Congress: what to watch for next
Now that the American Rescue Plan Act has been enacted, President Biden and congressional Democrats have expressed a desire to immediately turn to a broader, long-term economic growth and recovery proposal.
Biden is expected to detail his “Build Back Better” recovery plan in an address to Congress later in March. Recent speculation suggests that the proposal will include several trillion dollars in new spending and center on infrastructure investment, while also tackling other priorities such as clean energy, domestic manufacturing, and child and elder care. The proposal may also include new tax provisions, including tax increases on wealthy individuals and corporations to finance the bill in part. While specifics remain uncertain, any proposal by the administration also will be consistent with the president’s priorities to address climate change and racial equity.