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Biden on Infrastructure: 'Damn It...I'm Sick and Tired of Ordinary People Being Fleeced'

Bloomberg Quicktake: Now
President Joe Biden touted his $2.3 trillion infrastructure plan Wednesday, hoping to summon public support to push past the Republicans lining up against the massive effort.

The president turned fiery in an afternoon speech, saying that the United States is failing to build, invest and research for the future and adding that failure to do so amounts to giving up on “leading the world.”

“Compromise is inevitable,” Biden said. “We’ll be open to good ideas in good faith negotiations. But here’s what we won’t be open to: We will not be open to doing nothing. Inaction, simply, is not an option.”

The president has taken heat from Republican lawmakers and business groups for proposing that corporate tax increases should finance the infrastructure package.

He challenged the idea that low tax rates would do more for growth than investing in workers, roads, bridges, clean water, broadband, school buildings, the power grid, electric vehicles and veterans hospitals.

Biden last week proposed a $2.3 trillion infrastructure plan that would largely be funded by an increase in the corporate tax rate to 28% and an expanded global minimum tax set at 21%. But he said he was willing to accept a rate below 28% so long as the projects are financed.

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