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

Published 03/29/2021, 01:10 PM
Updated 03/29/2021, 03:20 PM
© Reuters. FILE PHOTO: U.S. President Joe Biden comments on the shooting in Colorado at the White House in Washington

By Jeff Mason and Steve Holland

WASHINGTON (Reuters) - 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.

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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)

Latest comments

I'm surprised that market has not been falling like a rock ever since this plan was mentioned. I don't get it, is the fed really injectiog that much money into the market? How can this go on? It has to crash at some point
LOL, he can’t even explain why he went into the nect room.
Obama 2.0 -  BOHICA
and the liberal sheep will all baaaa along with Joe. They think he's doing a terrific job.
guess your going to miss you clan meeting then
 First of all - it's that kind of thinking that the Dems love to see - means that their brainwashing is working. Second - the Dems started the Klan - learn some history. Lastly - it's spelled with a K. But i wouldn't expect anything less from an uneducated liberal.
Biden's plan is called "Two Shots for America."  The first one, vaccine in the arm,  The second one, taxes, in the kiester.
"'and he has a plan to pay for it,' White House spokeswoman Jen Psaki told reporters." And with that, Biden reached into his pocket and pulled out a credit card.
IBGUBG deal... we're f.. you know.
Sniffer is pushing Obama out as the worst president ever
War and taxes. So far so good Biden.  Thanks for the great leadership
LOL !!! "Biden has a plan" Biden was a *****long before he went senile. No plan, No clue
His plan is simple: sleep all day
They never said if it is a good or a bad plan :)
biden misses trump. he said it.
his plan is simple: print money and have everyone pay for it in inflation.
Just like how we were suppose to pay for the gulf war, war in Afghanistan, the financial crisis etc....When is this mythical hyper inflation going to show up ?
Sniffer can't remember his name
They don't care about infrastructure, it's all talk...
So what's the plan? Can't he remember?
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