Home » Politics » Biden's $2.25T spending plan sparks criticism from progressives and GOP lawmakers
Biden's $2.25T spending plan sparks criticism from progressives and GOP lawmakers
Biden’s ‘losing’ moderate Democrat support in the House: Former OMB director
Former OMB director Russ Vought discusses the impact of President Biden’s spending bill, arguing that there are ‘warning clouds on the horizon.’
President Biden on Wednesday unveiled an ambitious, $2.25 trillion spending measure this week that his administration is billing as a once-in-a-lifetime chance to overhaul the nation's infrastructure, but the proposal is already sparking pushback from Democrats and Republicans alike.
The eight-year initiative, dubbed the American Jobs Plan, would make massive investments in the nation's roads and bridges, as well as transit systems, schools and hospitals. It would be funded by raising the corporate tax rate to 28% from 21% – rolling back part of former President Donald Trump's 2017 tax cuts – and increasing the global minimum tax on U.S. corporations to 21% from 13%.
"It's big, yes, it's bold, yes, and we can get it done," Biden said in a Wednesday afternoon speech in Pittsburgh. "In 50 years, people are gonna look back and say: This was the moment that America won the future."
WHAT'S IN BIDEN'S $2.2T INFRASTRUCTURE AND TAX PROPOSAL?
But the proposal faces a steep, possibly months-long, road to passage in Congress: Republicans have already started to attack it as a "trojan horse" for major tax hikes and big-liberal spending proposals, while progressive Democrats have argued the measure doesn't go far enough in addressing climate change or other issues.
"I'm going to fight them every step of the way, because I think this is the wrong prescription for America," Senate Minority Leader McConnell said Thursday during a news conference in Kentucky.