President Joe Biden revealed a more than $2 trillion infrastructure package on Wednesday as his administration shifts its focus to supporting the post-pandemic economy.
The plan Biden outlined Wednesday includes approximately $2 trillion in spending over eight years and would raise the corporate tax rate to 28% to fund it. Speaking at a union hall in Pittsburgh, the president called it a vision to create “the strongest, most resilient, innovative economy in the world” — and millions of “good-paying jobs” along the way.
The White House said the tax hike, combined with measures designed to stop offshoring of profits, would fund the infrastructure plan within 15 years.
The proposal highlights are:
- Put $621 billion into transportation infrastructure such as bridges, roads, public transit, ports, airports, and electric vehicle development
- Direct $400 billion to care for elderly and disabled Americans
- Inject more than $300 billion into improving drinking-water infrastructure, expanding broadband access, and upgrading electric grids
- Put more than $300 billion into building and retrofitting affordable housing, along with constructing and upgrading schools
- Invest $580 billion in American manufacturing, research and development, and job training efforts
The announcement kicks off Biden’s second major proposal after passage of a $1.9 trillion coronavirus relief plan earlier this month. In the new move, the administration plans to approve a first proposal designed to create jobs, revamp U.S. infrastructure and fight climate change before it turns toward a second plan to improve education and expand paid leave and health-care coverage.
While Democrats narrowly control both chambers of Congress, the party faces challenges in passing the infrastructure plan. The GOP broadly supports efforts to rebuild roads, bridges, and airports and expand broadband access, but Republicans oppose tax hikes as part of the process.