Biden to Split Next Spending Push Into Infrastructure, Health Care Plans
Published Date: 3/29/2021
Source: Bloomberg Quicktake: Now
President Joe Biden this week will reveal the scope and ambition of his plans to expand and reorient the U.S. government, setting the stage for a bitter fight on Capitol Hill that could define his presidency. Biden will unveil the framework for a major infrastructure-and-jobs program on Wednesday in Pittsburgh, and later in the week offer the first glimpse of his 2022 budget -- which promises to redirect federal funds to areas such as climate change and health care. The announcements will offer the first concrete details of Biden’s plan to overhaul federal spending, in a sales pitch without the immediacy of the pandemic emergency that he had for his first package. To succeed, Biden will have to convince the public and lawmakers on a multitrillion-dollar investment in infrastructure and social safety nets, along with a revamp of the tax code to help address funding needs and widening inequality. “Successful presidents -- better than me -- have been successful in large part because they know how to time what they’re doing,” Biden said Thursday when asked why he was pursuing the massive spending package instead of other legislative priorities, such as gun control. Infrastructure is “the place where we will be able to significantly increase American productivity, at the same time providing really good jobs.” Biden has made clear his plans will include tax-policy changes to help fund what aides have laid out as a roughly $3 trillion long-term program, and White House Press Secretary Jen Psaki said Monday that the president will offer specifics this week on how to pay for his plan. “I can assure you that when the president lays out his infrastructure plan, he will also lay out a plan to pay for it,” Psaki said. But the president is “open to ideas and proposals from members of Congress if they have a difference of view,” she added. His budget plan won’t include a comprehensive breakdown about the agency-by-agency spending increases the administration is seeking. Subscribe to our YouTube channel: https://bit.ly/2TwO8Gm Bloomberg Quicktake brings you live global news and original shows spanning business, technology, politics and culture. Make sense of the stories changing your business and your world. To watch complete coverage on Bloomberg Quicktake 24/7, visit http://www.bloomberg.com/qt/live, or watch on Apple TV, Roku, Samsung Smart TV, Fire TV and Android TV on the Bloomberg app. Have a story to tell? Fill out this survey for a chance to have it featured on Bloomberg Quicktake: https://cor.us/surveys/27AF30 Connect with us on… YouTube: https://www.youtube.com/user/Bloomberg Breaking News on YouTube: https://www.youtube.com/c/BloombergQuickTakeNews Twitter: https://twitter.com/quicktake Facebook: https://www.facebook.com/quicktake Instagram: https://www.instagram.com/quicktake