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President Biden Unveils Infrastructure Plan Estimated To Cost $2 Trillion Over 8 Years

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CBS4's Natalie Brand has more from the White House.

Video Transcript

- Turning now to the Biden presidency, President Joe Biden is unveiling a massive infrastructure plan today described as one of the most ambitious federal spending proposals in American history.

- The administration's goal is to modernize the nation's roads, airports, and even aging schools, but lawmakers are expected to clash over how to pay for this. CBS 4's Natalie Brand has details from Washington.

NATALIE BRAND: President Biden headed to Pittsburgh to unveil his $2 trillion American jobs plan at a Carpenters Training Center.

JOE BIDEN: It's the largest American jobs investment since World War II. It will create millions of jobs.

NATALIE BRAND: According to the proposal, more than $600 billion would be spent to rebuild thousands of miles of highways and repair aging bridges. The plan ranges from upgrading major airports to investing in new electric vehicle charging stations to expanding affordable housing and clean drinking water.

JOE BIDEN: It's big, yes. It's bold, yes. And we can get it done.

NATALIE BRAND: The administration says their proposal would be paid for with an overhaul of the nation's corporate tax policy aimed at reversing nearly the entire Trump administration tax cuts law, setting up a clash in Congress.

MITCH MCCONNELL: It's called infrastructure. But inside the Trojan horse, there's going to be more borrowed money and massive tax increases on all the productive parts of our economy.

NATALIE BRAND: Currently, the White House proposes to raise the corporate tax rate from 21% to 28%, and it seeks to negotiate with other nations on a global minimum tax for multinational corporations.

JOE BIDEN: This is not to target those who have made it. This is about opening opportunities for everybody else.

NATALIE BRAND: CBS News has learned that Senate Majority Leader Chuck Schumer is looking into possibly using a second budget reconciliation process to advance the president's infrastructure plan which would require just a simple majority. Natalie Brand, CBS News, the White House.

- President Biden says he'll meet with Republicans to talk about his plans and he's open to ideas, as long as they don't include tax increases for individuals making less than $400,000 a year. The president also says he'll lay out part two of his infrastructure plan, which he's calling the American Families Plan, in the coming weeks.