By Jennifer Epstein
The remarks, tentatively scheduled for 1:45 p.m. New York time, will be the pair’s first extended discussion of the economy since winning this month’s election.
Biden has spoken about the need he sees for stimulus spending to help Americans struggling amid the prolonged pandemic-driven downturn. He’s also conferred with House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer about the stalled efforts to pass such a bill on Capitol Hill, according to a joint readout last week.
But he hasn’t yet spoken with Senate Majority Leader Mitch McConnell, whose cooperation would be necessary for any bill to pass during Congress’ lame-duck session.
The Biden administration’s economic plan is expected to rely on the “Build Back Better” proposals offered during the campaign. The campaign proposal included $2 trillion in spending on clean energy and infrastructure. The goal is to create millions of jobs building the wind turbines, sustainable homes and electric vehicles needed to rapidly throttle U.S. greenhouse gas emissions driving climate change.
Biden also laid out a $700 billion “Buy American” manufacturing plan, and proposed spending $775 billion to bolster the “caring economy.”
Moody’s estimated the total cost of Biden’s campaign proposals — including additions to the health care system — at $7.269 trillion over a decade and projected that the package would create 18.6 million jobs, seven million more than President Donald Trump’s economic plans.
Much of Biden’s plan would be funded through increased taxes on corporations and the rich, but his team also expects that a few trillion dollars would be characterized as stimulus spending and wouldn’t be offset by new tax revenue.