Bloomberg News article Bloomberg -1.15% President Donald Trump and House Speaker Paul Ryan are scheduled to unveil a new stimulus package on Thursday that includes a $15-per-hour minimum wage, tax cuts for small businesses and money to help the struggling middle class, according to a White House official.
The package, which was initially expected to be announced Tuesday, will include $2.9 trillion in spending over 10 years, according the White House.
It also includes $2 trillion in tax cuts, which would be phased in over 10 months, according a White the official.
House Speaker Paul Broun and White House budget director Mick Mulvaney, along with the head of the WhiteHouse Council of Economic Advisers, are expected to participate in the announcement.
The official spoke on condition of anonymity to discuss private talks between Ryan and Trump.
The White House expects the $15 wage proposal will include provisions to boost the minimum wage and create an emergency fund to help businesses hit by the Great Recession, which began in 2007.
Trump’s initial plan included $1.6 trillion in stimulus spending, including $800 billion in infrastructure and $150 billion in other measures.
The $15 hourly minimum wage would be the largest piece of the package.
It would be part of a broader $15 billion in economic stimulus spending planned for this year.
The plan includes provisions to extend the child tax credit to families earning $250,000 or less, increase the Earned Income Tax Credit, which pays a small portion of the cost of child care, increase student loan forgiveness, and expand access to Pell Grants for low-income families.
The proposal would also add $2,500 to the Earnings Tax Credit to help workers with low- and moderate-income incomes.
The increase is expected to add $400 billion to the deficit.
Trump also plans to sign an executive order that would reduce the corporate tax rate from 35% to 20% for companies with 50 or more workers, $100 billion for infrastructure projects, and $300 billion for a $1 trillion-plus infrastructure bank to make sure infrastructure projects are paid for, the White house official said.
Ryan, a Wisconsin Republican, has been working to get the $1 billion in stimulus money into the bill, the official said, noting that Ryan has been talking with Trump on the proposal.