Biden Announces ‘Historic Economic Framework’


President Joe Biden announced on Thursday that a “historic economic framework” has been reached for a new social policy and environmental spending bill.

Speaking in the White House East Room after meeting on Capitol Hill with the House Democratic conference – where he called for the House to pass the bipartisan infrastructure deal ahead of his departure for Europe later Thursday – Biden said, “Today I’m pleased to announce that after months of tough and thoughtful negotiations, I know we have a historic economic framework. It’s a framework that will create millions of jobs, grow the economy, invest in our nation and our people.”

Biden went on to say that the $1.75 trillion framework would “turn the climate crisis into an opportunity and put us on a path not only to compete, but to win the economic competition for the 21st century against China and every other major country in the world. It’s fiscally responsible. It’s fully paid for.”

Biden acknowledged that neither the progressive nor moderate/liberal wing of the Democratic Party, which have been battling to have their priorities become reality, got all they wanted in the framework. However, he said that compromise is the name of the game.

“No one got everything they wanted, including me,” he said. “But that’s what compromise is. That’s consensus. And that’s what I ran on. I’ve long said compromise and consensus are the only way to get big things done in a democracy.”

The White House framework, which is not legislative text and has yet to be released, consists of universal pre-K, home care, a one-year child tax credit, boost the Obamacare marketplace, Medicare hearing expansion, $150 billion in housing assistance and $40 billion in Pell Grants and support for higher education institutions such as Historically Black Colleges and Universities, or HBCUs, and a record single investment of $555 billion to combat climate change.

Items such as free community college and paid family and medical leave are out of the framework.

New taxes on certain wealthy earners, a global minimum tax and IRS enforcement have been proposed as ways to pay for the proposed items.

The president remarked that America faces “an inflection point.”

“We face an inflection point as a nation. For most of the 20th century, we led the world by a significant margin because we invested in our people,” he said. “Not only in our roads and our highways and our bridges, but in our people and our families. We didn’t just build an interstate highway system. We built a highway to the sky. We invested to win the space race, and we won.”

“We’re also among the first to provide access to free education for all Americans, beginning back in the late-1800s,” continued Biden. “That decision alone to invest in our children and their families was a major part of why we were able to lead the world for much of the 20th century. But somewhere along the way, we stopped investing in ourselves, investing in our people.”

Following his remarks, Biden left the room and did not take questions from the press.

“I’ll see you in Rome,” he said.

Watch above, via MSNBC.

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