About This Source - Bloomberg QuickTake: Now
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Bloomberg Quicktake: Now published this video item, entitled “Republicans Pitch New Counteroffer to Biden’s Infrastructure Proposal” – below is their description.
Republican senators outlined a $928 billion infrastructure proposal Thursday that would tap unused coronavirus aid, a counteroffer to President Joe Biden’s more sweeping plan as the two sides struggle to negotiate a bipartisan compromise and remain far apart on how to pay for the massive spending.
The Republican offer would increase spending by $91 billion on roads and bridges, $48 billion on water resources and $25 billion on airports, according to a one-page summary released by the GOP negotiators. It also would provide for one-time increases in broadband investments, at $65 billion, and $22 billion on rail.
Republicans have rejected Biden’s proposed corporate tax increase to pay for new investments, and instead want to shift unspent COVID-19 relief dollars to help cover the costs.
“It’s a serious effort to try to reach a bipartisan agreement,” said Sen. Shelley Moore Capito of West Virginia, the lead GOP negotiator.
The Republican senators said their offer delivers on “core infrastructure investments” that Biden has focused on as areas of potential bipartisan agreement. But their overall approach received a cool response by Democrats and the White House.
With about $250 billion in new spending, their plan falls short of the more ambitious proposal outlined in the president’s American Jobs Plan. In earlier negotiations. Biden reduced his $2.3 trillion opening bid to $1.7 trillion.
Biden, in an economic address later Thursday in Cleveland, planned to present “head-on” the choice before Congress and the country, according to a White House official, and will frame the argument as whether Americans want to keep giving breaks to corporations or invest in modernizing infrastructure. The official was not authorized to publicly discuss Biden’s remarks before the president’s speech and spoke on condition of anonymity.Bloomberg Quicktake: Now YouTube Channel
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