Is a bipartisan infrastructure plan possible?
EDITOR'S NOTE
Hello,
It's a big week for President Biden's plan to reshape American infrastructure. He is slated to hold several high profile meetings, including with top Republicans such as Mitch McConnell, the GOP's leader in the Senate.
It doesn't mean some grand bargain is in the offing, however. As CNBC's Christina Wilkie points out, Democrats and the GOP haven't gotten any closer to agreeing about how to pay for the $2 trillion plan to revamp the nation's roads and bridges, bolster airports and ports, and increase broadband and green technology.
Biden and his fellow Democrats want to raise the corporate tax rate from its current level of 21%, which was set by the Trump tax cuts of 2017. While the president has said he wants a 28% rate, he has signaled openness to 25% in a bid to appease moderates in his party, such as Sen. Joe Manchin of West Virginia, a pivotal vote in that evenly split chamber.
Republicans, unsurprisingly, are balking at this – and the overall price tag. They consider the Trump tax cuts a signature achievement, and they have dug in hard against jacking up the corporate rate even by a few percentage points.
Still, Biden isn't giving up on talking about it.
The president is set to meet with McConnell, House GOP leader Kevin McCarthy, House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer on Wednesday. Then on Thursday, he'll meet with six Republican senators, including West Virginia's Shelley Moore Capito.
After that, we'll have our best indication yet whether a bipartisan infrastructure agreement is truly a pipe dream.
Thoughts? Email us at CNBCPolitics@nbcuni.com.
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