Home WORLD Republicans announce a $928 billion infrastructure plan to respond to Biden’s policies business and economic news

Republicans announce a $928 billion infrastructure plan to respond to Biden’s policies business and economic news

0

[ad_1]

U.S. Republican senators released a $928 billion infrastructure blueprint on Thursday as a supplement to Biden’s latest $1.7 trillion package.

U.S. Republican senators outlined a $928 billion infrastructure proposal on Thursday, which is a counterattack to U.S. President Joe Biden’s more comprehensive plan, as both parties are working on a compromise between the two parties. Negotiations and a long way to go in how to pay for this huge expenditure.

According to a one-page summary released by Republican negotiators, the Republican proposal will increase road and bridge spending by 91 billion U.S. dollars, water resources spending by 48 billion U.S. dollars, and airport spending by 25 billion U.S. dollars. It will also increase broadband investment at one time, to 65 billion US dollars and 22 billion US dollars respectively.

Republicans rejected Biden’s proposal to increase corporate taxes to pay for new investments, and instead hoped to transfer unused COVID-19 relief funds to help pay for these expenses.

Senator Shelley Moore Capito of West Virginia, the chief negotiator of the GOP, said: “This is a serious effort to reach a bipartisan agreement.”

Republican senators said that their offer is a “core infrastructure investment” that Biden is focusing on as an area of ​​potential bipartisan agreement. However, the skepticism of the Democrats and the White House may call into question their overall attitude.

Their plan has approximately $250 billion in new spending, which is lower than the more ambitious proposals outlined in the President’s “American Jobs Plan.” In the earlier negotiations. Biden lowered its initial bid of US$2.3 trillion to US$1.7 trillion.

Investment in infrastructure is Biden’s highest legal priority. Negotiations are at a crossroads before the May 31 deadline to move towards reaching a bipartisan agreement. The White House is evaluating whether the president can reach the outline of an agreement with the Republican Party, or if there is no progress in the next few days, whether he will try to reach an agreement with the Democratic Party alone.



[ad_2]

Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here