Joe Biden backs down! US President dealt hammer blow after backtracking on spending plot
Biden: Experts discuss ‘major infrastructure concessions’
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President Joe Biden has conceded to the Republican Party over plans to spend huge sums on infrastructure to aid the US economy following the pandemic. Despite entering into negotiations with a proposal to earmark $2 trillion for infrastructure investment, Mr Biden has been forced to massively reduce this amount to closer to $1 trillion. CBS correspondent Weijia Jiang has warned the US President may have to buckle further still with the Republican Party remaining opposed to Biden’s big-spending pledges.
CBS This Morning presenter Anthony Mason said: “The President is making big concessions on a massive infrastructure deal to try and get Republicans on board.
“But it may not be enough.
“He meets again today with the GOP’s top negotiator after shrinking the size of his proposal and changing how he plans to pay for it.”
Senior White House Correspondent Weijia Jiang added: “The President is not only budging on the size and what is in the plan but also how to foot the bill.
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“You might remember that initially, he wanted to raise the corporate tax rate from 21 to 28 percent Republicans staunchly opposed that.
“In a meeting Wednesday with West Virginia Senator Shelley Moore Capito Mr Biden proposed an alternative a 15 percent minimum tax on corporations.
“The goal there to target the dozens of companies that have paid little to nothing in federal or corporate income taxes.
“Another concession from President Biden slashing new spending on infrastructure from over $2 trillion down to roughly $1 trillion.”
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Ms Jiang continued: “That could be a tough needle to thread though Republicans have so far only willing to spend about a quarter of that.”
The President’s concessions, especially on the corporate tax rate, are likely to anger progressives in the Democrat Party, according to Mr Mason.
He asked: “What is the calculation that the President is making here?”
“The bottom line is President Biden wants a bi-partisan deal but right we have to watch the reaction from progressives from the left today who see repealing those Trump corporate tax cuts as a sticking point.”
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Meanwhile, Fox Business host Larry Kudlow has slammed the US President’s flagship spending proposals.
Mr Kudlow told Fox News on Wednesday: “Besides all of the tax stuff, they’re going through this rigmarole to transform the whole economy. The Green New Deal, higher taxes, massive spending, social safety net, great society, critical race theory. Whatever they are doing.
“When you look at their numbers for this budget that came out late on Friday, you know what their growth rate is for the whole 10-year period? Less than two percent.
“So after all of this stuff, transformation, everything they want to do, no growth. It isn’t worth it. It’s pathetic.”
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