PITTSBURGH (AP) — President Joe Biden is outlining a huge, $2.3 trillion plan to re-engineer the nation’s infrastructure over the next eight years.
He’s billing it as a “once in a generation investment in America” that will help the U.S. compete with China, create millions of jobs and promote tax fairness — and still not balloon the national debt.
Skeptical Republican lawmakers are unlikely to embrace the plan without big changes.
“It’s not a plan that tinkers around the edges,” Biden said. “It’s a once-in-a-generation investment in America, unlike anything we’ve seen or done since we built the interstate highway system and the space race decades ago. In fact, it’s the largest American jobs investment since World War II. It will create millions of jobs, good-paying jobs.”
Funding for the infrastructure projects would come from a hike on corporate taxes that would aim to raise the necessary piles of money over 15 years and then reduce the deficit going forward.
In doing so, Biden would undo the action by Trump and congressional Republicans to lift the corporate tax rate to 28% from the 21% rate set in a 2017 overhaul.