WASHINGTON: President Joe Biden received the blessing of several business leaders on Wednesday on his economic agenda that has stalled in the Senate, part of an effort to restart some momentum for nearly $2 trillion in spending and tax hikes. part of what he proposed.
A lot of people just refer to it as social spending, Biden said. Well, I see it this way: The Build Back Better plan lowers prices for families and employs people.
Speaking with Tom Lineberger, CEO of engine maker Cummins, the president emphasized the benefits of child care subsidies and universal pre-kindergarten. Biden noted that Lineberger was raised by a single mother.
Lineberger said childcare is a significant burden for parents working at her company” and it is clearly an issue that needs to be addressed.
It’s not clear when Congress will move forward with Biden’s plans, after West Virginia Sen. Joe Manchin’s significant Democratic vote in a divided Senate opposed the measure in December for its potential impact on the national debt and inflation. Munchkin also disapproved of Biden’s plan to preserve the expanded child tax credit and his monthly payments, which ended the benefits of Biden’s coronavirus relief package in January.
Congress also has other items on its agenda, such as a potential deal to provide $52 billion to boost semiconductor production amid a supply crisis. General Motors CEO Mary Barra emphasized that her company is moving towards electric vehicles and that funding is important for semiconductors.
Even in this country without that supply chain capability, it’s going to hurt our ability to lead, whether it’s in electric vehicles, autonomous vehicles, Bara said. “These are the key technologies for the future and this is a truly global race.”
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