After failed negotiations with congressional Republicans, President Joe Biden is now working with a Senate group to get one step closer to a bipartisan infrastructure spending deal. The agreement would, among other things, fund upgrades to traditional infrastructure such as roads, bridges and airports. But although funding traditional infrastructure has bipartisan support, the emerging deal is a bad investment for the United States.
Bidens proposed $2.3 trillion infrastructure plan also includes funding for transfer programs such as child care, elder care and education, as well as climate-change initiatives. Republicans balked at the non-infrastructure spending increases, as well as the presidents plan to finance part of this spending through an increase in the corporate tax and taxes on families earning more than $400,000.
Congressional Republicans were negotiating up from Sen. Shelley Moore Capitos (R-W.Va.) proposal to fund $568 billion in infrastructure over five years. Their proposal of $928 billion included more than $500 billion for roads with the remaining funds going to public transit, rails, ports, water infrastructure and broadband.