Biden to unveil spending plan worth trillions

Biden to unveil spending plan worth trillions
  • Clock-gray 01:07
  • calendar-gray 01 April 2021

US President Joe Biden is set to unveil the details of a spending plan aimed at re-igniting America's economic growth, APA reports citing BBC.

The plan aims to upgrade its crumbling infrastructure and tackle climate change.

The $2.3tn (£1.7tn) proposal, which he will outline in a speech on Wednesday, was central to the vision he laid out on the presidential campaign last year.

Mr Biden plans to offset the spending by raising taxes on businesses, including the corporate tax rate.

That would rise from 21% to 28%, a proposal which has already roused fierce opposition.

Republicans have called the rises "a recipe for stagnation and decline", while the Business Roundtable, a powerful lobby group that represents firms such as Walmart, said it supported investments but would oppose tax increases.

 

The pushback is a sign of the tough fight ahead for the plan, which needs approval from Congress.

apa-logo-mini

Other news