- President Joe Biden will officially announce his $2 trillion American Jobs Plan today.
- The bill contains major investments in transportation, housing, and climate change policies.
- Biden plans to offset the spending in the plan with a corporate tax increase.
- See more stories on Insider’s 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 about $2 trillion.
The package is focused on job creation, traditional infrastructure spending, and investment in many other things that stand to redefine infrastructure as a political issue, such as funding for care workers, as well as incentives for childcare to be provided at American workplaces. Biden plans to couple it with a tax increase for corporations, meant to offset the bill’s spending over 15 years.
Here’s how the spending will break down.
- $621 billion for transportation includes:
- $115 billion for modernizing roads, highways, and bridges
- $20 billion for road safety
- $85 billion for public transit
- $80 billion for Amtrak and freight rail service
- $174 billion for electric vehicles
- $25 billion for airports
- $17 billion for ports
- $20 billion for neighborhoods historically excluded from transportation investments
- $25 billion to fund new projects
- $50 billion for infrastructure resilience, with a special emphasis on more vulnerable areas
- $111 billion for water infrastructure includes:
- $45 billion towards fully eliminating lead pipes through various programs
- $56 billion in loans and grants to help modernize water systems around the country
- $10 billion for monitoring and fixing substances in drinking water
Broadband and power
- $100 billion for broadband
- This would build out infrastructure for 100% coverage and would specifically allocate funds for tribal lands
- It would also seek to reduce broadband pricing
- $100 billion for power infrastructure includes:
- $16 billion towards plugging old wells and cleaning up abandoned mines
- $5 billion towards revamping former industrial and energy sites
- $10 billion for the creation of a Civilian Climate Corps
Housing and education
- $213 billion for creating and retrofitting over 2 million housing units, with a $40 billion investment in public housing infrastructure
- $100 billion for upgrading and building public schools
- $12 billion for community college infrastructure
- $25 billion for upgrading childcare facilities and making it more widely accessible
- This is accompanied by a tax credit to incentivize building childcare at Americans’ places of work
- $18 billion to modernize Veterans Affairs hospitals, as well as $10 billion for federal buildings
- $400 billion towards home/community care for the elderly and disabled
- This would expand access, and seek to improve wages, benefits, and unionization for workers in the industry.
Research and development
- $180 billion towards R&D includes:
- $50 billion for the National Science Foundation
- $30 billion for innovation and job creation R&D
- $40 billion in upgrading research infrastructure, with half allocated to Historically Black College and Universities (HBCUs) as well as “Minority Serving Institutions” (MSIs)
- $10 billion for those HBCUs and MSIs, as well as $15 billion to create over 200 centers at them to serve as research incubators
- $35 billion in climate research and development
Manufacturing and labor
- $300 billion for American manufacturing and small business
- $50 billion for a new office for a new office focused on domestic industry
- $50 billion for research and manufacturing for semiconductors
- $30 billion to create new jobs and fend off losses during future pandemics
- $46 billion for federal buying, with an emphasis on various clean technologies
- $20 billion for regional innovation hubs
- $14 billion towards increasing competitiveness through technological advances
- $52 billion to domestic manufacturers
- $31 billion for programs providing credit, R&D funding, and venture capital to small businesses
- $5 billion to create a new “Rural Partnership Program,” aimed at supporting local rural efforts
- $100 billion for workforce development includes:
- $40 billion towards career services and training for workers who have lost jobs
- $12 billion in targeted funding towards “workers facing some of the greatest challenges,” prioritizing underserved and hard hit communities, with $5 billion towards “evidence-based community violence prevention programs”
- $48 billion towards worker protection and development infrastructure, including an expansion of apprenticeships, with a particular emphasis on women and people of color