Modernising US infrastructure
President Joe Biden is ready to make concessions to political opposition in the US Congress on his ambitious plan to modernise the nation's infrastructure in terms of its funding. The American leader, who represents the Democratic Party, made the assurance in response to questions from reporters at the White House on Wednesday.
The press asked the White House leader whether he would be prepared to abandon his intention to raise corporate taxes from 21 per cent to 28 per cent, something the Republican Party strongly opposed. Biden was asked whether he could agree to the tax rate still being set at less than 28%. "I am willing to listen to that. I am completely open to other suggestions", the president replied.
"There are many other ways of securing this funding for said plan", he said. "And I am willing to negotiate on those," he added. However, he expressed his view that he did propose "the most rational way" to fund the infrastructure renewal plan, which would require more than $2 trillion. The White House chief urged Republicans to engage in constructive negotiations designed to culminate in compromises on the plan and its implementation.
"Do you think the rest of the world is waiting? Do you think China is dragging its feet on investing in digital infrastructure? In research and development? No, they're not waiting. But they are counting on American democracy being too slow, too limited and too divisive and falling behind", Biden argued in his speech.
He presented his own blueprint for infrastructure modernisation and labour market development in the US on 31 March. As the president stressed at the time, implementing these visions would be "the largest investment in jobs in the country since World War II". Central to the programme were proposals to modernise transport infrastructure. Biden expects to cover the costs of his proposed plan by increasing taxes, including on corporate profits.