Biden’s Budget Proposal to Affect New Jersey | Yoel Ackerman

President Joe Biden has released his Federal budget proposal, and while it is widely expected to go through changes on Capital Hill, it is still expected to have some affect on New Jersey. 

Amtrak, the nations largest passenger train carrier is expected to get new routes which will run through New York, New Jersey, and Pennsylvania. Biden has set aside approximately 10 billion dollars for this project as part of his infrastructure deal.

New Jersey is the 10th largest chemical producer in the United States. Biden’s newly released federal budget also covers Federal funding for the Chemical Safety Board, an independent agency that monitors safety for chemical producing plants.  New Jerseys chemical industry is a billion dollar sector.

Biden also wants to expand the popular child tax credit that started at the height of the COVID-19 pandemic. The Federal program has already benefited over one million New Jersey families. He also called for continuing the increase earned income tax credit for lower-income working Americans without children.

Drug prices were a big concern for former President Donald Trump. Joe Biden has also called on Congress to propose a bill to lower the price of prescription drugs. Nothing has yet to come about this, and there does not seem to be any specific Federal funding to reduce the cost of high prescription drugs.

One of the main liberal agendas has been to help improve election integrity. Biden’s budget proposal would allocate $10 billion over 10 years to help States improve their voting systems. New Jersey needs an estimated $60 million to $80 million to replace county voting machines. Many state Counties still use an outdated system.

New Jersey received $120 million in the 2020 fiscal year. The president has proposed spending another $502 million to better insulate low-income homes. It is expected that the State will once again get a piece of some of the federal money allocated for this endeavor.

New Jersey has also become a home to offshore wind drilling. Several New Jersey companies are competing for Federal money to increase wind farms which would help the State with renewable energy. $4.4 billion is expected to be handed out by Biden to New Jersey for this purpose.

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