Wednesday morning, President Biden announced the American Families Plan, which includes significant spending in education, child care, and paid family leave. The $1.8 trillion plan, largely financed by new taxes, sets aside $225 billion for child care, $200 billion for universal preschool, $109 billion to cover two years of free community college, $85 billion in Pell grants, $225 billion over a decade for paid family and medical leave, $45 billion for nutrition programs, and $200 billion for lowered health premiums.
In addition, the plan would extend the Child Tax Credit (CTC) until 2025, make CTC permanently refundable, and make permanent the tripled Earned Income Tax Credit (EITC) for childless workers and the expansion of the Child and Dependent Care Tax Credit, enabled by President Biden’s stimulus package.
Happening on the Hill
The House Committee on Small Business will hold a virtual hearing on Supply Chain Resiliency and the Role of Small Manufacturers on Today at 1:00 PM.
The House Committee on Financial Services will hold a virtual hearing on Closing the Racial and Gender Wealth Gap Through Compensation Equity on Today 12:00 PM.
The House Committee on Ways and Means will hold a Trade Subcommittee Hearing on Advancing U.S. Economic Competitiveness, Equity, and Sustainability Through Infrastructure Investments on Today at 1:30 PM.
The Senate Committee on Banking, Housing, and Urban Affairs will hold a virtual hearing on The Dignity of Work on Today at 10:00 AM.
The Senate Committee on Health, Education, Labor and Pensions will hold a virtual hearing on Nominations of Jennifer Abruzzo to serve as General Counsel of the National Labor Relations Board and Seema Nanda to serve as Solicitor for the Department of Labor on Today at 10:00 AM.
The Senate Committee on Finance will hold a virtual hearing on Social Security During COVID: How the Pandemic Hampered Access to Benefits and Strategies for Improving Service Delivery on Today at 10:00 AM.
The Senate Committee on Appropriations will hold a Subcommittee Hearing on Diversifying On-Farm Income: Opportunities to Strengthen Rural America on Today at 10:00 AM.
Bills of Interest
- Sen. Deb Fischer (R-NE) introduced a bill to promote scientific research and development opportunities for connected technologies that advance precision agriculture capabilities.
- Sen. Mike Crapo (R-ID) introduced a bill to provide relief to workers impacted by COVID-19 and support for reopening businesses, and for other purposes.
- Sen. James Lankford (R-OK) introduced a bill to amend the Internal Revenue Code of 1986 to repeal the credit for electricity produced from certain renewable resources, and for other purposes.
- Sen. Roger Marshall (R-KS) introduced a bill to amend the Small Business Act to prohibit abortion providers from receiving a covered loan under the paycheck protection program, and for other purposes.
- Sen. Roger Wicker (R-MS) introduced a bill to direct the Director of the National Science Foundation to support STEM education and workforce development research focused on rural areas, and for other purposes.
At the Agencies
U.S. Department of Labor
U.S. Department of Labor observes 2021 Workers Memorial Day as agencies look ahead to stronger worker safety, health protections
U.S. Department of the Treasury
U.S. Department of the Treasury releases a readout of Secretary of the Treasury Janet L. Yellen’s call with Finance Ministers from Australia, New Zealand, and the United Kingdom
U.S. Department of Commerce
U.S. Department of Commerce Announces Secretary Gina M. Raimondo to Head U.S. Delegation at G7 Digital & Technology Ministerial
U.S. SBA Administrator Guzman Announces Application Opening for $28.6 Billion Restaurant Revitalization Fund