US Chamber of Commerce says Biden infrastructure bill is 'dangerously misguided'

DXY Index Price Chart US Dollar with Ten Year Treasury Yield Overlaid Reaction to Biden Infrastructure Spending Package

Mr. Biden's infrastructure plan - the second massive spending initiative of his 10-week old administration, after the $1.9 trillion short-term COVID rescue bill passed earlier this month - faces tough tests in a Congress anxious about soaring deficits.

"It will create millions of jobs, good-paying jobs".

Biden said in a speech in Pittsburgh Wednesday that he hopes and believes a number of Republicans and businesses will support his plan, and that while he has laid out his ideas for how to pay for it, he's open to other proposals - and long as they don't raise taxes on those earning less than $400,000 a year.

"This is not to seek retribution".

Data from payroll services firm ADP showed private USA employment jumped by 517,000 in March, slightly less than economists had expected but much better than the 176,000 gain in February and a welcome rebound after several tepid results in the pandemic recovery.

The cost would be partly covered by raising corporate tax from 21 percent to 28 percent. I have nothing against millionaires and billionaire.

Americans for Tax Reform, a conservative-allied group headed by anti-tax activist Grover Norquist, plans to speak out against the higher tax rate and activate its network of coalitions in the states to oppose it, spokesman John Kartch said.

However, he said, "the biggest companies in the world, including Amazon. pay not a single solitary penny in federal income tax" because of corporate-friendly loopholes.

Investors remain little impressed by Biden's plan, as the details were more less on the expected lines.

"Our nation could use a serious, targeted infrastructure plan", he said in a statement.

"The American Jobs Plan will lead to transformational progress in order to tackle climate making our infrastructure more secure and resilient and seizing incredible opportunities for American workers and American farmers in a clean energy future", Biden said.

From the opposite corner, Biden's Republican predecessor Donald Trump said the tax hike would "decimate USA manufacturing" and described the proposed legislation as "among the largest self-inflicted economic wounds in history".

The US Chamber of Commerce backed the infrastructure push, but said Biden's proposal was "dangerously misguided" over how to fund it.

Specifically, Biden says the plan would modernize 20,000 miles of highways, roads and main streets.

"Republicans don't want to vote for any kind of tax", LaHood said of Biden's plan, which he predicted will be enacted in some form by August because of the support the president has right now.

"He knows how to reach to the other side and make good things happen", she said of the president.



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