U.S. Eyeing $4 Trillion in New Spending. Is Bitcoin About to Soar?
- 29th March 2021
- Posted by: Hakeem
- Category: Crypto
According to a new report by The Washington Post, U.S. President Joe Biden is expected to push for as much as $4 trillion in new spending as part of his ambitious infrastructure package—instead of the initial $3 trillion.
The Biden administration has already come under fire from fiscally conservative Republicans for passing the $1.9 relief bill earlier this month. The infrastructure plan that is meant to advance the president’s “Build Back Better” agenda spurred even more speculation about out-of-control inflation that could be triggered by reckless government spending.
In response, Biden’s economic team has now decided to come up with huge tax increases. Instead of raising $1 trillion of revenue through corporate tax hikes, the Democrats will now seek a whopping $3 trillion.
Biden would still have to win over moderate Democrats, such as Joe Manchin, to pass these huge tax increases even with a simple majority vote.