WASHINGTON (Reuters) -U.S. Senate Minority Leader Mitch McConnell on Thursday stated he’ll struggle President Joe Biden’s $2 trillion infrastructure plan “every step of the way” and predicted the sweeping bundle wouldn’t see help from Republican lawmakers in Congress.
At a information convention in Owensboro, Kentucky, McConnell stated the Biden proposal underscores deep philosophical variations between Republicans and Democrats over taxes and the nationwide debt. He informed reporters that he doesn’t consider the White House has a public mandate to pursue the plan.
“I’m going to fight them every step of the way, because I think this is the wrong prescription for America,” he stated.
Biden’s infrastructure plan, unveiled on Wednesday, charts a course for dramatic change within the path of the U.S. economic system and consists of investments in conventional tasks like roads and bridges together with local weather change initiatives and human providers like elder care.
“There’s more money in that plan that the president laid out in Pittsburgh for electric cars than for roads and bridges. Let me say that again: more money for electric cars than roads and bridges,” McConnell stated.
Biden has proposed funding the bundle by elevating the tax fee on U.S. companies to twenty-eight% from 21% and making it more durable for firms to make use of offshore tax shelters and different strategies to scale back their tax burdens.
McConnell warned that “massive tax increases” would hurt the economic system and stated the bundle’s spending degree might run up the debt. The White House says the infrastructure proposal would greater than pay for itself.
“My view about infrastructure is, we ought to build that which we can afford and not either whack the economy with major tax increases or run up the national debt,” he stated.
Reporting by David Morgan and Doina Chiacu, Editing by Franklin Paul and Sonya Hepinstall