On Wednesday, President Biden introduced a $2 trillion infrastructure investment proposal. The sweeping plan aims to upgrade physical infrastructure such as roads, bridges, and water systems while also targeting climate change, broadband access, manufacturing, and other priorities.
The White House states the proposal would rebuild 20,000 miles of roads and repair 10,000 bridges. Funds would also eliminate lead pipes from water supplies and strengthen the electrical grid. Officials claim the investments would create jobs, boost American competitiveness, and promote racial equity.
The $2 trillion in spending would occur over 8 years. To pay for the plan, corporate tax rates would increase from 21% to 28%. The White House argues this would incentivize domestic investment and production.
President Biden has described the proposal as a “once-in-a-generation investment” that would drive an “innovative economy.” He called for bipartisan Congressional support, though some Republicans have already expressed skepticism due to the tax increases.
The infrastructure plan is the first phase of Biden’s economic agenda. Additional legislation aimed at assisting families is expected in the coming weeks. The scope demonstrates Biden’s embrace of federal spending to address economic issues not matched in half a century.
Infrastructure investment has often won bipartisan support. However, the sheer scale of Biden’s proposal and its tax provisions have drawn some criticism. Biden expressed openness to other ideas for funding the plan without raising taxes on those earning under $400,000.
Congress will now work to translate Biden’s blueprint into legislative text. Whether the package can garner bipartisan backing remains uncertain. But Biden has defended the scope of the plan as necessary to revitalize the nation’s foundations and outcompete rivals like China.
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