CNBC Television published this video item, entitled “Second phase of President Joe Biden infrastructure plan expected to cost $1.5T: Source” – below is their description.
CNBC’s Ylan Mui reports the details on President Joe Biden’s American Families plan, which is the second part of his infrastructure plan. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi
President Joe Biden held his second infrastructure meeting with Democratic and Republican members of Congress on Monday, as GOP lawmakers push to shrink the president’s more than $2 trillion plan.
Biden aims to approve a package in the coming months that revamps U.S. roads, bridges, airports, broadband, housing and utilities, and invests in job training along with care for elderly and disabled Americans. Republicans have signaled they could support a scaled-back bill based around transportation, broadband and water systems.
The president has said he wants to craft a bipartisan bill, but Democrats would move to pass legislation on their own through budget reconciliation if they fail to strike a deal with the GOP. As the parties have disparate visions of what qualifies as infrastructure and how big of a role the government should take in the process, it is unclear what could win support from both Democrats and Republicans.
“I am prepared to compromise, prepared to see what we can do, what we get together on,” Biden told reporters before Monday’s meeting. He said he would talk to lawmakers both about what should go into the plan and how to pay for it.
The group included members of Congress who served as governors or mayors, including Sens. Mitt Romney, R-Utah, and Jeanne Shaheen, D-N.H.
While Biden has said he wants to forge a compromise with the GOP, the sides stand at least $1 trillion apart.
Last week, Sen. Shelley Moore Capito, R-W.Va., told CNBC that she considers a $600 billion to $800 billion infrastructure plan a “sweet spot” that could win support from both parties. She told reporters Thursday that Republicans expect to outline an infrastructure proposal of their own.
Asked Sunday if he would back a roughly $800 billion infrastructure proposal floated by some of his colleagues, Sen. John Cornyn, R-Texas, did not explicitly endorse the figure but signaled he could support a plan with transportation and broadband at its center.
“There is a core infrastructure bill that we could pass with appropriate pay-fors like roads, and bridges, and even reaching out to broadband, which this pandemic has exposed a great digital divide in the country. … I think we could all agree to that, but I think that’s the part we can agree on, so let’s do it,” he said on “Fox News Sunday.”
Appearing on Fox with Cornyn, Sen. Chris Coons, D-Del., floated the possibility of Democrats passing a smaller infrastructure proposal with GOP support and then moving to approve their other priorities on their own.
Efforts to win Republican support could raise a host of problems for Biden. The GOP wants the president to slash proposed spending on electric vehicles and care for elderly and disabled people — two priorities for Democratic lawmakers.
Republicans have also criticized Biden’s plans to offset the infrastructure spending. He has called to hike the corporate tax rate to 28%. The GOP cut it to 21% from 35% in 2017, and has resisted efforts to raise the rate again.
» Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision
» Subscribe to CNBC: https://cnb.cx/SubscribeCNBC
» Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic
Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.
The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30: https://www.cnbc.com/2020/09/29/the-news-with-shepard-smith-podcast.html?__source=youtube%7Cshepsmith%7Cpodcast
Connect with CNBC News Online
Get the latest news: http://www.cnbc.com/
Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC
Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC
Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC
Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC
https://www.cnbc.com/select/best-credit-cards/
#CNBC
#CNBCTV
CNBC Television YouTube Channel
Got a comment? Leave your thoughts in the comments section, below. Please note comments are moderated before publication.
