Urgent: Biden unveils $ 4 trillion plan, but it scares the markets

Wednesday, March 24, 2021 - 16:46
Point Trader Group
Urgent: Biden unveils $ 4 trillion plan, but it scares the markets

Next week, US President Joe Biden heads to Pittsburgh, where he begins his presidential campaign in 2019, to unveil a multibillion-dollar plan to rebuild America's infrastructure. And he chose the background of an American city with a long union history.

Biden is expected to pay for a "Build Back Better" plan that could have a price as high as $ 4 trillion to pay for traditional roads and bridges while addressing climate change and domestic policy issues such as income equality.

The White House said on Wednesday that Biden is expected to travel to the city of West Pennsylvania on March 31. Pittsburgh is a blue collar city that is home to the United Steel Workers' Union, a longtime Biden ally.

The legislative effort is expected to be divided into two parts, an initial package dealing with traditional transportation projects and the second addressing local priorities, such as public pre-nursery, national childcare, and free university education in community colleges.

Biden indicated, while campaigning, that he would pay for the package in part by canceling President Donald Trump's tax cuts on high-income earners. Republicans in Congress have already indicated that they may oppose the plan due to expected tax increases, and Democrats are using the effort to force sweeping changes in policy.

Biden was expected to be briefed on the plan sometime this week and White House officials said final details remained unclear.

"He is considering a range of options, the scope and the sizes of the plans and will discuss with his policy team in the coming days, but the speculation is premature," White House Press Secretary Jane Psaki said on Twitter on Monday.

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