Republicans are officially releasing their $ 568 billion in return for Biden’s $ 2 trillion plan, which increases no income or corporate taxes and limits infrastructure to roads, bridges and railways.
- Senate Republicans revealed their counter-offer to President Joe Biden’s infrastructure package
- GOP proposal costs $ 568 billion and focuses on traditional infrastructure
- There is money for roads, bridges, airports, transit and broadband internet
- To pay for their proposal, Republicans used a combination of user fees and diverting unspent federal dollars
- Jen Psaki said the GOP plan is a starting point for a conversation
- She said Biden would invite lawmakers to the White House to discuss it
Senate Republicans on Thursday unveiled their counter-offer to President Joe Biden’s infrastructure package and presented a $ 568 billion plan targeting roads, transit systems and broadband internet.
The GOP’s two-page proposal has a lower price tag and narrower definition of infrastructure than Biden’s $ 2.3 trillion plan.
“This is the largest infrastructure investment the Republicans have come up with,” said Republican Senator Shelley Moore Capito of West Virginia, who spearheaded the proposal. “This is a robust package.”
To pay for their proposal, Republicans would use a combination of user fees, including for electric vehicles, and to reroute unspent federal dollars. But the chart doesn’t provide details on the payment, including which federal programs would lose those unspent dollars.
Senate Republicans revealed their counter-offer to President Joe Biden’s infrastructure package
Biden has proposed increasing corporate tax from 21% to 28% to help pay for his plan. But the Republicans have rejected that idea.
Expenses in Republican Infrastructure Plan
Roads and Bridges: $ 299 billion
Public Transportation: $ 61 billion
Rail: $ 20 billion
Drinking water and wastewater: $ 35 billion
Airports: $ 44 billion
Security: $ 33 billion
Ports and Inland Waterways: $ 17 billion
Broadband Infrastructure: $ 65 billion
Water storage: $ 14 billion
Republicans have also criticized the scope of Biden’s infrastructure plan, which includes money for things like affordable housing, a ‘Climate Corps’ and infrastructure updates to make it greener.
Biden argues that all elements in his plan relate to the national infrastructure.
White House press secretary Jen Psaki said the GOP plan is a starting point for a conversation about what a final infrastructure package could look like
“The president has said from the outset that he would welcome any good faith effort to find common ground because the only unacceptable step would be to do nothing,” she said at her daily press conference.
She said she expected the president to invite lawmakers to the White House to discuss it.
Senate Republican leader Mitch McConnell also expressed optimism that the GOP plan could lead to a final two-pronged deal.
“Senator Capito and others explain what has the potential to be a reasonable and two-pronged alternative and we hope Democrats are interested in doing something along those lines,” he told reporters on Capitol Hill on Thursday.
Some Democrats see a focus on traditional infrastructure items – such as roads, bridges, and airports – as a first step toward a bigger deal.
Democratic Senator Chris Coons of Delaware, a close ally of Biden, said on Fox News Sunday that the Senate should “ come together in a two-pronged way to pass that $ 800 billion in hard infrastructure bill ” and then submit a second package. that would contain additional items, the president suggests.
Biden has also come under criticism from his left wing, who wanted him to get even bigger on his infrastructure proposal, which he calls the Americans Job Plan.
The White House is working to soften progressives by talking about the American Families Plan, a second part of the infrastructure initiative to be released this month that focuses on social programs, including the child discount.
The Republican infrastructure plan includes $ 299 billion for roads and bridges, $ 20 billion for rail, $ 44 billion for airports, and $ 61 billion for public transportation.
But most Republicans strongly oppose the social programs, and liberals are concerned that a smaller first-round package passed with bipartisan support could destroy the second-round proposal.
The president is expected to roll out that second package next week when he addresses a joint session of Congress. The price tag can go up to $ 1 trillion.
As a top pay, Biden aims to bring the top income tax rate back to where it was before Trump’s tax cuts and nearly double capital gains rates for top earners.
The president would push the highest income tax rate to 39.6 percent – where it was before Trump’s 2017 tax cuts. Capital gains – where Biden has already called for changes to break a major loophole. would raise rates from their current 20 percent for those making more than $ 1 million.
Biden has pledged to only levy taxes on households earning more than $ 400,000. But the administration has not been clear whether that limit applies to individual income or to the combined household – a distinction that makes a big difference, especially in East and West Coast areas where the cost of living is high.
A Senate Republicans handout detailing their infrastructure plan