Congress recently voted on a $1.9 trillion COVID-19 stimulus package—the American Rescue Plan Act (ARPA, P.L.117-2). It includes stimulus checks for individuals, expanded unemployment benefits, and funding for vaccines, state and local governments, schools and child care. The ARPA marks a huge win for the Biden administration during its first 50 days in office.
Before the ink is dry, the administration has already pivoted to the second phase of the Biden agenda: Build Back Better. While ARPA was largely a relief bill, the next phase will be about rebuilding the economy, starting with a multitrillion-dollar plan that includes infrastructure, green energy and incentives to bolster domestic manufacturing. It will also build upon the individual relief provided in the first bill and seek to make those provisions permanent and will likely be paid for by corporate tax rate increases, a repeal of oil and gas tax breaks and increases in taxes on the wealthy.
As discussions progress, this weekly newsletter will summarize the latest developments on the Build Back Better agenda and provide intel from discussions on Capitol Hill and the Biden administration, giving our readers insight on the latest state of play on the next package.