Just weeks after introducing an infrastructure package that would require roughly $2 trillion in new government spending, President Biden is set to unveil another massive spending package during his address to a joint session of Congress Wednesday night, this time in the form of a $1.8 trillion “families” bill designed to bolster education, child care, and provide paid family leave.
The American Families Plan, which also comes after the passage of a $1.9 trillion COVID-relief bill, includes $400 billion to extend the existing child tax credit, $225 billion in childcare subsidies, $225 billion for a national paid family leave program, $200 billion for universal preschool, and much else.
“These are generational investments in our future, in the future of our families and the future of our kids,” a senior administration official said of the plan to CNN.
Biden is preparing to increase taxes on wealthy individuals to finance the program, raising about $1.5 trillion over the next ten years.
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