Provided by Dow Jones
By Kate Davidson WASHINGTON President Biden s $1.9 trillion Covid-19 relief package was financed entirely with borrowed money. Now, he is proposing to spend another roughly $4.5 trillion on infrastructure and social programs without adding to the red ink. We can do it without increasing deficits, Mr. Biden said in a joint address to Congress Wednesday night, detailing a series of tax increases on the wealthy and corporations to pay for programs ranging from building charging stations for electric cars to subsidizing child care. Mr. Biden s ability to achieve that goal depends on a range of political and economic variables, some beyond his control. Among them: Whether moderate Democrats will go along with his proposed tax increases, and whether those increases will stay in place long enough to cover all of the extra costs.
Biden s Plan to Spend $4 5 Trillion Without Boosting Deficits Depends on Factors Beyond His Control — Update morningstar.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from morningstar.com Daily Mail and Mail on Sunday newspapers.
How will we know if Biden s agenda succeeds or fails? thehill.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehill.com Daily Mail and Mail on Sunday newspapers.