President Biden Unveils $1.8 Trillion Proposal Before Congress
Last week, in his speech before Congress, President Joe Biden asked
Congress for $1.8 trillion to fund his American Families Plan. Biden’s speech covered numerous issues ranging from immigration reform to police reform to providing paid family and medical leave for all Americans.
Biden proposed to make permanent the temporary expansion of additional federal subsidies to buy individual private health insurance on Healthcare.gov or state-run exchanges—a measure that was initially included in the last $1.9 trillion stimulus bill. The permanent expansion would cost $200 billion. He also proposed the creation of a new agency focused on developing breakthrough cures to prevent, detect and treat diseases like cancer, Alzheimer’s and diabetes. Biden wants the new agency, which would be under the auspices of the National Institutes of Health, to function like the Defense Department’s Defense Advanced Research Projects Agency that has produced such innovations as the global positioning system and Internet.
Biden also proposed providing two years of tuition-free community college, regardless of income, and pre-kindergarten for all children, regardless of family income, to all Americans. The White House’s proposal would also expand Pell grants for low-income students and subsidize two years of tuition at Historically Black Colleges and Universities (HBCU), Hispanic-Serving Institutions (HSI) and institutions that serve members of Native American tribes.
The cost of his proposal would be paid for with a $1.5 trillion tax increase aimed primarily at higher income earners.