In this article, we discuss the 10 best stocks that will benefit from Biden’s $6 trillion plan. If you want to skip our detailed analysis of these companies, go directly to the 5 Best Stocks that will Benefit from Biden’s $6 Trillion Plan.
United States President Joe Biden recently unveiled an ambitious $6 trillion budget proposal that includes the previously announced American Jobs Plan and American Families Plan that the White House hopes will get approved by legislators on both sides of the aisle in the coming weeks. The budget proposes over $5 trillion in federal spending on infrastructure, defense, education, housing, and health care. The $6 trillion plan is an improvement on the $4.8 trillion budget for 2020 and almost double the $3.6 trillion federal budget in 2009.
Economic experts have raised concerns around the proposed new tax hikes and increased spending in the plan that are likely to further widen the overall deficit, arguing that the proposal envisions spending that would not be made up in taxes for years to come. Giving in to some of these demands, Biden has over the last week signaled that he would be willing to roll back some of his plans in order to get the broader proposal approved by Congress. This includes a rollback of a massive hike in capital gains tax that has met fierce criticism.
Some of the stocks that would benefit if the budget is approved include Verizon Communications Inc. (NYSE: VZ), the telecom firm based in New York, Lockheed Martin Corporation (NYSE: LMT), the defense contractor based in Maryland, and NVIDIA Corporation (NASDAQ: NVDA), the California-based technology firm. All three are widely accepted as industry leaders in their respective markets, with the proposal envisioning government incentives for American manufacturers so they can compete in international markets.
More than $100 billion have been set aside for the development of communications networks, including 5G, across the United States over the next five years. Verizon Communications Inc. (NYSE: VZ), which is one of the largest telecom firms in the country, would benefit hugely from this improved infrastructure. Verizon Communications Inc. (NYSE: VZ) recently became the 5G partner of fifteen teams that play in the National Basketball Association (NBA) and announced that it had installed 5G antennas in fourteen additional basketball arenas across the US.
The Biden administration has also allocated more than $750 billion for defense spending, most of which will be rolled out to American defense contractors like Lockheed Martin Corporation (NYSE: LMT) to improve the overall capabilities of the US forces. On June 4, Lockheed Martin Corporation (NYSE: LMT) announced that it had entered into talks with the government for a total of 169 F-135 aircraft deliveries and production rates for 2022. The company hopes to deliver over 130 jets…
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