He said that Biden shouldn’t count on Republican support for his spending. In addition, McConnell said Biden will need every Democrat in Congress to make his plans happen.
Get Their Ducks In A Row
Speaking at a press conference, McConnell said it’s more likely some Democrats like their plans than the other way around. He also warned against using the reconciliation process.
“If they can’t get all their ducks in a row, to use reconciliation again they’ll have to have every single Democrat in the Senate, all of them, in line, in lockstep, in order to do that.
A number of them are saying they agree with us. I think it’s worth talking about, but I don’t think there’ll be any Republican senators, none, zero, for the $4.1 trillion grab bag, which has an infrastructure in it, but a whole lot of other stuff,” he said.
In addition, McConnell won’t allow for a repeal of the 2017 tax bill that lowered corporate tax rates by 21%. He said that the GOP isn’t willing to pay for Biden’s largesse by undoing the 2017 bill.
“We’re open to doing a roughly $600 billion package which deals with what all of us would agree is infrastructure and to talk about how to pay for that in any way other than reopening the 2017 tax reform bill, which I believe – and all of my members believe – is what created, as of February 2020, the best economy in 50 years,” McConnell told reporters.
Moderate Republicans Wants a Smaller Infrastructure Bill
Fox News reported moderate Republicans led by Senator Shelley Moore Capito (R-WV) called for an infrastructure project that costs $568 billion. She said that the White House acknowledged their proposal as the beginning of a discussion on bipartisan legislation.
Biden actually laid out two plans aimed to create major investments in key areas. Combined, this ambitious program will require at least $4 trillion.
The first, the American Families Plan, carries a $1.8 trillion price tag. It covers significant investments in education and families.
Also, it expands the Child Tax Credit and creates the Child and Dependent Care Tax Credit. These programs will allow families to receive up to half of their child care spending as a credit on their taxes.
The second one, the American Jobs Plan covers infrastructure spending that reaches $2.7 trillion. It covers investments in transportation infrastructure, schools, and upgrading water facilities.
In addition, the program also includes spending for VA hospitals and federal buildings, care economy, manufacturers and small businesses, and workforce development.
White House Pulling for the $4 Trillion Plans
In a statement, the White House explained their plan. The administration said that “this is no time to build back to the way things were. This is the moment to reimagine and rebuild a new economy. The American Jobs Plan is an investment in America that will create millions of good jobs, rebuild our country’s infrastructure, and position the United States to out-compete China.”
In addition, Biden also proposed the Made In America Tax Plan. Given the hefty price tag, Biden wants to readjust the corporate tax rate at 28% to pay for the plans.
Meanwhile, the Daily Wire reported that “The Congressional Budget Office estimated Biden’s American Rescue Plan would add $1.9 trillion to the deficit over the next decade.
According to Just the News, the final version of both pieces of legislation ‘are estimated to cost about $4 trillion combined’ as our national debt currently sits at $28 trillion.”
Watch the Bloomberg Quicktake Now report saying that the GOP Won’t Support Tax Hikes to Pay for Biden’s Infrastructure Plan:
Do you support Biden’s American Jobs Plan and American Families Plan? Do you agree that Republicans shouldn’t support the current version of the bill but instead bring it down to a more moderate amount?
Let us know what you think by leaving your comments below.