(CNN)A month after he laid out a roughly $2 trillion infrastructure plan aimed at helping the nation recover from the coronavirus pandemic, President Joe Biden is set to unveil an additional $1.8 trillion federal investment in education, child care and paid family leave during his first address to Congress on Wednesday.
The massive package -- which Biden is calling the American Families Plan -- is the second half of his effort to revitalize the nation and ensure a more equitable recovery.
The proposal would also extend or make permanent enhancements to several key tax credits that were contained in the Democrats' $1.9 trillion rescue bill, which Biden signed into law last month."These are generational investments in our future, in the future of our families and the future of our kids," said a senior administration official of the latest proposal, which contains about $1 trillion in investments and $800 billion in enhanced tax credits.
"They pay enormous dividends."The President intends to finance the latest package by hiking taxes on the rich, saying he wants to reward work, not wealth. His new proposed measures would raise about $1.5 trillion over a decade.