A legislative proposal designed to provide funding for road, bridge, rail and waterway infrastructure projects is currently being put together in the White House.
According to reports, the proposal, which would likely include a number of climate-change initiatives, could come to Congress with a historic $3 trillion price tag.
Treasury Secretary Janet Yellen, in testimony before the House Financial Services Committee, said she thought new tax revenue would be needed to fund much of the coming infrastructure proposal.
“We do need to raise revenues in a fair way to support the spending that this economy needs to be competitive and productive,” Yellen remarked.
Added Yellen: “A package that consists of investments in people, investments in infrastructure, will help to create good jobs in the American economy, and changes to the tax structure will help to pay for those programs.”
The $3 trillion proposal will probably also include funding for universal broadband internet access, a green electric grid, electric vehicle charging stations, and carbon-free transportation initiatives.
According to the New York Times, the Biden Administration, in its infrastructure proposal, wants to “harness the power of the federal government to make the economy more equitable, address climate change, and improve American manufacturing and high-technology industries in an escalating battle with China.”
Some White House advisors, as well as both Democrat and Republican Congressional leaders, have suggested that instead of one large bill dealing with many policy priorities, the Biden Administration would be better off with a series of smaller proposals carrying a smaller price tags.
Those sources have additionally recommended that the President first begin with infrastructure, and nothing but infrastructure, in a move to win support from the nation’s business community.
By Garry Boulard
