Biden’s advisers draw up plans for $3tn in new spending

{"text":[[{"start":14.03,"text":"Joe Biden is set to consider a plan from his top advisers to plough roughly $3tn in additional government spending into the US economy for investments in infrastructure, clean energy and education, two people familiar with the matter said on Monday. "}],[{"start":30.259999999999998,"text":"The additional fiscal support for the US recovery would closely track Biden’s 2020 presidential election pledges to tackle some of the major structural deficiencies afflicting the US economy. "},{"start":41.964,"text":"It is expected to be partially offset by increases in taxes on wealthy households and US corporations. "}],[{"start":50.06,"text":"It would represent the second stage of Biden’s ambitious economic agenda, after Congress approved a $1.9tn stimulus plan to deliver immediate relief to households during the pandemic. "}],[{"start":63.02,"text":"Biden’s advisers have turned to infrastructure and education investment plans in recent weeks, and are expected to present the president with more detailed proposals this week. "},{"start":73.587,"text":"People familiar with the matter said Biden had not yet signed off on any specifics, and nothing has been finalised. "}],[{"start":81.69,"text":"“President Biden and his team are considering a range of potential options for how to invest in working families and reform our tax code so it rewards work, not wealth,” Jen Psaki, the White House press secretary, said. "},{"start":96.419,"text":"“Those conversations are ongoing, so any speculation about future economic proposals is premature and not a reflection of the White House’s thinking. ”"}],[{"start":106.89,"text":"Biden had previously said he wanted to present his multitrillion-dollar investment package as early as February, but that goal was quickly sidelined as White House officials and lawmakers focused on passing the $1.9tn coronavirus stimulus package. "}],[{"start":123.95,"text":"Clinching congressional approval for a massive new round of spending with razor-thin majorities for Democrats in both the House of Representatives and the Senate may be even more difficult than it was for the stimulus package. "}],[{"start":null,"text":""}],[{"start":137.27,"text":"Although Republicans on Capitol Hill have often expressed an interest in approving more infrastructure spending, they have balked at tax increases and other domestic spending initiatives. "}],[{"start":149.32000000000002,"text":"During the presidential campaign, Biden proposed increasing the corporate tax rate from 21 per cent to 28 per cent, as well as raising individual taxes on Americans earning more than $400,000 per year. "}],[{"start":164.15000000000003,"text":"Mitch McConnell, the Republican Senate minority leader, ripped into the White House’s nascent investment plans on Monday, calling them a “Trojan horse for massive tax hikes and other job-killing, leftwing policies”. "}],[{"start":178.05000000000004,"text":"McConnell then referred back to the economic policies of former president Donald Trump, saying they had yielded better results in the pre-pandemic era. "}],[{"start":187.53000000000003,"text":"“Wages were growing faster at the bottom than the top. "},{"start":191.32200000000003,"text":"Unemployment was at historic lows. "},{"start":193.92700000000002,"text":"American workers were a hot commodity and were getting compensated accordingly,” he said. "},{"start":199.73200000000003,"text":"“Pro-worker prosperity does not entail having big government politicians or big labour bosses micro manage every aspect of the economy to suit liberal fads. ”"}],[{"start":210.59000000000003,"text":"The New York Times first reported that Biden’s economic advisers were close to presenting the president with an investment plan worth $3tn this week, noting that they were considering splitting it into two separate packages. "}],[{"start":224.37000000000003,"text":"The first would be focused on traditional infrastructure and clean energy investments, while the second would be centred around child care and education investments, including funding for universal pre-kindergarten courses and free community college. "}],[{"start":239.28000000000003,"text":""}]],"url":"https://creatives.ftacademy.cn/album/001091881-1616464990.mp3"}