Written by Michelle Botello
President Biden is planning to restore the nation’s economy by investing trillions of dollars into an infrastructure proposal. Within this plan he wants to restore transportation, housing and jobs. Biden plans to raise corporate taxes 28 percent to cover the cost.
The president declared that winning over the GOP to get support would be in his favor but Republicans do not agree with the tax increase because of the economic recovery and how it could be affected.
President Biden’s proposal includes the support of more than two trillion dollars. Biden plans to use the plan by endorsing $400 billion for expanding access to home care for the elderly and disabled, and $2,566 billion for transportation. It is estimated that it would take 15 years to repay the cost.
Speaker Nancy Pelosi realized the idea of splitting the package into two parts, one to cover roads and transportation, and the other one to deal with the social aspect of it. The Senate ruled last week to ease the budget reconciliation process for the Senate majority.
This process is covered by the Budget Committees in the House and the Senate. A reconciliation procedure advantage for these bills are limited to 20 hours of debate and can pass with a simple majority vote.
Senate Minority Leader Mitch McConnell said, at a news conference in Kentucky, that he will fight because he thinks this is the “wrong prescription” for America.
If the proposal does not pass, Democrats would have to make major changes to win, or pass a plan of their own.