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Biden to unveil another economic recovery plan

Yahoo Finance’s Brian Sozzi, Julie Hyman, and Jessica Smith discuss President Biden’s plans for the next economic recovery package.

Video Transcript

JULIE HYMAN: President Biden's said to lay out the first phase of his long-term economic recovery plan later this week. The White House says this proposal will focus on infrastructure. But there's going to be more to come soon. Jessica Smith has the details as she covers Washington for us. So Jess, what are we set to hear here?

JESSICA SMITH: Well, President Biden is going to roll out an infrastructure plan on Wednesday in Pittsburgh. And then the White House says there will be another proposal that's focused on things like child care, education, and health care. Together, these two proposals are reportedly set to have a $3 trillion price tag. President Biden has long said that he wanted to do a recovery plan, a long-term jobs plan after that $1.9 trillion relief package.

But over the weekend during a Fox News interview, the White House press Secretary Jen Psaki did confirm that there would be two different proposals. So infrastructure first. And then sometime in April, they're going to propose that other bill focused on things like child care, potentially universal pre-K or free community college. Those are some of the ideas that are being tossed around, ideas to try and get more women back into the workforce. She says, again, that that will be released sometime in April. And then they'll start working with Congress on how to move these pieces of legislation forward.

One line of thinking is that by doing an infrastructure bill first, it could be easier to get Republicans on board. Of course, Republicans want this bill to also have a big focus on climate change. And Republicans are worried about how to pay for this. We've already heard them sounding the alarm about potential tax hikes to pay for an infrastructure bill. They're also concerned that this is going to be primarily a climate bill instead of specifically roads, bridges, that kind of physical infrastructure.

So Psaki did say that the president would propose a few ideas of ways to pay for this. She did not get into specifics, and says that the president is still open to ideas about that. She says the proposal is still in the works. Of course, Republicans are generally opposed to tax hikes. So depending on which way the White House goes with this, Democratic lawmakers have acknowledged that they might have to try and move forward again through the reconciliation process so they do not need any Republican votes. Julie and Brian.

JULIE HYMAN: Jessica Smith in Washington for us. Thanks so much, Jess.

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