Biden to unveil $2 trillion infrastructure proposal
President Biden will unveil a $2 trillion infrastructure package on Wednesday as he prepares to pitch his next big-ticket agenda item.
Details of the forthcoming plans were shared with lawmakers during a conference call with White House staff on Tuesday.
The plan will be funded by raising the corporate tax rate to 28 percent from the current level of 21 percent as well as creating a global tax on corporate earnings, a source familiar with the call confirmed to The Hill.
Biden will travel to Pittsburgh on Wednesday to formally unveil the plan, which is expected to include funding for roads, bridges and broadband, as well addressing manufacturing, among other things.
The plan is part of a larger two-part package.
White House press secretary Jen Psaki told Fox News Tuesday that Biden will unveil the second part, which will deal with child care and health care, in April.
“What the American people will hear from him this week is that part of his plan — the first step of his plan towards recovery — which will include an investment in infrastructure. We shouldn’t be 13th in the world; I don’t think anyone believes that [of] the wealthiest, most innovative country in the world,” Psaki said.
Though infrastructure attracts broad bipartisan support, Republicans are likely to balk at raising corporate taxes to pay for a plan.
Democrats have said they want the final product to be bipartisan, but have acknowledged that they are likely to have to go it alone through reconciliation, a budget process that allows certain bills to bypass the 60-vote filibuster in the Senate.
Senate Majority Leader Charles Schumer (D-N.Y.) is exploring if Democrats could use the Congressional Budget Act to pass at least three bills under reconciliation, instead of the two Democrats expect to be limited to.
They’ve already used one of their opportunities to pass the $1.9 trillion coronavirus plan.
Schumer’s staff recently made a case to the Senate parliamentarian that they could use Section 304 of the Congressional Budget Act, which green lights the use of reconciliation, to tee up passing at least a third bill this year by a simple majority, an aide for the New York Democrat confirmed on Monday.
“Schumer wants to maximize his options to allow Senate Democrats multiple pathways to advance President Biden’s Build Back Better agenda if Senate Republicans try to obstruct or water down a bipartisan agreement,” the majority leader’s aide said.