- By James Kravitz
- (General Dispatch) – President Joe Biden plans to request more money from Congress by rising spending to 6 trillion dollars, the purpose of the loan will be earmarked for social programs.
- The $1.8 trillion will be distributed to American families through programs that encourage free child care, free community college, paid leave, free preschool, and food assistance for citizens.
- Part of that loan, $800 billion, will be earmarked for tax relief to reduce the amount of taxes U.S. citizens must pay.
- On the other hand, it will extend the credit period for both Obamacare health insurance and a plan that benefits children until 2025.
- A senior administration official told reporters at a conference that such family and employment plans have been the best investment Biden can make.
- Since Biden took office he has asked Congress for $1.8 billion for the “families plan,” $1.9 billion “coronavirus recovery plan” and $2.3 billion “jobs plan.”
- One of the ways President Biden plans to pay back much of the billion-dollar borrowing he has done is by applying stricter taxes to those companies generating large profits since the pandemic began.
- “The president will propose a set of measures to make sure that the wealthiest Americans pay the taxes they owe, while at the same time ensuring that no one making less than $400,000 a year will see their taxes go up,” said the senior official.
Adittional Information:
Breitbart: Biden to Propose More Spending in Address to Congress, Bring Total to $6 Trillion
NY Times: Here is a guide to Biden’s three big spending plans — worth about $6 trillion
