WASHINGTON — President Biden outlined a vast expansion of federal spending on Friday, calling for a 16 percent increase in domestic programs as he tries to harness the government’s power to reverse what officials called a decade of underinvestment in the nation’s most pressing issues.
The proposed $1.52 trillion in spending on discretionary programs would significantly bolster education, health research and fighting climate change. It comes on top of Mr. Biden’s $1.9 trillion stimulus package and a separate plan to spend $2.3 trillion on the nation’s infrastructure.
Mr. Biden’s first spending proposal to Congress showcases his belief that expanding, not shrinking, the federal government is crucial to economic growth and prosperity. It would direct billions of dollars toward reducing inequities in housing and education, as well as making sure every government agency puts climate change at the front of its agenda.
It does not include tax proposals, economic projections or so-called mandatory programs like Social Security, which will all be included in a formal budget document the White House will release this spring. And it does not reflect the spending called for in Mr. Biden’s infrastructure plan or other efforts he has yet to roll out, which are aimed at workers and families.
Trump administration’s efforts to gut domestic programs.
But Mr. Biden’s plan, while incomplete as a budget, could provide a blueprint for Democrats who narrowly control the House and Senate and are anxious to reassert their spending priorities after four years of a Republican White House.
Democratic leaders in Congress hailed the plan on Friday and suggested they would incorporate it into government spending bills for the 2022 fiscal year. The plan “proposes long overdue and historic investments in jobs, worker training, schools, food security, infrastructure and housing,” said Senator Patrick J. Leahy of Vermont, the chairman of the Appropriations Committee.
Shalanda D. Young, who is serving as Mr. Biden’s acting budget director, told congressional leaders that the discretionary spending process would be an “important opportunity to continue laying a stronger foundation for the future and reversing a legacy of chronic disinvestment in crucial priorities.”
The administration is focusing on education spending in particular, seeing that as a way to help children escape poverty. Mr. Biden asked Congress to bolster funding to high-poverty schools by $20 billion, which it describes as the largest year-over-year increase to the Title I program since its inception under President Lyndon B. Johnson. The program provides funding for schools that have high numbers of students from low-income families, most often by providing remedial programs and support staff.
The plan also seeks billions of dollars in increases to early-childhood education, to programs serving students with disabilities and to efforts to staff schools with nurses, counselors and mental health professionals — described as an attempt to help children recover from the pandemic, but also a longstanding priority for teachers’ unions.
Mr. Biden heralded the education funding in remarks to reporters at the White House. “The data shows that it puts a child from a household that is a lower-income household in a position if they start school — not day care — but school at 3 and 4 years old, there’s overwhelming evidence that they will compete all the way through high school and beyond,” he said.
There is no talk in the plans of tying federal dollars to accountability measures for teachers and schools, as they often were under President Barack Obama.
his vision of having every cabinet chief, whether they are military leaders, diplomats, fiscal regulators or federal housing planners, charged with incorporating climate change into their missions.
The proposal aims to embed climate programs into agencies that are not usually seen as at the forefront of tackling global warming, like the Agriculture and Labor Departments. That money would be in addition to clean energy spending in Mr. Biden’s proposed infrastructure legislation, which would pour about $500 billion on programs such as increasing electric vehicle production and building climate-resilient roads and bridges.
Strategic National Stockpile, the country’s emergency medical reserve, for supplies and efforts to restructure it that began last year. Nearly $7 billion would create an agency meant to research diseases like cancer and diabetes.
Reporting was contributed by Coral Davenport, Zolan Kanno-Youngs, Lisa Friedman, Brad Plumer, Christopher Flavelle, Mark Walker, Dana Goldstein, Mark Walker, Noah Weiland, Margot Sanger-Katz, Lara Jakes, Noam Scheiber, Katie Benner and Emily Cochrane.
As concerns about climate change push the world economy toward a lower-carbon future, investing in oil may seem a risky bet. For the long term, that may be true.
Yet for the moment, at least, oil and gas prices appear likely to continue to rise as the economy recovers from the pandemic-driven shutdown of millions of businesses, big and small.
These countervailing trends — increasing demand now and falling demand at some point, perhaps in the not-too-distant future — create a dilemma for investors.
The good news is that an array of traditional mutual funds and exchange-traded funds are available to help them navigate these uncertain waters. Some funds focus on slices of the industry, such as extracting crude oil and gas from the ground or delivering refined products to consumers. Others focus on so-called integrated companies that do it all. Some spice their holdings with some exposure to wind, solar or other alternative energy sources.
International Energy Agency forecast that oil consumption was not likely to return to prepandemic levels in developed economies.
“World oil markets are rebalancing after the Covid-19 crisis spurred an unprecedented collapse in demand in 2020, but they may never return to ‘normal,’” the I.E.A. said in its “Oil 2021” report. “Rapid changes in behavior from the pandemic and a stronger drive by governments toward a low-carbon future have caused a dramatic downward shift in expectations for oil demand over the next six years.”
alternative energy funds. Many enable investors to zero in on discrete segments of the industry.
The biggest holdings of the Invesco WilderHill Clean Energy E.T.F. are producers of raw materials for solar cells and rechargeable batteries or builders and operators of large-scale solar projects. The $2.9 billion fund yields 0.49 percent and has an expense ratio of 0.7 percent.
The First Trust NASDAQ Clean Edge Green Energy Index Fund focuses on applied green technology. Its biggest holdings are Tesla, the American maker of electric automobiles; NIO, a Chinese rival in that field; and Plug Power, which makes hydrogen fuel cells for vehicles. Also a $2.9 billion fund, it yields 0.24 percent and has an expense ratio of 0.6 percent.
The First Trust Global Wind Energy E.T.F., as its name suggests, targets wind turbine manufacturers and servicers, led by the Spanish-German joint venture Siemens Gamesa Renewable Energy and Vestas Wind Systems of Denmark, as well as operators such as Northland Power of Canada. This $423 million fund yields 0.92 percent and has an expense ratio of 0.61 percent.
SEOUL — North Korea test-launched what it called a newly developed tactical guided missile on Thursday, violating international sanctions.
It was the country’s first ballistic missile test in a year and its first provocation to the Biden administration, prompting the American president to warn that there will be “responses” if North Korea continues to escalate tensions on the Korean Peninsula.
The United States has tried both sanctions and dialogue to persuade North Korea to give up its nuclear weapons programs.
Neither has worked.
Instead, North Korea has rapidly expanded its nuclear program and modernized its missile fleet under Kim Jong-un, the country’s young leader. The expansion of the arsenal is a growing threat to the United States and allies in the region. Here’s what’s in it.
last and most powerful nuclear test was conducted in September 2017, when North Korea claimed to have detonated a thermonuclear, or hydrogen, bomb. Estimates of the device’s explosive power ranged from 50 to 300 kilotons.
Arms Control Association.
Although the world is preoccupied with the North’s nuclear weapons, the country has also stockpiled thousands of tons of chemical and biological weapons agents that it can deliver with its missiles. When Mr. Kim’s estranged half brother, Kim Jong-nam, was assassinated in Kuala Lumpur in 2017, North Korea used the internationally banned VX nerve agent in the operation.
Its missiles can fly longer ranges.
In 2017, North Korea made big strides in its weapons capabilities.
That year, the country fired its intermediate-range ballistic missile, Hwasong-12, over Japan and threatened an “enveloping” strike around the American territory of Guam. It also test-fired Hwasong-14 and Hwasong-15, the country’s first intercontinental ballistic missiles.
By the end of the year, Mr. Kim claimed that his country had the ability to launch a nuclear strike against the continental United States.
threatened to end his moratorium when talks with President Donald J. Trump collapsed in 2019.
During a nighttime military parade last October, North Korea displayed a new, untested I.C.B.M. that looked bigger than any of the previous ones.
party congress in January, Mr. Kim doubled down on his nuclear arms buildup, offering a laundry list of weapons he said he planned to develop. They included “multi-warhead” nuclear missiles, “hypersonic” missiles, land- and submarine-launched I.C.B.M.s that use solid fuel, and “ultramodern tactical nuclear weapons.”
Whether North Korea has mastered the technology needed to send an intercontinental nuclear warhead into space and then guide it back through the earth’s atmosphere to its target is still unclear. North Korea has yet to demonstrate that its warhead can survive the intense heat and friction created by re-entry.
Its weapons are getting more sophisticated.
When North Korea resumed missile tests in 2019 following the collapse of the Kim-Trump talks, the tests featured three new weapons, code-named KN-23, KN-24 and KN-25 by outside experts.
They each marked big advances in North Korea’s short-range ballistic missile program.
Unlike its older missiles that used liquid fuel, all three of the new missiles used solid fuel. The new solid-fuel weapons, mounted on mobile launchers, are easier to transport and hide and take less time to prepare. And at least two of them, KN-23 and KN-24, could perform low-altitude maneuvers, making them harder to intercept.
At a military parade earlier this year, North Korea displayed what looked like a bigger, upgraded version of KN-23. Photos released by the North Korean media indicate that was the weapon tested on Thursday.
The new missile was developed to be larger than KN-23 in order to carry a bigger warhead and more fuel.
Pukguksong submarine-launched ballistic missiles since 2015.
During the military parades held in October and earlier this year, North Korea displayed what looked like two upgraded versions of its Pukguksong submarine-launched ballistic missiles. The country currently has only one submarine that can launch a ballistic missile, but says it is building a new one with greater capabilities.
The arsenal ‘guarantees its success.’
North Korea has one of the largest standing armies in the world, with more than one million soldiers. But much of its equipment is old and obsolete, and the military lacks fuel and spare parts.
North Korea has sought to make up for its shortcomings by building nuclear weapons.
Mr. Kim justifies his family’s dynastic rule of North Korea by saying that the nuclear arsenal his government has built was a “treasure sword” keeping North Koreans safe from foreign invasion. He tells his people that they are under the constant threat of an American attack.
At the January party congress, Mr. Kim said that his weapons program “never precludes diplomacy” but “guarantees its success.” He has also said he no longer holds any expectations for dialogue unless Washington makes an offer that satisfies his government.
The test this week reflected Mr. Kim’s determination, analysts said.
It showed that “North Korea was pushing ahead with the plans” set down by Mr. Kim during the party meeting, said Kim Dong-yub, a professor at the University of North Korean Studies in Seoul. “As it had stated before, North Korea had no intention of moving first to offer a concession or make a proposal.”