May 7, 2021

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The daily business briefing: April 28, 2021

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President Biden on Wednesday will unveil his $1.8 trillion American Families Plan when he makes his first address to a joint session of Congress. The proposal, which comes less than a month after Biden proposed spending more than $2 trillion on infrastructure and other projects over eight years, calls for a surge in federal investment in education, childcare, and paid family leave, senior administration officials said. Together, the proposals are designed to respond to urgent needs and help the economy bounce back from the damage done by the coronavirus pandemic. The American Families Plan includes $1 trillion in new spending — including $225 billion for childcare and the same amount for family- and medical leave — and $800 billion in tax credits that Biden plans to pay for partly by raising tax rates on the wealthiest Americans, according to the White House. [CNN, CNBC]


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