White House to host CEO meeting on spending bill push

"We have an event tomorrow on Build Back Better where there will be a number of CEOs here," White House press secretary Jen Psaki told reporters at a news briefing on Tuesday. Biden made a push in December to win passage in Congress of the spending bill that would provide billions of dollars to tackle climate change and boost electric vehicles along with money for universal preschool, paid family leave and other social safety spending.

The White House plans to host the chief executives of major U.S. companies including auto and tech sector firms on Wednesday on his signature $1.75 trillion Build Back Better legislation, officials told Reuters. "We have an event tomorrow on Build Back Better where there will be a number of CEOs here," White House press secretary Jen Psaki told reporters at a news briefing on Tuesday.

Biden made a push in December to win passage in Congress of the spending bill that would provide billions of dollars to tackle climate change and boost electric vehicles along with money for universal preschool, paid family leave and other social safety spending. Biden on Tuesday touted General Motors' announcement of a new $7 billion investment in Michigan, adding 4,000 jobs and boosting EV and battery manufacturing. GM CEO Mary Barra is expected to be among the CEOs in attendance, the sources said.

Biden's proposal would increase the current $7,500 EV tax credit to up to $12,500 for union-made U.S. vehicles as well as creating a credit of up to $4,000 for used vehicles. The bill would also again make GM and Tesla Inc eligible for tax credits after they hit the 200,000-vehicle cap on the existing $7,500 credit. The bill also includes a 30% credit for commercial electric vehicles. Build Back Better would also allocate $3.5 billion for converting U.S. factories for production of electrified or fuel cell vehicles and revive incentives that could generate $3.7 billion for automotive communities by 2031.

Auto manufacturers could also benefit from $3 billion allocated to a Department of Energy Advanced Technology Vehicles Manufacturing Loan Program. Biden wants 50% of new U.S. vehicles to be electric or plug-in electric hybrid by 2030.

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