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Biden Plans $2.25 Trillion Spending, Corporate Tax Hikes

  • Biden will unveil enough tax increases to cover infrastructure
  • Wednesday speech holds up Pittsburgh as model for new economy
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Biden to Unveil $2.25 Trillion Infrastructure Investment Plan(Source: Bloomberg)
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President Joe Biden will unveil a $2.25 trillion U.S. infrastructure plan Wednesday -- paid for by tax hikes on businesses -- that his administration said will prove the most sweeping since investments in the 1960s space program.

The four-part, eight-year plan dedicates $620 billion for transportation, including a doubling in federal funding for public transit. It would provide $650 billion for initiatives tied to improving quality of life at home, like clean water and high-speed broadband. There’s $580 billion for strengthening American manufacturing -- some $180 billion of which goes to what’s billed as the biggest non-defense research and development program on record -- and $400 billion to address improved care for the elderly and people with disabilities.