Speaking in Mather, Calif., after getting an update on efforts to fight wildfires, President Biden explained how a bipartisan infrastructure deal and his Build Back Better agenda, estimated to cost $3.5 trillion, would help fight climate change. In discussing the cost, Biden said, “We have to think big. Thinking small is a prescription for disaster.”
JOE BIDEN: Folks, we have the bipartisan infrastructure bill that's been passed and is bipartisan. And I believe we'll get done the so-called reconciliation bill that has another several trillion dollars in it.
Let me close by saying, when people talk about the cost of the Build Back Better proposal beyond the infrastructure, let me remind you, the cost may be as much as $3.5 trillion. But to put that in perspective, it's spent out over 10 years, number one. And number two, it's expected our economy will grow to $366 trillion GDP by that time.
That's less than 1.5% total in terms of deficit of that total amount. In addition to that, 90% of it's paid for. And so folks, we have to think big. Thinking small is a prescription for disaster. We're going to get this done. This nation is going to come together. And we are going to beat this climate change. Thank you.