What’s in President Biden’s $2.25 Trillion Infrastructure Package?
What’s the story?
President Joe Biden on Wednesday outlined a $2.25 trillion package he has dubbed the American Jobs Plan, in addition to a package of tax increases that the administration says would offset its cost over 15 years.At $2.25 trillion, it would be the largest stimulus package enacted in U.S. history, surpassing the $2.2 trillion CARES Act that became law at the outset of the coronavirus (COVID-19) pandemic. Biden is also planning to release another plan, the American Families Plan, in mid-April that will likely exceed $1 trillion to expand “social” infrastructure.
Biden delivered remarks in Pennsylvania and said of his plan:
“It’s about infrastructure. The American Jobs Plan will modernize 20,000 miles of highways, roads, and main streets that are in difficult, difficult shape right now. It’ll fix the nation’s 10 most economically significant bridges in America that require replacement. Remember that bridge that went down? We got 10 of the most economically significant bridges with more commerce going across it that need to be replaced. We’ll also repair 10,000 bridges, desperately needed upgrades to unclog traffic, keep people safe, and connect our cities, towns, and Tribes across the country.”
Senate Minority Leader Mitch McConnell (R-KY) criticized the proposal as a massive tax hike under the guise of infrastructure investment:
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