Biden to meet CEOs of GM, Carrier, Cummins on drug, tax bill

Five former U.S. Treasury secretaries -- four Democrats and one Republican -- said this week that the bill would reduce costs for middle-class families, and would not increase taxes for any family making less than $400,000/year.

U.S. President Joe Biden will meet Thursday with labor leaders and CEOs from General Motors, Carrier, Kaiser Permanente and other companies to discuss the economic impacts of the drug, climate and tax bill recently introduced by Democrats, a White House official said.

Biden will host GM's Mary Barra, AFL-CIO president Liz Shuler, United Auto Workers president Ray Curry, CEO of healthcare company Kaiser Permanente Greg Adams, and the top officials from Ameren, Carrier and Cummins, the White House said. The $430 billion bill introduced July 27 by West Virginia Senator Joe Manchin and Senate Majority Leader Chuck Schumer aims to fight climate change and cut drug costs, while making big companies pay more in federal taxes.

It is just a fraction of the size of Biden's original multi-trillion spending proposal, but still has no Republican support. Democrats hope it will pass using the "reconcilation" process which relies on a simple majority to make laws. Five former U.S. Treasury secretaries -- four Democrats and one Republican -- said this week that the bill would reduce costs for middle-class families, and would not increase taxes for any family making less than $400,000/year.