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Biden infrastructure plan receives backing as Democrats support $3.5 trillion investment

The US has slapped new trade tariffs on six nations including the UK as President Joe Biden seeks to corral fellow economies into backing his proposals for a global tax deal.
The tariffs were automatically suspended for six months while negotiations over a gobal tax deal continue.

Leading Senate Democrats have provided Joe Biden’s new infrastructure plan with a big boost after they agreed on a $3.5 trillion investment plan that they aim to include in the budget resolution that is debated soon.

Senate Majority Leader Chuck Schumer told reporters that “we have come to an agreement.”

It came after two hours of closed-door talks that did not involve Republicans.

Schumer said that the agreement, which still must be endorsed by the 50-member Senate Democratic caucus, would include a significant stipulation for the expansion of the Medicare healthcare programme for the elderly. It is the top goal of Bernie Sanders.

The Medicare expansion will include coverage for dental, hearing and vision healthcare.

Biden is expected to travel to Capitol Hill today to discuss the legislation and the difficult road ahead.

The President is known to be hopeful of funding the plan by increasing taxes on corporations and wealthy individuals, something that Sanders supports.

“The wealthy and large corporations are going to pay their fair share of taxes so that we can protect the working families of this country,” the former Democrat presidential candidate said.

Republicans would reject any plan that rolled back on their 2017 tax-cut agreement.

Despite the infrastructure plan not being as much as Sanders – and other Liberal Democrats – had hoped, he still welcomed the plan at what was a “pivotal moment in American history.”