On Wednesday, President Joe Biden released The American Jobs Plan. According to a statement from the White House, the $2 trillion plan will create millions of jobs, rebuild infrastructure, and position the U.S. to out-compete China.
The spending will take place over the course of eight years and would be paid for by increasing the corporate tax rate to 28 percent from 21 percent.
The proposal earmarks $115 billion to repair and rebuild bridges, highways and roads; $100 billion to expand high-speed broadband across the U.S.; $100 billion to upgrade and build new schools; and $100 billion to expand and improve powerlines to shift to clean energy.
“The American Jobs Plan is a once-in-a-century capital investment in America that will meet our current infrastructure needs and invests in a brighter future,” said Sec. Tom Vilsack. “I look forward to working with Congress to make these plans a reality for American workers and rural communities and thank President Biden and Vice President Harris for their vision and commitment to rebuilding the middle class.”
The White House is reporting that the plan will modernize 20,000 miles of highways, roads, and main streets.
“It will fix the ten most economically significant bridges in the country in need of reconstruction,” said the statement. “It will also repair the worst 10,000 smaller bridges, providing critical linkages to communities.”
The plan will also eliminate all lead pipes and service lines in drinking water systems.