Wall Street Journal
The Biden administration is looking past its $1.9 trillion coronavirus relief bill and starting to consider how to pay for the next round of programs meant to bolster long-term economic growth with investments in infrastructure, clean energy and education.
The challenges are twofold. Officials face a decision over how much of the bill to pay for with tax increases and which policies to finance with more borrowing. In a narrowly divided Congress, they must also craft a bill that can win support from nearly every Democrat. The decision will help determine how much of President Biden’s Build Back Better economic agenda he can advance in his first year in office.
The president’s economic advisers are just starting to grapple with the issue. While they haven’t ruled out more borrowing to finance parts of the plan, Mr. Biden has continued to talk about his campaign proposals to raise taxes on corporations and high-income households to pay for new permanent programs, said Jared Bernstein, a top economic adviser.