Biden to explain funding of $3 trillion infrastructure plan Wednesday -White House

U.S. President Joe Biden will outline how he would pay for his $3 trillion to $4 trillion plan to tackle America's infrastructure needs on Wednesday, the White House confirmed on Monday, a proposal likely to include tax increases first laid out on the campaign trail.

Reuters | Washington DC | Updated: 30-03-2021 00:42 IST | Created: 30-03-2021 00:01 IST
Biden to explain funding of $3 trillion infrastructure plan Wednesday -White House
Representative Image Image Credit: Wikimedia

U.S. President Joe Biden will outline how he would pay for his $3 trillion to $4 trillion plan to tackle America's infrastructure needs on Wednesday, the White House confirmed on Monday, a proposal likely to include tax increases first laid out on the campaign trail. Biden will lay out the plan, which is aimed at rebuilding roads and bridges as well as tackling climate change and domestic policy issues like income equality, in Pittsburgh, Pennsylvania.

"The president has a plan to fix the infrastructure of our country ... and he has a plan to pay for it," White House spokeswoman Jen Psaki told reporters. She did not elaborate, but some economists and analysts say the proposal may include the biggest overall tax increase in decades. While campaigning for president ahead of the November 2020 election, Biden proposed rolling back corporate tax reduction and increasing taxes on the wealthy.

The plan is likely to trigger heated debate among congressional Democrats and Republicans on taxes and spending, just weeks after Biden used narrow Democratic majorities in the Senate and House of Representatives to gain approval of a $1.9 trillion pandemic stimulus bill. Biden has in the past ruled out raising taxes on individuals making less than $400,000. Other voices in his party have called for a "wealth tax," and Transportation Secretary Pete Buttigieg last week floated the idea of a tax on miles driven.

Studies show a major injection of spending is needed to rebuild America's crumbling roads, bridges and airports. Biden's legislative effort is expected to be split into two parts, an initial package that deals with traditional transportation projects, and a second that addresses domestic priorities, such as universal pre-kindergarten, national childcare and free community college tuition, White House officials say.

(additional reporting by Jarrett Renshaw Editing by Chris Reese, Heather Timmons and Sonya Hepinstall)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


TRENDING

OPINION / BLOG / INTERVIEW

Blockchain in Healthcare: Opportunities and challenges

The use of blockchain in healthcare is a relatively new innovation with many of its uses still being explored and related technologies being developed, improved, and scaled. ...

Debate surrounding vaccine passports and development misses bigger picture

... ...

Blockchain vs IOTA: Looking for a better alternative

... ...

For stability, Iraq needs to crack down on corruption

... ...

Videos

Latest News

Vedanta Resources' strong operating outlook to help debt servicing: S&P

SP Global Ratings said on Tuesday Vedanta Resources Ltds ability to meet debt maturities until at least June 2022 has strengthened because of the likely strong operating performance of its subsidiary Vedanta Ltd. We forecast Vedanta Ltd wil...

Philippines' Duterte issues gag order over South China Sea

Philippine President Rodrigo Duterte has barred his cabinet from talking about the South China Sea in public but said the gag order did not mean the country was wavering in the defence of its sovereign rights. His decision follows weeks of ...

Spain deploys army in Ceuta to patrol border with Morocco after migrants break in

The Spanish government has deployed troops to Ceuta to patrol the border with Morocco after thousands of migrants swam into the northern African enclave, a source from the Interior Ministry said on Tuesday.Soldiers will patrol the border al...

Lanka’s Supreme Court terms Chinese port city bill inconsistent with Constitution: Parliament told

Sri Lankas Supreme Court has declared that certain provisions of the Chinese port city bill, which is opposed by the Opposition, are inconsistent with the Constitution, the countrys Parliament here was told on Tuesday.Assembly Speaker Mahin...

Give Feedback