The White House stated that the infrastructure investment plan to reach a “potential agreement” with Congressional bipartisan negotiators is expected to reach $1 trillion, and this breakthrough may advance the core part of President Joe Biden’s economic agenda.
After several days of meetings between senior officials in the Biden administration and a group of centrist Democratic and Republican senators on Capitol Hill, White House Press Secretary Jen Psaki said on Wednesday night that an agreement might be reached.
“Senior White House staff held two fruitful meetings today with the bipartisan group of senators who have been negotiating infrastructure,” Psaki said. “The group has made progress in drawing up an outline for a potential agreement, and the president has invited the group to the White House tomorrow to discuss the matter in person.”
The transaction under discussion will increase the financing of physical goods infrastructure Including roads, bridges, and broadband networks, but it is far from the broader $2.3 trillion infrastructure plan that Biden proposed at the end of March.
Republicans refuse to pass an increase Corporate tax As the White House proposed, any agreement is therefore expected to depend on the redeployment of unused pandemic stimulus funds and other sources of income to cover costs. However, the final details are still uncertain.
Even if moderate senators finally reach an agreement with the White House, they may face some difficulties in obtaining congressional approval. Leaders of both parties must agree to it so that it can withstand the defections of Republicans who oppose any new spending and progressive Democrats who believe it is not enough to correct the problems affecting America’s aging infrastructure and tackling climate change.
“We cannot let the infrastructure train leave the station without investing in childcare and clean energy ——Or not let billionaires and big companies pay the taxes they deserve,” Democratic Senator Elizabeth Warren from Massachusetts wrote in a tweet on Wednesday.
If approved, the streamlined bipartisan infrastructure package is still expected to be followed closely by Biden to make more ambitious and costly efforts to pass the rest of his economic agenda, worth at least 3 trillion. The dollar depends only on the Democratic Party’s vote in Congress.
This will include long-term investments in childcare, education, R&D and other Democratic priorities to restructure the economy, which is expected to be used Higher taxes About wealthy individuals and companies.
However, Biden’s party has only a small majority in the House of Representatives and has an advantage in the evenly divided Senate because Vice President Kamala Harris voted for any tiebreaker. This is a tricky political balancing act for Biden, because any package must satisfy the two wings of his party.
A bipartisan infrastructure package worth more than $1 trillion will represent an important legislative victory for the president, who touted his ability to reach an agreement with Republicans during the 2020 campaign. It will also emphasize that despite the high degree of polarization in Congress, moderate lawmakers can still promote deals on Capitol Hill if there is sufficient political will behind the efforts.
Biden initially only sought to negotiate with a group of Republican senators, but those negotiations broke down earlier this month. The bipartisan lawmakers in this position include Utah Senator Mitt Romney and Ohio Senator Rob Portman. On the Democratic side, Senator Joe Manchin of West Virginia and Senator Kelsten Sinema of Arizona led the talks.
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