don't get -- i don't want to get too far into the weeds. early summer, for the speaker of the house, that heads to the senate. you might be able to get some republican support from that perspective. romaine: when the stimulus was passed a couple of months ago, what was extraordinary was the wide range of support, you had people on the left, bernie sanders. when a bill involves increasing taxes, particularly corporate taxes, you can be sure that the lobbyists are gearing up and ready to go. how much of that dimension alone

going to make the passage of anything harder? >> tax is the poison pill for the republicans. they are making the case that in order to lure foreign investment and in order to make -- why would they want to make an investment when their corporate tax rate is going to go up? that is the conservative argument. the progressive argument is these companies benefited during the last year and they need to pay more than their fair share. let's talk about where there is consensus on digital infrastructure, boosting resources. i spoke to this democrat from california. pertaining to the semiconductor chip shortage, that is an area of bipartisan agreement.

in the recent weeks, i spoke to marsha blackburn. she has made that concession. this is in order to -- this is part of this infrastructure bill. romaine: this infrastructure bill is pretty sprawling. very ambitious in scale and scope. i wonder if i could get you to comment on the proposal to pay for this. it will involve a corporate tax increase. kevin: that was the crowning achievement for the previous administration. democrats say this is something that only benefited the ultra-wealthy. i mention this because that will be a significant poison pill.

i thought it was captured on bloomberg surveillance where tom indicates that this is a significant policy shift for the united states as a whole. this is not a snap your fingers and every bridge in america will be built. this is a plan for the next decade of american investment. there is a consensus from the geopolitical standpoint. parts of this bill, a significant part of this bill is nonpartisan and needs to get accomplished. this is the kind of forward thinking policy that many in the halls of congress have pointed to. that is why one of the last because that president biden made ahead of traveling to pittsburgh was to leader mcconnell as they tried to usher in a new era of what specifically infrastructure means in the united states for the next decade.

>> the recent stimulus bill did not get any votes in either of the houses from republicans. pulling showed that it was a broadly popular idea. is the administration looking in similar numbers for this? what we are going to do is something that would be popular beyond just the democratic base? >> that is an incredibly important point. this is a complete separate issue from the economic recovery debate versus what we are about to hold onto. to move it forward and just continue with that contrast, in the previous stimulus debate, we had everyone from the fed chair

to the treasury secretary as well as even members of congress saying they needed at least $500 billion worth of investment in order to keep this economy recovering. romaine: we are looking at president joe biden down in pittsburgh here. set to come to the podium here and address people about this 2.25 trillion dollar proposal, a very sprawling proposal. this is a plan that is going to be rolled out in four parts over eight years. the big question everyone really wants to know is how this is going to be paid for. that may proposal on the table includes increases in the corporate tax rate and also includes changes in other taxes as well as the estate tax and a few other taxation measures. that will draw some opposition, no doubt.

it would be interesting to see, this is sort of the starting point of what i presume will be a month-long negotiation. kevin: this is what is going to define in some sense whether the economy is going to be in shape. we will get this jolt of cash right now with the stimulus. there will be the question the economy looks like after. do we settle into mediocre slow growth and light inflation of wages? a lot of that may hint at what part of the package comes up.

this is meaningful when it comes whether we have a break more than the stimulus. this bill or this intention will be what is interesting. romaine: the person at the microphone is one of the local union members here who is introducing biden. i am curious as to what the market reaction is going to be. >> we know a lot of the renewable companies that will presumably benefit from the tax credit and other spending, they did well.

it is all soaring, some of this maybe economic rebound. i don't the can separate this from the expectation of the rest -- viewings to come. >> of course, you have a bunch of money going to allege vehicles. you have this $180 billion proposal for what will be a research and development sort of fund. it will be the largest research and develop the program we have seen in years. you have money going towards manufacturing and workforce. clean water, broadband internet, housing, childcare, eldercare, the corporate tax hike, eliminating oil gas and tax hikes. a lot in this proposal here. >> an expansive definition.

president biden: mike asked me if you -- if i ever get nervous. he said i got up this morning and made breakfast with my kids, i have to introduce the president and while you did a heckuva job, mike, i would be nervous if i had to get up in the middle of the night, climb a telephone pole and replace in the middle of the storm a connection that has not got everybody's electricity on a transformer.

i cannot do what you do. i support unions, unions have built the middle class. the county executives, the mayor, everyone who is here, i want to say thank you, congressman for the passport into your district. i appreciate being here. two years ago i began my camping here in pittsburgh. -- campaign here in pittsburgh. i return as your president, the layout, division of how i believe we do that, rebuild the backbone of america. it is a vision not seen through the eyes of wall street but the eyes of hard-working people like the people i grew up with.

people like mike and his union family. -- they pay their taxes, serve their communities and their looking for a little bit of breathing room, just a little bit of light, ordinary americans doing extraordinary things, people who break their neck every day for their families and the countries they love. a country which on the day that i was elected was in extreme distress. with the virus on a deadly rampage. in my pocket every day, i have a list of exec we how many who have died, 547,000 americans

dead from the virus. more than all of the people killed in world war i, world war ii, the vietnam war, 9/11. 547,000 in an economy that left millions out of work and created so much anxiety. that is why i moved so quickly to pass the american rescue plan . it did not pass by whole lot but with the leadership, you got it done, it was an emergency, we needed to act to save jobs, save visitors, save lives and that is what we did, we are beginning to

see the results. we are on our way to having been given 200 vaccination shots in the first 100 days of my presidency. when i say i get 100 million done, people thought it was a significant exaggeration. leading economists are now predicting the economy will grow 6% this year. that is a rate we have not seen in years and years. we can cut child poverty in half this year. with the american rescue plan, we are meeting immediate emergencies. now is time to rebuild. even before the crisis we are now facing, those at the very top in america were doing very well. they were doing great.

everyone else is falling behind. the pandemic only made a vision more obvious. millions of americans lost their jobs while the wealthiest americans saw their wealth increased by $4 trillion. this goes to show you how distorted and unfair our economy has become. it was not always this way. it is time to change that. i got criticized for giving tax basis to middle class and poor people this time. when trump lost tax bill passed, a three went to the top 1%.

this is not to target those who have made it, not to seek retribution, this is about opening opportunities for everybody else. here's the truth, we will all do better when we all do well it is time to build our economy from the bottom up and from the middle out, not the top down. it has not worked very well. the economy overall has not worked because wall street did not build this country, you, the great middle-class built this country. unions built the middle class. it is time. this time we build the middle class. we will bring everybody along. everybody gets to come along. today, i am proposing a plan for

the nation that rewards work, it gives everybody a chance to succeed. this can create the strongest, most resilient, innovative economy in the world. this is a once in a generation investment in america. unlike anything we have seen or done since we built the interstate highway system in the space race decades ago. in fact, it is the largest american jobs investment since world war ii. it will create millions of jobs, good paying jobs, it will grow the economy, make us more competitive around the world for both our national security interest and put us in the position to win the global competition with china in the coming years. it is big, yes, bold, yes, we can get it done.

it comes into parts, the american jobs plan and the american families plan. both are sensible for our economic future. in a few weeks, i will talk about the americans family plan but today, i want to talk about the americans jobs plan. the heart of the plan modernizes transportation infrastructure, roads, our bridges, or airports. eyes went to -- i just went to an airport and the director of the airport said we are going to renovate the airport and employ thousands of people. he said i cannot thank you enough for this plan. it grows the economy and keyways , it puts people to work. it makes it easier and more efficient to move goods, to get

to work and to make us more competitive around the world. some of your local officials know that once one wants to come to the area and accompany -- a company wants to invest, they say how can i get to the railroad, but access to the interstate do i have, tell me about it. it is about if structure. american jobs are modernizing 20,000 miles of highway that are in difficult shape right now. it will fix the nation's 10 most economically significant bridges in america that require replacement. remember that bridge that went down? we have 10 with more commerce going across at that need to be replaced. we will also repair 10,000

bridges that just needed upgrades to unclog traffic, keep people safe and connect our cities, towns and tribes across the country. the american jobs plan will build new transit lines, easing congestion, cutting pollution, slashing commute times and opening up investment in communities that can be connected to the cities and cities to the outskirts where a lot of jobs are these days. it will reduce the bottlenecks. the american jobs plan will lead through transformational progress. it will protect our community from historic superstorm's, floods, wildfires, droughts, year after year by making our infrastructure more secure, resilient and seizing incredible

opportunities for american workers and american farmers in the clean energy future. workers like the one we just heard from building a nationwide network of 500,000 charging stations, creating good paying jobs. we are going to provide tax incentives and point-of-sale rebates to help all american families afford green vehicles of the future. the federal government owns an enormous fleet of vehicles. there will be transitioned to electric vehicles right here in america by workers in the united states of america with american products. we will make sure that we buy

american. that means investing in american-based companies and american workers. the contract -- not a contract will go out that i control that will not go to a company that as an american calmly with american products, all the way down the line and american workers, we will buy the goods we need from all americans. communities that have been historically left out of these investments, black, latino, asian-american, rural, small businesses, entrepreneurs across the country. today, up to 10 million homes in america and more than 400,000 schools and childcare centers have pipes that they get their water from, pipes that are lead-based pipes, including pipes for drinking water.

according to scientists, there is simply no safe exposure to lead for child that can slow development. we are going to put plumbers and pipefitters to work, replacing 100% of the nation possible lead pipes and service lines. every american, every child can turn on the faucet or fountain and drink clean water. with each investment, replacing a line that can meet up to $22,000 in health care costs saved. this is to help our children and up them to learn and thrive. we can't delay another minute. long past due. here in america where the early

interest was in this thing called the internet that we invented it, early. the early internet. it was invented here. millions of americans lack access to reliable high-speed internet, including more than 35% of rural america. it is a disparity even more pronounced during this pandemic. american jobs, we will make sure that every single american has access to high-quality, affordable, high-speed internet for businesses, schools and when i see -- say affordable, i mean it. we are going to drive down the price for families who have service now and make it easier for families that don't have affordable service to be able to get it now.

as we saw in texas and elsewhere, our power grids are vulnerable to storms, catastrophic failures and security lapses. my american jobs plan open hundreds of thousands of people to work, hundreds of thousands of people to work, line workers, electricians, length thousands and thousands of transmission lines. capping hundreds of thousands in orphan oil and gas wells that need to be cleaned up because they are abandoned, paying the same as activate that a union man or woman would get having done that in the first place. we will build energy-efficient housing, commercial buildings for millie's of americans. even before the pandemic, --

millions of americans. even before the pandemic, millions of americans were facing financial strain trying to care for kids and their parents at the same time. the sandwich generation. you have a child at home, you can stay at home to take care of that child. you risk losing your job. seniors and people with disabilities living independently. they feel that strain as well but if they can remain independently, they live longer. the american jobs will extend access to quality community-based care. they of home care workers going into the homes of seniors and people with disabilities cooking meals and helping them be able

to live more independently. for too long, caregivers were disproportionately women and women of color. the families plan will change that with benefits for millions of people. we will be able to get to work in an economy that works for them. decades ago, the united states government used to spend 2% of its gdp, the gross domestic product on research and development. today, we spent less than 1%, i'd take it is 7/10 of 1%. here is whether it matters. there are for -- only a few economies in the world -- we have fallen back. the rest of the world is closing in and closing in asked, we

can't allow this to continue. the americans jobs plan is the biggest increase in our nondevelopment spending on record. it will boost the american innovative edge. markets like battery technology, biotechnology, computer chips, lean energy, the competition with china in particular. critics say we should not spend this money, they ask what we get out of it. they said the same thing when we flew into space for the first time. they said the same thing. pushing the frontiers lead to big benefits back home. when nasa created apollo's digital flight control system, unheard of at the time, in the two technologies that help us today to drive our cars and fly our planes.

when nasa invented ways to make food safer astronauts, it led to ways to keep food safe and supermarkets for decades. at least 2000 product and services have been developed and commercialized as a result of american space expiration. -- exploration. they are comforting each other when comfort is needed. think about what this means to you and your loved ones. i had a long discussion with xi jinping, we spent two hours on the phone. he said you have always said, mr. president that you can

define america in one word, possibilities. it is who we are. in america, anything is possible. what we did with the vaccines a decade ago that laid the foundation for covid vaccines today, like we did in the highway system that transformed the way we traveled and worked. businesses here in pittsburgh could load up a truck and get a product to portland or phoenix. to this day, a quarter of all the miles that americans drive each year our own one of those very original highways. imagine what we can do when we modernize those highways. you and your family can travel coast-to-coast without a single tank of gas and connect

high-speed affordable, reliable internet wherever you live. imagine knowing your handing your children and grandchildren, a country that will lead the world in producing clean energy technology and we will be able to address one of the biggest threats of our time. that is what we will do. altogether, along with the american rescue. this will create millions of jobs. over 18 million jobs over four years. good paying jobs. it works level the playing field , this will ensure that the good jobs -- new jobs are good jobs that you can raise a family on. that is why my plan asked congress to pass the proactive. this plan is important. not only for how