Washington: President Joe Biden will propose a $2 trillion infrastructure plan on Wednesday to modernize the increasingly fragile transportation network in the United States, create millions of jobs, and make the country “compete with China.” “.
Biden will unveil the first phase of the “Biden’s Better Construction” plan in a speech in Pittsburgh, which will detail large-scale investments over the past eight years.
It plans to inject $620 billion into the transportation industry, including upgrading 20,000 miles (32,000 kilometers) of roads and highways, repairing thousands of bridges, and doubling the federal government’s funding for public transportation.
The president, whom Donald Trump tried to caricature as “Sleepy Joe” and a man without strong ideas or motivation, intends to make the bold infrastructure plan one of his flagship policies.
“He views his role as laying out… a broad vision, a bold vision for how we can invest in America, American workers, our communities,” White House spokeswoman Jen Psaki said.
The investment would be partly paid for by raising corporate tax from 21 percent to 28 percent.
“The President is proposing to fundamentally reform the corporate tax code so that it incentivizes job creation and investment… and ensures that large corporations are paying their fair share,” a senior administration official said ahead of the speech.
The new legislative offensive came shortly after Congress passed a nearly $2 trillion Covid-19 economic stimulus plan.
Biden’s speech will start a fierce battle in Congress. The Democrats will only account for a small part and will face strong opposition from the Republicans.
The next few months will test the Democratic president’s negotiating ability. The Democratic president is a veteran of Washington politics and transactions. The possibility of his infrastructure plan passing the law is still uncertain.