- President Joe Biden will officially announce his $ 2 trillion US jobs plan today.
- The bill contains major investments in transport, housing and climate change policies.
- Biden plans to offset the plan’s expenses with a corporate tax hike.
- See more stories on the Insider business page.
President Joe Biden is set to announce the first part of his two-part infrastructure package this afternoon. It’s called the American Jobs Plan, and it will cost around $ 2 trillion.
The package focuses on job creation, traditional infrastructure spending and investing in many other things that risk redefining infrastructure as a political issue, such as funding for social workers, as well as incentives. for child care in American workplaces. Biden plans to pair it with a corporate tax hike, intended to offset the bill spending over 15 years.
Here’s how the expenses will break down.
- $ 621 billion for transportation includes:
- $ 115 billion for upgrading roads, highways and bridges
- $ 20 billion for road safety
- $ 85 billion for public transit
- $ 80 billion for Amtrak and freight rail service
- 174 billion dollars for electric vehicles
- $ 25 billion for airports
- $ 17 billion for ports
- $ 20 billion for neighborhoods historically excluded from investment in transport
- $ 25 billion to finance new projects
- $ 50 billion for infrastructure resilience, with particular emphasis on the most vulnerable areas
- $ 111 billion for hydraulic infrastructure includes:
- $ 45 billion to completely eliminate lead pipes through various programs
- $ 56 billion in loans and grants to help modernize water systems across the country
- $ 10 billion for monitoring and fixing substances in drinking water
High speed and power
- 100 billion dollars for broadband
- This would build an infrastructure for 100% coverage and specifically allocate funds for tribal lands
- He would also seek to reduce the prices of broadband
- $ 100 billion for electrical infrastructure includes:
- $ 16 billion to plug old wells and clean up abandoned mines
- $ 5 billion for the renovation of old industrial and energy sites
- $ 10 billion for the creation of a Civilian Climate Corps
Housing and education
- $ 213 billion for the creation and renovation of more than 2 million housing units, with an investment of $ 40 billion in public housing infrastructure
- $ 100 billion for the modernization and construction of public schools
- $ 12 billion for community college infrastructure
- $ 25 billion to modernize child care centers and make them more accessible
- This is accompanied by a tax credit to encourage the construction of child care centers in the workplaces of Americans.
- $ 18 billion to modernize Veterans Affairs hospitals, as well as $ 10 billion for federal buildings
- $ 400 billion for home / community care for the elderly and disabled
- This would expand access and seek to improve wages, benefits and unionization of workers in the industry.
Research and development
- $ 180 billion for R&D includes:
- $ 50 billion for the National Science Foundation
- $ 30 billion for innovation and job-creating R&D
- $ 40 billion for upgrading research infrastructure, half of which goes to historically black colleges and universities (HBCUs) and “institutions serving minorities” (MSI)
- $ 10 billion for these HBCUs and MSIs, as well as $ 15 billion to create more than 200 centers there that will serve as research incubators
- $ 35 billion in climate research and development
Manufacturing and labor
- $ 300 billion for US manufacturing and small businesses
- $ 50 billion for new office for new office focused on national industry
- $ 50 billion for semiconductor research and manufacturing
- $ 30 billion to create new jobs and avoid losses in future pandemics
- $ 46 billion for federal purchases, with a focus on various clean technologies
- $ 20 billion for regional innovation hubs
- $ 14 billion to increase competitiveness through technological advances
- $ 52 billion to domestic manufacturers
- $ 31 billion for small business credit, R&D funding and venture capital programs
- $ 5 billion to create a new “Rural Partnership Program”, aimed at supporting local rural efforts
- $ 100 billion for workforce development includes:
- $ 40 billion for career guidance and training for workers who have lost their jobs
- $ 12 billion in targeted funding for “workers facing some of the greatest challenges,” prioritizing underserved and hard-hit communities, with $ 5 billion for “community-based violence prevention programs. evidence “
- $ 48 billion for worker protection and development infrastructure, including an expansion of apprenticeships, with a particular focus on women and people of color