, setting off what’s likely to be intense jockeying among lawmakers to bring home the bacon for home-state priorities. [More at NYPost]

Modernize water systems: $111 billion

The infrastructure plan calls for three major water system improvement plans. A $45 billion fund would seek to fully eliminate old lead water pipes, which local governments and homeowners for decades have replaced due to toxicity issues. [More at NYPost]

And much more: School Construction ($100B),Public Transit ($85B), Amtrak Repair ($80B), Broadband Internet ($100B), Infrastructure Resilience, Public Housing ($40B), …

Read it all at The New York Post

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