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10/28, 3:04 PM (Source: TeleTrader)
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Biden announces $1.75T spending bill framework

United States President Joe Biden announced on Thursday a $1.75 trillion framework for his Build Back Better Act. He stated he is "confident" the package can pass both houses of Congress and calls on lawmakers to take it up "as quickly as possible" together with the previously agreed bipartisan bill.

The framework includes two years of free preschool for every 3- and 4-year-old in the US as well as an expanded child tax credit. The administration also claims it will "cut greenhouse gas pollution by well over one gigaton in 2030," cut energy costs and invest in green energy. The package is also expected to reduce premiums for more than 9 million Americans and deliver health care coverage to up to 4 million uninsured people.

The White House stated the plan "is fully paid for and will reduce the deficit by making sure that large, profitable corporations can’t zero out their tax bills, no longer rewarding corporations that shift jobs and profits overseas, asking more from millionaires and billionaires, and stopping rich Americans from cheating on their tax bills."

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