With the national debt at $28 trillion as of writing, an extra trillion here or there doesn’t even make Congress bat an eye anymore.
After the pandemic ushered in an unprecedented level of new debt, Biden is working overtime to guarantee that pace doesn’t slow even after the pandemic is over.
After passing a $1.9 trillion stimulus plan and proposing a $2+ trillion infrastructure plan, too much spending is never enough. Next on the list is his “American Families Plan.”
According to CNBC:
Biden’s next economic recovery package will cost at least $1 trillion and extend the beefed-up child tax credit, a source familiar with the proposal confirmed.
Biden is set to follow the first phase of his infrastructure plan, a more than $2 trillion proposal, with a package known as the American Families Plan. While details are still in flux, the measure is expected to include roughly $1 trillion in new spending and $500 billion in tax credits, according to the source.
Or in other words, the plan will carry a total price tag of roughly $1.5 trillion.
The White House is expected to roll out the plan within days.
So far we do know that it’ll include aforementioned $500 billion in tax credits, which would be used to strengthen the child tax credit through 2025. The plan will also expand child care and paid leave, but the entire breakdown of the trillion dollars in spending is unknown.
While it’s being framed as an “American families plan,” we’ll have to wait for the full details to see if it actually lives up to its name. Less than half of the spending in Biden’s infrastructure bill actually goes towards infrastructure, and it’s packed with kooky liberal priorities, such as $20 billion to address “racist highways.”
Will this bill see the same kind of waste? If not, that would be an exception to the rule.
Matt Palumbo is the author of Dumb and Dumber: How Cuomo and de Blasio Ruined New York, Debunk This: Shattering Liberal Lies, and Spygate
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