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The White House stated that the “potential agreement” reached with congressional bipartisan negotiators is expected to reach an infrastructure investment plan estimated to be as high as $1 trillion. This breakthrough may advance the core of President Joe Biden’s economic agenda.
After several days of meetings between senior Biden administration officials and a group of centrist Democratic and Republican senators on Capitol Hill, White House Press Secretary Jen Psaki said on Wednesday night that an agreement might be reached.
“Senior White House staff held two fruitful meetings today with the bipartisan group of senators who have been negotiating infrastructure,” Psaki said. “The group has made progress in drawing up an outline for a potential agreement, and the president has invited the group to the White House tomorrow to discuss the matter in person.”
The transaction under discussion will increase the financing of physical goods infrastructure Including roads, bridges, and broadband networks, but it is a far cry from the broader $2.3 trillion infrastructure plan that Biden proposed at the end of March.
Republicans refuse to pay for this expense by raising the corporate tax proposed by the White House, so it is expected that any agreement will depend on the redeployment of unused pandemic stimulus funds and other sources of income to cover the cost. However, the final details are still uncertain.
Even if the moderate senators finally reach an agreement with the White House, they may face some difficulties in obtaining congressional approval. Leaders of both parties must agree to it so that it can withstand the betrayal of Republicans who oppose any new spending and progressive Democrats who believe it is not enough to correct the problems affecting America’s aging infrastructure.
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