Biden unveils $1.75 trillion budget proposal for social programs and climate

On Thursday, the administration of U.S. President Joe Biden presented a package of budget initiatives relating to social sphere and climate change, for $1.75 trillion. The corresponding statement was distributed by the press service of the White House.

According to the document, “Biden is confident that this basic plan can gain approval in both houses of Congress.” Administration officials note that the proposals are the result of consultations with a number of Democratic lawmakers.

Among the initiatives in question is the allocation of $555 billion for various measures related to combating climate change, including loans for clean energy, infrastructure and manufacturing.

Included in the plan are programs to make it easier for children to access preschool education, care for senior citizens, and expand access to health insurance. Proposals also include a minimum income tax of at least 15 percent nationally for corporations with more than $1 billion in profits.

Previously, Biden proposed to allocate more than $3 trillion for these needs. However, the administration has failed to reach agreement with lawmakers on many of the initiatives.