The Wall Street Journal reported that the Biden administration said Sunday that “ Talks about a $ 1.7 trillion infrastructure package would have to show a clear direction toward a deal by the time Congress returns from recess in early June., indicating that Democrats may be preparing to go solo on a broad plan to rebuild roads and bridges, expand broadband service, and create programs to help care for elderly and disabled Americans. ”
Markets anticipate an outcome as lawmakers and the White House have been arguing over the basic questions of what should be included, how big it should be, and how to pay for it.
Yet to date, there have been no signs of a way forward since Republicans rejected the $ 1.7 trillion offer from the White House last week.
The Biden administration’s original $ 2.3 trillion plan was still too broad in the eyes of the Republican Party.
“Republicans’ revised $ 928 billion counteroffers include only about $ 257 billion in new spending, raising concern among Democrats,” the WSJ wrote.
“The White House has said that the entirety of its $ 1.7 trillion plan is above current baseline spending on infrastructure projects, though Congress will need to set a new baseline spending by the end of this year. fiscal”.
In the meantime, Biden proposed a maximum tax rate of 39.6% on capital gains and dividends for millionaires when it submitted its 2022 fiscal budget request to Congress on Friday, in line with the maximum rate the administration outlined in April.
This is part of the wealthy tax increases to help fund the American Family Plan.
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