SOUTHERN COLORADO — President Biden's infrastructure spending plan is the first of a two-part proposal to help the nation's economy recover from the Coronavirus pandemic.
The president plans to pay for this part of his recovery package, by raising corporate taxes. His administration claims this would raise more than $2 trillion over the next 15 years. Instead, Republicans want a less expensive proposal, and want to pull funds from COVID-19 relief.
So what happens now?
Republicans have offered a counter-proposal. The new offer consisted of an about $50 billion increase in spending across a number of infrastructure programs, and in all, would $1 trillion dollars. President Biden's original proposal would cost $1.7 trillion.
On Friday, the President rejected the Republicans latest counteroffer for an infrastructure deal, citing the offer did not meet his objectives to grow the economy, tackle the climate crisis, and create new jobs.
"We believe that this counter offer delivers on what President Biden told us in the oval office that day," said Republican Senator Shelley Moore Capito, of West Virginia.
Talks will continue today, between Biden and the lead GOP negotiator. The President has indicated today is the last day he will seek bipartisanship on his infrastructure proposal. Most lawmakers on both sides of the aisle, hope an agreement can be reached before the August recess.