Biden preparing to unveil $1T ‘families plan’ spending proposal this month
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Biden plans to release the measure ahead of his address to a joint session of Congress.
The newest measure is expected to call for roughly $1 trillion in new spending and about $500 billion in tax credits, the Post reported, citing people familiar with the internal discussions.
Although details remain in flux, the proposal will likely be fully paid for with new tax increases aimed at wealthy Americans and and investors.
Final numbers are fluid, but spending in the American Families Plan may break down along these lines:
- $225 billion for paid family and medical leave
- About $225 billion for child-care support
- $200 billion for universal pre-K schooling
- “Hundreds of billions” in education funding
- “Other sums” for nutritional assistance
With narrow majorities in the House and Senate, Democrats have the option to circumvent Republicans and pass the measure on a party-line vote using a procedural tool known as budget reconciliation. But some moderate members, including Sen. Joe Manchin, D-W.Va., have indicated they want to pursue a bipartisan deal first.
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