May 28, 2022
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Biden gets CEO support for economic agenda

Biden gets CEO support for economic agenda

Biden met on the White Home with high executives from Normal Motors, Ford, Microsoft, Etsy, Salesforce and different firms. The president emphasised the advantages from spending extra on local weather points, manufacturing and youngster care.

“A lot of folks refer to this as just social spending,” Biden mentioned. “Well, I see it this way: The Build Back Better plan lowers prices for families and gets people working.”

The president pressured the advantages of kid care subsidies and common pre-kindergarten when speaking with Tom Linebarger, CEO of the engine-maker Cummins. Biden famous {that a} single mom raised Linebarger.

Linebarger first emphasised the necessity to deal with local weather change, however he mentioned that childcare is a “significant burden” for the parents who work at his company and that it’s clearly an issue that “needs to be addressed.”

It is unclear when Congress will transfer to take up Biden’s plans, after West Virginia Sen. Joe Manchin — the crucial Democratic vote in a break up Senate — opposed the measure in December for its attainable influence on the nationwide debt and inflation. Manchin additionally disliked Biden’s plan to protect the expanded youngster tax credit score and its month-to-month funds, inflicting the advantages that have been a part of Biden’s coronavirus reduction bundle to lapse in January.

5 Democratic senators on Wednesday despatched a letter calling for Biden to maintain the expanded youngster tax credit score in any laws. The president has mentioned he must pare down his proposal to get it by way of the Senate and indicated that the tax credit score shall be lower, however Sens. Michael Bennet of Colorado, Sherrod Brown of Ohio, Cory Booker of New Jersey, Raphael Warnock of Georgia and Ron Wyden of Oregon urged him to rethink.

“After historic progress, it is unacceptable to return to a status quo in which children are America’s poorest residents,” they wrote. “Raising taxes on working families is the last thing we should do during a pandemic.”

White Home press secretary Jen Psaki mentioned that Biden’s assembly with the executives was not about legislative technique.

“The point we’re at now is determining what components there are 50 votes for and that will hopefully include a big, big chunk of what the president has proposed,” she mentioned.

Congress additionally has different objects on its agenda, similar to a attainable deal that would embody $52 billion to spice up semiconductor manufacturing amid a provide crunch. Normal Motors CEO Mary Barra emphasised that her firm was transferring into electrical autos and that the funding for semiconductors was crucial.

“Without having the ability to have that supply chain in this country as well, that is going to hurt our ability to lead, whether it is in electric vehicles, autonomous vehicles,” Barra mentioned. “These are key technologies for the future and it truly is a global race.”

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