Global Breaking News - Monday, October 12, 2026

American President Joe Biden announced on Wednesday a $2 trillion spending plan that is, in his words, "a once-in-a-generation investment in America." Biden said it is “the largest American jobs investment since World War II.” He added it will create millions of jobs, grow the economy and help the country compete against China. The plan is the first of Biden’s two proposals called the American Jobs Plan and the American Families Plan. He promised to release the second plan in a few weeks. The Biden administration said in a statement that the American Jobs Plan provides money to improve the country’s roads and bridges and to build charging stations for electric vehicles. Other projects include housing for the poor, expansion of high-speed internet service, and money for research and manufacturing. The administration said the plan would be paid for by raising the U.S. corporate tax rate from 21 to 28 percent, establishing a minimum tax rate on corporate earnings, and ending tax breaks for fossil fuel companies and others.