President Joe Biden formally announced his $2 trillion infrastructure plan in a speech Wednesday, giving the first official glimpse of a massive proposal he proudly declared would be the largest “investment in American jobs” since the second world war.
The plan, which would be Biden’s second major legislative initiative, would allocate $621 billion for transportation-related infrastructure, $300 billion for drinking water-related infrastructure, broadband and electric grids, and $300 billion for affordable housing and upgrading schools, according to CNBC News. Furthermore, $400 billion would reportedly go toward care for elderly and disabled Americans, and $580 billion would be used for domestic manufacturing, job training, research and development.
Biden said his economic vision contains two parts — the American Jobs plan, which is part of his infrastructure bill, and the American Families plan, which he plans to speak more about in coming weeks. It’s unclear if he wants them as part of the same package.
“I’m proposing a plan for the nation that rewards work, not just rewards wealth. It builds a fair economy that gives everybody a chance to succeed, and it’s going to create the strongest, most resilient, innovative economy in the world. It’s not a plan that tinkers around the edges; it’s a-once-in-a-generation investment in America, unlike anything we’ve seen or done since we built the interstate highway system and the space race decades ago. In fact, it’s the largest American jobs investment since World War II,” Biden said.
Specifically, Biden said the plan would allow the country to repair roads in difficult shape, fix ten major bridges, and repair 10,000 other ones, fix 100% of the country’s led-based pipes and service lines, reduce bottlenecks in ports and airports around the country, and create 500,000 electric car charging stations, among other initiatives. The spending in the plan would happen over the course of eight years.
“It will create millions of jobs — good-paying jobs — will grow the economy, make us more competitive around the world, promote our national security interests, and put us in the position to win the global competition with China in the upcoming years,” he said.
“It’s big, yes. It’s bold, yes. And we can get it done,” added Biden.
During the speech, Biden said that Americans making under $400,000 would not see an increase in their federal taxes to pay for the plan. However, he also said that he wanted to see an increase in the corporate tax rate — which former President Donald Trump cut from 35% to 21% back in 2017 – to 28%, among other strategies. According to The New York Times, Biden’s proposed tax increases would largely “come from corporations.”
Biden said that he would be open to working with other lawmakers, including working with Republicans willing to have “good-faith” negotiations.
“I’m going to bring Republicans into the Oval Office, listen to them, what they have to say, and be open to other ideas,” remarked Biden. “We’ll have a good-faith negotiation with any Republican who wants to help get this done. But we have to get it done.”
Notably, Biden previously invited a group of Republican senators to the White House to discuss a COVID-19 stimulus bill, but ultimately declined to work with them to lower the cost of his $1.9 trillion proposal, which ended up passing without any GOP support.