Report: Biden Infrastructure Plan to Spend $4 Trillion, Increase Taxes by $3 TrillionSean Moran 29 Mar 2021
President Joe Biden’s infrastructure plan may include $4 trillion in spending and $3 trillion in increased taxes, according to a report released Monday.
The Washington Post reported that Biden’s infrastructure plan might include $4 trillion in new spending and $3 trillion in tax increases.
Members of the White House Economic Council reportedly remain worried about the increase in spending.
“The officials worried that the large gap between spending and revenue would widen the deficit by such a large degree that it could risk triggering a spike in interest rates, which could in turn cause federal debt payments to skyrocket, said the people familiar with the matter,†the Post’s Jeff Stein wrote.
The infrastructure plan follows as Biden recently signed the Democrats’ partisan $1.9 trillion coronavirus package.
The reported Biden proposal would serve as one of the largest tax hikes in generations. This runs in contrast to President Donald Trump’s administration, which cut taxes with the Tax Cuts and Jobs Act.
Democrats also reportedly disagree over if they should focus on physical infrastructure such as roads and bridges compared to social welfare spending such as child care.
more
https://www.breitbart.com/politics/2021/03/29/report-biden-infrastructure-plan-to-spend-4-trillion-increase-taxes-by-3-trillion/
