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White House: Report that Biden may spend $3 trillion is premature

Economy45 minutes ago (Mar 22, 2021 03:30PM ET)

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(C) Reuters. Clothes hang outside to dry behind an apartment as a buzzard flies during the spread of the coronavirus disease (COVID-19) in West Belle Glade, Florida

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WASHINGTON (Reuters) – The White House said on Monday that a New York Times report that President Joe Biden will consider spending $3 trillion for infrastructure and other priorities was premature and did not reflect administration thinking.

The Times reported that Biden advisers were preparing to recommend he spend as much as $3 trillion on boosting the economy, reducing carbon emissions and narrowing economic inequality, beginning with a giant infrastructure plan.

“President Biden and his team are considering a range of potential options for how to invest in working families and reform our tax code so it rewards work, not wealth,” White House spokeswoman Jen Psaki said in a statement in response to the article.

“Those conversations are ongoing, so any speculation about future economic proposals is premature and not a reflection of the White House’s thinking,” the statement added.

Biden has ambitious plans for legislative action including infrastructure and tackling climate change. He used the Democrats’ slender majority in the U.S. Senate to push through a $1.9 trillion pandemic relief bill earlier this month.

Psaki said last week the Biden administration was working closely with members of Congress about how best to fund plans for a large infrastructure package but that those plans had not yet been finalized.

Biden has pledged not to raise taxes on individuals making less than $400,000 a year.

White House: Report that Biden may spend $3 trillion is premature

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