Biden Plans Another $1 Trillion Infrastructure Investment Plan

Preparing Human Infrastructure Investment Plans Following Social Infrastructure Investment Plans
Various Variables Expected in Legislative Process Due to Heavy Financial Burden

[Asia Economy New York=Correspondent Baek Jong-min] U.S. President Joe Biden is expected to unveil his second infrastructure investment plan worth $1 trillion (1,120 trillion won) next week.

[Image source=EPA Yonhap News]

The Washington Post (WP) reported on the 21st (local time) that President Biden is preparing a $1 trillion 'American Families Plan' proposal that invests in human infrastructure such as childcare and education.

The plan is expected to be announced before President Biden's joint congressional address on the 28th.

The White House stated in a press release, "President Biden has presented the first part of a historic plan to invest in the strength of the American economy and families, and will explain the second proposal within days," adding, "Since the details have not yet been finalized, it is premature to speculate on the content."

According to WP, the proposal reportedly allocates $225 billion (about 251 trillion won) each for childcare funding and paid family leave programs, $200 billion (about 223 trillion won) for universal pre-kindergarten education, and billions of dollars for other education programs.

President Biden is pursuing congressional legislation separately for this bill and the $2.3 trillion (about 2,570 trillion won) infrastructure investment bill called the 'American Jobs Plan' announced last month.

While President Biden intends to finance the necessary funds through a corporate tax increase, many variables are expected in the legislative process due to strong opposition from the Republican Party.

The congressional media outlet The Hill forecasted, "Whether the Democrats choose to use the budget reconciliation process to bypass the Republicans may depend on how the White House advances the new spending plan."

It also pointed out, "There are questions about whether the White House will seek to combine the two proposals into a $3.3 trillion package or look for ways to avoid a Republican filibuster to pass the bill."

A Democratic strategist said, "The government might combine them at the last minute, but if certain areas do not receive enough support, it might be easier to separate them and sacrifice one."

This content was produced with the assistance of AI translation services.