President Joe Biden plans to address Congress on Wednesday regarding his new plan for an additional $1.8 trillion in spending.
President Biden will outline his proposed American Families Plan during his speech, according to the White House, an additional $1.8 trillion for free community college, free child care, paid leave, increased food stamps, and free universal pre-school.
The new proposed plan would give an additional trillion in spending while also dealing out $800 billion in tax cuts.
The plan will also extend the child tax credit through 2025 and the Obamacare health insurance tax credit. The earned income tax credit would become permanent.
“The President knows we need to do more to build a stronger economy that doesn’t leave anyone behind,” a senior administration official told reporters during a call on Tuesday. “The American Jobs Plan and the Families Plan are once-in-a-generation investments in our nation’s future.”
With the new proposed spending plan, the new total would be $6 trillion in proposed spending for Biden in his first 100 days as president. $1.8 trillion for the American Families Plan, $2.3 trillion for his American Jobs Plan on top of the $1.9 trillion coronavirus rescue package passed by Democrats in March.
Biden plans to pay for some of his proposed spending with significant tax increases on capital gains and raising corporate tax rates.
“The President will be proposing a set of measures to make sure the wealthiest Americans pay the taxes that they owe, while also ensuring that no one making less than $400,000 per year will see their taxes go up,” the White House official said to reporters.
On Wednesday, White House press secretary Jen Psaki said that Biden would outline his priorities on police reform, immigration reform, and gun control during his address to Congress.
The president’s speech will conclude the first 100 days of the most expensive and radically left administration in American history.