Senate Minority Chairman Mitch McConnell, R-Ky., Conducts an interview in the Russell Building on Wednesday, March 17, 2021.
Tom Williams | CQ Appeal, Inc. | Getty Images
Senate Minority Chairman Mitch McConnell, R-Ky., On Wednesday threw an early blow on President Joe Biden’s soon-to-be-announced overhaul of infrastructure that decoded and settled on the “massive” tax hikes in plan of roughly $ 2 trillion the impact on them angered the national debt.
McConnell, who has resisted attempts by previous governments to channel new infrastructure spending through the Senate, said he was unlikely to support Biden’s ambitious new proposal.
“It’s like a Trojan horse,” McConnell told reporters in Erlanger, Kentucky. “It’s called infrastructure, but inside the Trojan horse there will be more borrowed money and massive tax increases for all productive parts of our economy.”
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The Republican leader said if the plan “adds massive tax hikes and trillions more to the national debt, it is unlikely” he would support him.
McConnell also said that Biden called him Tuesday to let him know of the plan. It is the second time since Biden’s inauguration that the two men have spoken to each other, according to NBC News.
Biden will travel to Pittsburgh, known as “Steel City” for its once high status as a premier manufacturing base, on Wednesday afternoon to discuss his plan to upgrade US infrastructure and create jobs.
The White House says the legislation is only the first part of a double billion dollar stimulus package. The second part of the plan, which will involve huge investments in US health care and childcare, is expected to be announced in April.
Biden’s speech is scheduled to begin at 4:20 p.m. ET.
The infrastructure plan is spending approximately $ 2 trillion over eight years, a administration official told reporters. The legislation would raise the corporate tax rate from 21% to 28%, which, along with other proposed reforms, would fund the new spending in 15 years, the White House said.
Biden’s plan would also raise the global minimum tax rate for multinational corporations to 21% and remove a current tax exemption for profits from foreign investments, the administration said.
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