According to a new report from the Washington Post, President Joe Biden is getting ready to introduce yet another spending bill.
This spending bill is being called “The American Families Plan,” and it is estimated to cost about $1 trillion. At a time when inflation is on the rise, Biden is recklessly printing money, again.
What is it about?
The Washington Post provided details about The American Families Plan in its report.
The American Families Plan is expected to include over $200 billion for child-care, over $200 billion for universal preschool, and over $200 billion for tuition-free community colleges. These are all goals that Biden has previously said that he wants to accomplish.
Another $225 billion, according to the Washington Post, would go to paid family and medical leave as well as to the expansion of food stamp programs.
The American Families Plan would also look to continue the changes made to the child tax credit in the most recent coronavirus spending bill, giving to families a tax credit of $3,600 for each child under the age of five and $3,000 for each child between the ages of six and seventeen. The American Families Plan would extend this version of the child tax credit through 2025.
The Washington Post claims to have gotten these details from “two people aware of internal discussions.”
The White House has not denied the report. Rather, it simply put out a statement saying that the details of the package cited by the Washington Post in its report could still change.
The tale of the Biden administration: big government, big spending
The big question, of course, is how Biden plans to pay for all of this. According to the Washington Post, the answer is by increasing taxes on the wealthy and on investors as well as by having the IRS step up its tax enforcement.
That answer is unlikely to be sufficient for many.
If one totals the three spending bills that we have seen thus far under the Biden administration – the $1.9 trillion coronavirus bill, the $2.3 trillion infrastructure proposal, and this $1 trillion American Families Plan – the bill adds up to over $5 trillion dollars – and Biden hasn’t even been president for six months.
The only good news in all of this is that the infrastructure proposal and the American Families Plan have no chance at getting through Congress without the use of reconciliation, and some moderate Senate Democrats have come out against that idea.