Biden Proposes $2 Trillion Infrastructure Plan
The Biden administration has released a $2 trillion proposal to rebuild infrastructure and reshape the economy. President Biden’s plan will take eight years to accomplish and is intended to fix transportation infrastructure, create jobs, and improve Americans’ quality of life.
A large portion of the President’s plan invests in transportation infrastructure, including repairing roads and bridges, modernizing public transit, creating reliable passenger and freight rail service, improving ports, waterways, and airports. Also, a key focus within the plan is revitalizing digital and power infrastructure.
The plan emphasizes the need to become more resilient by safeguarding critical infrastructure and services, defending vulnerable communities, and maximizing land and water resources’ resilience to protect communities and the environment. To help accomplish Biden’s plan, the Administration will expedite federal decisions prioritizing stakeholder engagement and maximizing equity, health, and environmental benefits.
The plan’s cost will be paid for by raising corporate taxes, particularly from multinationals businesses that earn overseas profits. President Biden explained those increases are meant to encourage companies to produce and invest more in the United States. The Administration noted that the tax increases would offset spending in 15 years, eventually reducing the budget deficit.
The plan will need to be passed by Congress, where it could face opposition for its tax increases and impact on the national debt.