The $2 Trillion Infrastructure Plan is next on President Joe Biden’s agenda as he plans a meet on Monday with bipartisan members of both the Senate and the House.
President Biden is open to suggestions by Republicans, though he is firm on moving forward with his plans with just the Democrats if they backtrack on issues that the President considers vital to the nation.
The Republicans have insisted on a smaller bill. They are opposed to the increase in corporate tax.
The Need For A Big Push In Infrastructure Plan
It is for the first time that Congress will meet since the President unveiled his plans. If successful, the Infrastructure Plan would pump in much-needed capital into roads, airports, bridges, electrification of vehicles, broadband, housing, and training.
But it would also push up the tax rate to 28%.
It will be a struggle to push through the infrastructure plan in both the Senate and the House. The Democrats have only a narrow majority and the Republicans are wary of giving their assent to such a huge package.
Biden has stressed that the infrastructure plan will be a bold and unique investment that will give work to millions of Americans. The attendees’ list will be released by Monday.
Biden is open to hearing out the Republicans first, even if they are expected to differ majorly on his plans.
Biden has indicated that he could go with just the Democratic votes to pass legislation if the Republicans do not agree to what the President considers an immediate need.
Negotiating With The Republicans
The Republicans have called for a lower corporate tax rate, believing a higher rate would restrict the economy. They had cut it down in 2017 from 35% to 21%.
Joe Manchin, Democrat Senator from West Virginia, has signaled that he would push Biden to negotiate with the Republicans. He is opposed to the repeated fallback on Budget Reconciliation for the passage of major bills without Republican votes.
Manchin’s support will be vital, but he favors a 25% tax rate. Biden said he is open to negotiations. This is the President’s second big legislative initiative since he assumed office, after the $1.9T COVID-19 package in March.
Democrats subsequently want to concentrate on education, health care and paid leave.