September 26, 2021

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Watch live: Biden delivers remarks on $2 trillion infrastructure plan – CNBC

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President Joe Biden is set to deliver remarks Wednesday afternoon on his more than $2 trillion infrastructure package. Vice President Kamala Harris is also expected to attend.

The address comes a week after Biden introduced the plan, which would invest in transportation infrastructure, water systems, broadband access, electric grids, job training and other provisions. The bill would raise the corporate tax rate to 28% to offset the spending.

The president in his speech plans to increase pressure on Congress to work with him on the legislation, defend the corporate tax hike and address criticism that the bill goes beyond the scope of traditional infrastructure, according to a White House official.

Senate Minority Leader Mitch McConnell, R-Ky., said Friday the GOP would likely oppose the package due to the tax increase and price tag.

A spokesman for Senate Majority Leader Chuck Schumer, D-N.Y., said Monday that the chamber’s parliamentarian ruled lawmakers could use budget reconciliation to pass legislation with a simple majority an additional time. The move means Democrats could seek to pass the legislation with no Republican votes. Democrats hold a narrow majority in the Senate with the chamber split 50-50 and the vice president’s tie-breaking vote.

The infrastructure plan marks the Biden administration’s next legislative priority after signing into law the $1.9 trillion Covid stimulus package in March.

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