U.S. Treasury Secretary Janet Yellen said two years of universal early childhood education and an expanded income tax credit were critical components of the $1.7 trillion Build Back Better plan.
Kyrsten SinemaWASHINGTON -U.S. Treasury Secretary Janet Yellen on Friday said two years of universal early childhood education and an expanded income tax credit were critical components of the $1.7 trillion Build Back Better plan that is still being negotiated with Congress.
Yellen said final details were still being worked out with lawmakers, but singled out as "core" Biden's proposals to provide two years of universal pre-kindergarten, expand elder care, cap childcare expenditures for most families at 7% of their income, and expand the Earned-Income Tax Credit. Yellen's remarks at a virtual event hosted by the World Economic Forum revealed the emerging framework for a slimmed-down version https://www.reuters.com/world/us/how-white-house-hopes-save-bidens-spending-bill-2022-01-18 of Biden's initial Build Back Better plan.She said the social spending would help reverse the ongoing decline in U.S. labor force participation, which has been dragged lower by early retirements and some younger and middle-aged workers staying out.
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