The New York Times has reported, citing sources in the White House, that the Biden Administration will soon — perhaps even this week — release a $3 trillion infrastructure bill with a tax plan to increase taxes on corporations and the wealthy. While the sources say that roads, bridges, and rail are in the mix, it will include “hundreds of billions in spending for climate-related measures, as well as climate-related research and development.” With $1.9 trillion already dumped into the economy through the American Rescue Act, this will further threaten to pop the overblown financial bubble.
While claiming they want a bipartisan bill, stating that Republicans want infrastructure as well, the Biden team know that the greenness of the plan and the new taxes will provoke opposition, so they are already planning to pass it through “reconciliation,” the trick for some spending bills to bypass the filibuster (if the Democrats have not eliminated the filibuster altogether by the time this comes to the floor). CNN reports that “officials are also planning for congressional Democrats to move concurrently with a budget procedure that would allow any package to pass with a simple majority in the U.S. Senate.” It also states that, in a call with Senate Democrats Monday night, “Biden said his hope is that Republicans join their effort on the next phase of his economic agenda, but made clear he wants his party to stay unified as they push major proposals in the months ahead, according to a Democratic source familiar with the call.”
