US President Joe Biden has revealed the new lines of his “historic” investment plan. The “Build Back Better” plan has been fueling tensions within the Democratic Party for weeks, but Biden is confident that all factions of his party will support the significantly slimmed-down plan.
“It will fundamentally improve the lives of millions of people,” the president said at a White House press conference.
“Build Back Better” is at the heart of President Joe Biden’s domestic policy. With the plan, he wants to make the US more social and greener. Biden was very ambitious: originally, he had earmarked $3,500 billion for social services and climate protection investment. But the conservative wing of his Democratic Party thought this amount was too far-reaching and forced the president to halve it to 1.750 billion.
With the new, leaner plan, Biden hopes to support all Democrats in Congress – the House of Representatives and the Senate. Democrats have a small majority in the House. In the Senate, Joe Biden must keep all 50 Democratic senators on board to get his plan through. Also, the two senators had remained obstructive in recent months. With his new, slimmed-down plan, he makes sure that this should work.
“After months of intense negotiations, we have a framework for the proposal that I believe can pass,” the president announced on Twitter earlier today. He repeated it during a press conference at the White House.
“I think we have a framework for a historical economic plan. I know we have a framework for a historical economic plan,” Biden said. “It is a framework that will create millions of jobs, grow our economy and invest in our country and our people.”
The new, slimmed-down investment package includes cheaper health insurance premiums and free pre-school education. The child benefit will also be extended by one year, and higher wages will be introduced for home care staff. But other ambitions, such as lowering the price of medicines, free higher education and paid parental leave, have failed.
To Rome and Glasgow
In the fight against climate change, Biden mainly wants to invest in renewable energy sources and make it tax-efficient to buy an electric car in order to reduce greenhouse gas emissions.
Biden wants the “Build Back Better” plan approved quickly because he does not want to leave empty-handed for the climate summit, which starts early next week in the Scottish city of Glasgow. Biden will leave for Europe later this evening because the G20, the top 20 richest industrialized countries, is first on the program in Rome this weekend.