- The Washington Post reports the first part of Biden's infrastructure package could cost $2.25 trillion.
- It will include spending on bridges, roads, housing, elderly care, clean-energy credits, and on the US manufacturing sector.
- Biden is set to announce the specific details of the package in Pittsburgh tomorrow.
- See more stories on Insider's business page.
The Washington Post reports that the first part of President Joe Biden's infrastructure package will come in at $2.25 trillion, and contain funding for things like broadband, highways, and housing.
Biden is set to announce that first part of the infrastructure package on Wednesday in Pittsburgh. Two people familiar with the matter told the Post what the spending breakdown could look like, although final adjustments may still be made:
- $650 billion toward infrastructure that includes bridges, roads, highways, and the like,
- $300 billion for housing infrastructure,
- $300 billion to "revive US manufacturing,"
- $400 billion for elderly and disabled care,
- $400 billion in clean-energy credits,
- An unspecified "hundreds of billions" toward creating national broadband, as well as strengthening the electric grid and water systems, among other measures.
The Post previously reported that the total price tag for the two packages could come in at more than $4 trillion. That spending would be offset by a substantial tax increase of up to $3 trillion, which would be targeted at wealthier Americans and corporations, the Post reported today.
White House Press Secretary Jen Psaki has said that the second infrastructure package will be announced within weeks. Psaki said that package will focus on childcare, healthcare, and education. Per the Post, that package is expected to extend the recently expanded child tax credit and institute paid medical and family leave, among other measures. It could also expand some coverage for health insurance.
Conservatives have indicated they are likely to oppose any new tax increase, leaving Democrats the choice of whether to use reconciliation again to pass this package. However, moderate Democrats like Sen. Joe Manchin have spoken out against using reconciliation for this bill. At the same time, Senate Majority Leader Chuck Schumer has been looking into how Democrats could use reconciliation more than just one more time this year.