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Biden Defends Tax Hikes to Pay for $1.9 Trillion American Rescue Plan
Posted
May 5, 2021
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3:40Now PlayingPresident Joe Biden says his American Rescue Plan can be funded if multi-millionaires "pay their fair share" in taxes.
"My Republican friends had no problem voting to pass a tax proposal that expires in 2025 that cost two trillion dollars," said Biden Wednesday at the White House.
"None of it paid for, increased the deficit by two trillion dollars, gave the overwhelming percentage of those tax breaks to people who didn't need it, the top one tenth of one percent," he said.
Biden has said his proposal for an aggressive series of infrastructure investments would require $2.3 trillion in spending over eight years.
It would rebuild roads and bridges, bolster public education, create more than a million new jobs and would be funded by higher corporate taxes.
Republican lawmakers have doubts about the scope of the proposed package and its tax hikes.
"I'm open to compromise and yes, it doesn't have to be exactly what I say, but to suggest that which some of the folks are suggesting, I'm going to meet with the Republicans next week when they come back and seriously meet with them," said Biden.
"I'm willing to compromise, but I'm not willing to not pay for what we're talking about. I'm not willing to deficit spend, they already have is two trillion in the hole," he said.
The Biden administration hopes for a vote on the jobs plan later this summer.
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