Biden announces $2.3 trillion infrastructure plan 2
US President Joe Biden on March 31 announced an infrastructure plan including 621 billion USD to modernize transportation infrastructure, 400 billion USD to help care for the elderly and people with disabilities, 300 billion USD to promote
The plan, which needs congressional approval, calls for modernizing more than 32,000 kilometers of roads, building 500,000 electric vehicle charging stations, replacing the country’s existing pipelines and service lines, and repairing schools.
US President Joe Biden spoke about the $2.3 trillion infrastructure plan in Pittsburgh, Pennsylvania on March 31.
The plan also emphasizes equity in access to jobs and transportation options, including $20 billion for a new program to reconnect neighborhoods cut off by previous transportation investments.
`It’s not a petty plan,` Biden said in Pittsburgh, Pennsylvania, where he began his presidential campaign.
The US president sees this plan as a fundamental change in economic thinking from the tax cutting approach applied decades ago under Ronald Reagan, a Republican president.
`Here’s the truth: We all do better when we all do well,` Biden said, arguing that the Covid-19 pandemic has exposed longstanding inequities in the country.
The infrastructure plan would cost about $2.3 trillion over eight years and be funded over 15 years by raising the corporate tax rate from 21% to 28% and increasing taxes on foreign income.
However, Biden said his plan is not an attack on wealthy Americans.
The measure comes after Biden signed into law a $1.9 trillion relief bill, the first package in a two-part economic plan he hopes will pass Congress in the coming months.
Biden’s infrastructure proposal faces hurdles, including Republican opposition to tax increases, disagreement within Democrats over where to fund the plan and concerns from progressives that it
Implementing the plan would kick off months of negotiations between the White House and Congress, as well as a wave of lobbying by business and industry groups.
`I’m open to other ideas, as long as they don’t impose any tax increases on people earning less than $400,000 a year,` the US President said.
