The President of United States (U.S.), Joe Biden is planning for a new economic package of $3 trillion to boost the economy, infrastructure and domestic needs.
This package also includes in narrowing down the economic inequality, reducing carbon emissions with giant infrastructure plan that may be financed in part through tax increases on corporations.
After months of rigours internal battle, Biden’s advisors are expected to present the spending proposal in front of the president and congressional leaders.
Earlier this week, Gina McCarthy, Biden’s national climate adviser discussed his infrastructure plans and their role in combating climate change – in a meeting with oil and gas industry executives.
Joe Biden had a private hurdle with Senate Democrats as Congress had already begun laying the groundwork with legislation for developing hospitals, roads and green energy systems.
The aid package of $1.9 trillion signed by Biden into law earlier this month includes funds to help vulnerable people and businesses to survive the pandemic downturn.
Biden’s Administration believes that transitioning to renewable energy and improving U.S’s ability to compete in emerging industries, like electric vehicles .etc will essentially see those goals building out the nation’s infrastructure and shifting to a low-carbon future as inseparable.
Seth Hanlon, one senior member at the liberal Centre for American Progress think tank said
“President Biden’s plan represents a stunning shift in priorities, addressing many of the nation’s most pressing challenges,”
“contrasting the plan with the priorities of previous administrations. “As reported, the plan is very wide-ranging, reflecting the fact that we’ve underinvested in so many areas.”
Some officials in white house believe the focus of the first package may be more appealing to business leaders, Republicans and moderate Senate Democrats.
As the package includes several tax incentives, like credits for families to afford child care and to improve energy efficiency could push overall price to $4 trillion.
