Administration's Infrastructure, Climate Plan to be Announced

USAgNet - 03/29/2021

The White House plans to roll out its "Build Back Better" plan during a speech by President Joe Biden next Wednesday. The Biden proposal is a massive, $3 trillion-plus package that will have two main themes: an infrastructure/climate change portion that will total more than $2 trillion, and a social welfare element estimated at roughly $1 trillion or more. The traditional infrastructure piece will focus on investments in roads, bridges, infrastructure, public housing, schools, water, and manufacturing.

The pay-for is a hike in the corporate tax rate. The "human infrastructure" piece includes free community college, universal preschool, child care, paid leave, long-term care, and prescription drug overhaul. The pay-for for this portion is hiking the individual tax rate and closing the carried interest loophole. The proposal was previewed in a New York Times story written by Jim Tankersley and published on March 22.

Punchbowl News reports Democratic leaders on Capitol Hill are going to try to move the component pieces of this, but everything will likely be jammed into an early fall reconciliation bill that would be passed on a party line vote. Increasingly tight margins in the House and a 50-50 spilt in the Senate could make moving mammoth legislation very difficult. Agriculture's role in climate change would likely be a part of the mix both as it relates to carbon sequestration and any direct or indirect limitations on carbon emissions.

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