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Biden to Announce $3 Trillion Economic Plan to Take On Decades of Inequality
Posted
March 30, 2021
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6:00Now PlayingPresident Franklin D. Roosevelt fundamentally reshaped U.S. economic policy nearly 80 years ago with his New Deal programs aimed at uplifting society’s most vulnerable. President Lyndon B. Johnson followed suit in the 1960s with his war on poverty.
The coming weeks could determine whether Joe Biden succeeds in becoming the next Democratic president remembered for tackling inequality on a grand scale.
Biden’s plans for a mass expansion of government spending and a revamp of the tax code, which he will detail in a speech tomorrow, are proving as divisive among economists as they are among lawmakers, Christopher Condon and Payne Lubbers report.
The president will lay out the infrastructure portion of a roughly $3 trillion package. Even the initial spur will help the poor through measures like a provision for safe drinking water. The broader social-spending programs will be outlined next month.
The massive legislation will be tough to enact. Senate Republican leader Mitch McConnell has warned that efforts to improve infrastructure shouldn’t turn into “a Trojan horse for massive tax hikes and other job-killing left-wing policies.”
And with Democrats’ narrow control of both the House and Senate, corralling all of Biden’s party is likely to be a difficult — but necessary — task.
In one sign of the challenges ahead, Democratic Representative Tom Suozzi of New York said yesterday he won’t back any tax increases to pay for infrastructure unless a $10,000 cap on state and local tax deductions is repealed.
Less than three months in, Biden has already set an ambitious target for his legacy. Now comes the hard part: meeting that goal.
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