Ridin' With Biden, Con't

President Joe Biden heads to Pittsburgh today to sell his $2.2 trillion infrastructure plan paid for with corporate tax hikes, and it has absolutely zero chance of becoming law unless the Senate parliamentarian agrees to the bill being part of a budget reconciliation "revision" or the filibuster is destroyed.

President Biden will unveil an infrastructure plan on Wednesday whose $2 trillion price tag would translate into 20,000 miles of rebuilt roads, repairs to the 10 most economically important bridges in the country, the elimination of lead pipes and service lines from the nation’s water supplies and a long list of other projects intended to create millions of jobs in the short run and strengthen American competitiveness in the long run.

Biden administration officials said the proposal, which they detailed in a 25-page briefing paper and which Mr. Biden will discuss in an afternoon speech in Pittsburgh, would also accelerate the fight against climate change by hastening the shift to new, cleaner energy sources, and would help promote racial equity in the economy.

The spending in the plan would take place over eight years, officials said. Unlike the economic stimulus passed under President Barack Obama in 2009, when Mr. Biden was vice president, officials will not in every case prioritize so-called shovel ready projects that could quickly bolster growth.

But even spread over years, the scale of the proposal underscores how fully Mr. Biden has embraced the opportunity to use federal spending to address longstanding social and economic challenges in a way not seen in half a century. Officials said that, if approved, the spending in the plan would end decades of stagnation in federal investment in research and infrastructure — and would return government investment in those areas, as a share of the economy, to its highest levels since the 1960s.

The proposal is the first half of what will be a two-step release of the president’s ambitious agenda to overhaul the economy and remake American capitalism, which could carry a total cost of as much as $4 trillion over the course of a decade. Mr. Biden’s administration has named it the “American Jobs Plan,” echoing the $1.9 trillion pandemic relief bill that Mr. Biden signed into law this month, the “American Rescue Plan.”

“The American Jobs Plan,” White House officials wrote in the document detailing it, “will invest in America in a way we have not invested since we built the interstate highways and won the Space Race.”

While spending on roads, bridges and other physical improvements to the nation’s economic foundations has always had bipartisan appeal, Mr. Biden’s plan is sure to draw intense Republican opposition, both for its sheer size and for its reliance on corporate tax increases to pay for it.

Administration officials said the tax increases in the plan — including an increase in the corporate tax rate and a variety of measures to tax multinationals on money they earn and book overseas — would take 15 years to fully offset the cost of the spending programs.

 

This bill will be the true test. It may not even pass the House. AOC is already calling $2 trillion over 8 years "not hardly enough", Blue state Dems in NY and IL want the SALT deduction restored before they'll even consider the bill, and climate advocates are pissed they have to wait until the second bill, which will deal with climate change and education, a bill that has even less chance of passage.

 

We'll see if Dems can get it together.