‘Dangerously Misguided’: Biden’s $2.3T Infrastructure Plan Panned by Major Business Groups

DM

Major business groups denounced President Joe Biden’s massive infrastructure package, specifically criticizing the plan’s proposed tax increase, but said they were committed to compromise. Business groups took aim at Biden’s $2.3 trillion infrastructure plan, arguing that a corporate tax increase would stunt job growth rather than invigorate the economy. But, the groups expressed a commitment to compromise on infrastructure, which they said was important for the U.S. economy. “To the extent that infrastructure investment, given its unique economic benefits and the need for a rapid recovery from COVID-19, is deficit-funded in the short term, Congress should set a course for steady, reliable funding for infrastructure over the long term,” Business Roundtable President and CEO Joshua Bolten said in a statement prior to Biden’s announcement Wednesday. Business Roundtable members include a range of top U.S. executives, including Amazon CEO Jeff Bezos, American Airlines CEO Doug Parker, IBM CEO Arvind Krishna, JPMorgan Chase CEO Jamie Dimon and many others.

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