The Biden administration is considering as much as 3 trillion worth of measures to include in the longterm economic program that will follow the 1.9 trillion pandemicrelief bill signed earlier this month, according to three people familiar with the deliberations. The proposal will be presented to President Joe Biden this week, one person said, asking not to be named as the discussions are private.

Infrastructure and climate change have long been described as key efforts in the pending program, and the new details show the administration is eyeing some 400 billion for socalled green spending, according to the two people. The plan also addresses investing in human capital, with tuition reductions among minorities along with healthcare initiatives, one said. Another person familiar with the talks said therell be money for child care and elder care.

Unlike the Covid19 emergencyspending program, the longerterm proposals will feature a major revenueraising effort. Aides say increasing corporate taxes and rates for the wealthy will be central components of whats set to amount to the biggest tax increases since the 1990s.

But many Republicans favor more traditional infrastructure tied to transport such as highways, and have endorsed spending designed to enhance the competitiveness of American technology versus China. Senate Majority Leader Chuck Schumer has teamed up with GOP Senator Todd Young of Indiana to propose such a Chinaoriented bill.

Source FXPro