'A Trojan Horse for Massive Tax Hikes'? Biden's New $3 Trillion Spending Spree Comes on Heels of $1.9T Debt-Buster

The Biden administration is reportedly putting together a multi-layered infrastructure and economic package with a potential price tag of $3 trillion. 

The president met virtually on Monday with Senate Democrats as Congress has already begun laying the groundwork for the legislation. 

The first part of the plan includes $1 trillion for rebuilding roads, bridges, and other infrastructure across the country. The plan would also encompass climate change priorities as a part of Biden's campaign promises. 

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The second part of the proposed plan would also expand the child tax credit, universal pre-kindergarten, and even tuition-free community college. 

Although the plans are still preliminary, the goal is a bipartisan package to boost the economy. However, Democrats have indicated they could go for it even if blocked by Republicans. 

"We need to get it done," said Sen. Richard Blumenthal (D-CT) ahead of the virtual meeting with Biden at the senators' annual retreat Monday evening.

No part of the proposal has been finalized and the eventual details of any spending could change.

The overall price tag first reported Monday by The New York Times has been circulating on Capitol Hill for weeks, since the start of the Biden presidency. With the House and Senate under Democratic control, the proposals are expected to draw support from Congress.

The administration is positioning its priorities at a politically and fiscally sensitive time, right after funding its $1.9 trillion relief package entirely with debt. The Federal Reserve estimates that spending could push growth this year to 6.5%, and additional spending would only add pressure to an economy already expected to run hot.

Biden's campaign proposed higher corporate taxes and increases on people making more than $400,000 annually, effectively undoing much of the 2017 tax cuts by his predecessor, Donald Trump.

The Wall Street Journal reports administration officials have discussed raising taxes on companies, among other options, to offset the cost of the spending packages. 

Republican Senate Minority leader Mitch McConnell used his opening remarks Monday in the Senate to trash the infrastructure proposal, warning it would only lead to tax hikes and what he called "left-wing policies."

"We're hearing the next few months might bring a so-called infrastructure proposal that may actually be a Trojan horse for massive tax hikes and other job-killing, left-wing policies," he said.

He derided the Democratic proposals as similar to the Green New Deal, a sweeping plan to address climate change that he said would cost "unbelievable sums."

Over the years, Republicans have expressed an interest in passing bills to address infrastructure needs. But the question of the overall cost and how to pay for it has never been fully addressed by both parties. 

Lawmakers have said Biden's infrastructure legislation could be ready by this summer.