White House officials are set to brief President Joe Biden on a $3 trillion infrastructure spending package, Washington Post reports.
The bill will be the next major piece of stimulus legislation following the $1.9 trillion coronavirus relief bill which passed earlier this month. It will serve as the centerpiece of Biden's "Build Back Better" campaign promise.
Infrastructure projects proposed by the plan include funding to repair American transportation routes including roads, railways, waterways, and bridges. It will also spend billions on retrofitting buildings and improving schools across the country.
Much of the infrastructure spending will be focused on supporting green energy initiatives as part of the Biden administration's climate agenda. The plan is expected to include tens of billions to support green public transportation infrastructure, the further construction of electric vehicle charging stations, and other climate change initiatives.
The plan will not simply include infrastructure spending, however, which was promised by Biden and his predecessor, former President Donald Trump. The bill is expected to include many progressive policy priorities such as universal pre-K, national childcare, and free community college tuition. Historically black colleges will also likely see additional funding to support tuition cuts. Trump was also planning that measure.
The Biden administration is seeking to force drug companies to lower the cost of prescription medication, a move which is expected to save the federal government an average of $45 billion per year over the course of the next decade due to subsequent reductions in Medicare and Medicaid spending.
While such a bill will likely be able to pass through the House of Representatives, it will have more difficulty in the evenly split Senate, where Republicans are expected to raise concern over the financial efficacy of further trillions in spending.
The US debt currently stands at over $28 trillion, with the government posting a deficit of more than $3 trillion this year.
However, the Biden administration is looking into raising a variety of taxes in order to fund the plan, including a reported seven percent increase in corporate taxes as well as capital gains tax increases. Biden has repeatedly promised to raise taxes on the wealthiest Americans, insisting that those with an annual income below $400,000 will not see their taxes raised by even a penny.