• The Biden administration is seeking $1.8 trillion, to accompany previous budget proposals, for rebuilding American infrastructure and expanding social programs
  • The Biden administration called for higher taxes on corporations and America’s highest earning individuals

On the eve of his 100th day in office, President Joe Biden called for a new era of American spending. 

Biden, flanked by Vice President Kamala Harris and Speaker Nancy Pelosi, presented his $1.8 trillion plan to overhaul American education, child care and health care systems, funded by the wealthiest taxpayers, in his first joint address to Congress Wednesday night. 

“America is moving. Moving forward. And we can’t stop now,” Biden said. “We’re in a great inflection point in history. We have to do more than just build back. We have to build back better.”

The Biden administration is seeking $1.8 trillion, to accompany previous budget proposals, for rebuilding American infrastructure and expanding social programs. The American Families Plan focuses mainly on making education and child care more accessible. 

The proposal includes $200 billion to be used toward new education initiatives, including universal preschool for 5 million children in low-income and working-class families and two free years of community college education to all Americans, including Dreamers. The plan also includes $225 billion to be put toward federally subsidized child care and paid family leave. 

“When this nation made 12 years of public education universal in the last century, it made us the best-educated and best-prepared nation in the world, but the world is catching up. They are not waiting,” the president said. 

“Twelve years is no longer enough today to compete in the 21st Century. That’s why the American Families Plan guarantees four additional years of public education for every person in America – starting as early as we can.” 

The Biden administration called for higher taxes on corporations and America’s highest earning individuals. The American Families Plan includes $80 billion in enhancements to the I.R.S. The administration estimates that this could potentially raise an additional $700 billion from high earners and corporations currently evading tax payments.  

“It’s time for corporate America and the wealthiest 1% of Americans to pay their fair share. Just pay their fair share,” Biden said. “A recent study shows that 55 of the nation’s biggest corporations paid zero in federal income tax last year.”

The American Families Plan will operate alongside Biden’s $2.3 trillion infrastructure plan, the American Jobs Plan, which was revealed in March. The infrastructure plan includes $621 billion for rebuilding and repairing bridges, roads, mass transit and airports. It also proposes $111 billion for updating electric grids and expanding broadband capabilities. 

Wednesday evening also marked the first time in history that a US president was accompanied by two women, Pelosi and Harris, during a Congressional address. 

When asked about her thoughts on the historic moment, Pelosi told MSNBC on Wednesday, “It’s about time.”

  • Blockworks
    Reporter
    Casey Wagner covers digital assets and macro economics. Prior to joining Blockworks she was a markets reporter at Bloomberg.