Biden to hold first part of broad infrastructure and jobs package on Wednesday

Biden, who will expand the proposal’s infrastructure and climate piece in Pittsburgh, is determined to focus on repairing the nation’s physical infrastructure, emphasizing significant investments in climate structure and research and development.

“The president has a plan to fix our infrastructure and pay for it,” White House press secretary Jane Saki told reporters on Monday. “But we are also open to having a discussion, and we certainly look forward to discussing it with members of Congress moving forward.”

Biden’s proposal would mark the first phase of what is expected to be a lengthy conversation with lawmakers on Capitol Hill, where Democrats have worked through and are in the midst of their versions of several key pieces of the proposal Drafting of potential revenue sources To pay for part, or all, of the plan, the aides say.

But the decision to follow through campaign pledges for a broader employment, infrastructure and social safety net package underscores Biden and his top colleagues’ willingness to move forward on proposals that are transformative for the American economy Capacity – even if it means that it will be difficult to secure GOP support.

Biden will announce the proposal in the same Pennsylvania city where he began his presidential campaign in 2019.

It is a strategy that already drives Biden’s cornerstone legislative achievement to the point – $ 1.9 trillion Kovid relief package. But it is a risk that pushes toward specific priorities with Democrats across Congress and with powerful external groups in trade, climate, and unions.

The first prong of the White House proposal would be financed largely through the trade tax, including a 28% increase in the corporate rate, from the current level of 21%, and a federal end including an increase in the global minimum tax. Subsidies for fossil fuel firms and a requirement that multinational corporations pay the US tax rate.

Officials said White House officials, with curiosity about potential inflation risks, held an internal debate over the proposal to pay for several weeks. Saki told reporters that the proposal placed on Wednesday would include a mechanism to finance the entirety of the package over time.

That proposal is expected to include significant investments to repair roads, bridges and railways, as well as other major elements of an aging, and in some places, weakened US core infrastructure system. It will also include a major focus on domestic manufacturing and critical funds for school and childcare infrastructure.

Biden’s initial proposal would direct significant resources to caregiver officials – a key focus of one of his campaign proposals.

Officials said the proposal made this week will be paid with a second major package aimed at addressing social welfare after next month. That proposal is expected to be financed through a tax increase that would target wealthy individuals and investors.

The unveiling of the initial proposal would mark an early gun for a month-long process with lawmakers on Capitol Hill that could pass both chambers of Congress to agree on legislation.

Administration officials see the first verse of the proposal as the most likely to gain bipartisan support, but many Republicans are already rejecting the tax increase, with Democrats already moving the proposals through a budgetary process There is laying groundwork to do that will allow Senate Democrats to pass along with them. A simple majority vote.

.



Source link

Popular Topics

Related Articles

Translate ยป