President Joe Biden to review $3 trillion jobs package proposal this week

US President Joe Biden’s top advisors have been deliberating a $3 trillion jobs and infrastructure proposal to be made to the President by this week as per two people familiar with the proposal. 

Divided into two parts, the proposal will have one segment focused on the “care economy” addressing key economic issues and the other segment focusing on clean energy and infrastructure. Top advisers have been deliberating the proposal for weeks, reported CNN. 

The new proposal marks the Biden administration’s plan to enact the “job” promise made by the President during his campaigning before elections. 

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The $3 trillion package may potentially impose higher taxes on the wealthy and corporations as an option to finance long term spending in the final proposal. 

White House press secretary Jen Psaki said in a statement, “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.”

“Those conversations are ongoing, so any speculations about future economic proposals is premature and not a reflection of the White House’s thinking,” she added. 

Biden plans to consult with House Speaker Nancy Pelosi and Senate Democratic Leader Chuck Schumer while reviewing the proposal. 

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The infrastructure part of the proposal is likely to focus heavily on funds for rail, roads, bridges and climate-related research, development and other measures. It would also have another $100 billion marked for education infrastructure. 

In the domestic economy piece, there will be significant spending on child care, and more proposals to address portions of the workforce impacted most by the pandemic hit economy. 

As per an attendee of labour leaders meeting in the Oval Office held in February, Biden strongly emphasized bipartisanship was possible on the issue. He plans on pursuing bipartisan support as per his advisors. 

Biden is likely to announce the details of the package in his joint Congress address in April.