The top House Republican and Senate Democrats on Thursday unveiled a $2-trillion plan to boost economic growth and jobs during the Great Recession.
The GOP plan, dubbed the “Buffett Rule,” aims to stimulate economic growth through spending on infrastructure and job creation.
It would boost spending on roads, railways, airports and ports by $1 trillion, and create at least 12 million jobs through higher wages and better employment incentives, the GOP lawmakers said.
They said the plan would help restore jobs lost in the financial crisis, but that it could help lift the US economy in the future as well.
They noted that there are no jobs created in the US without a strong economy, and that there’s a $600 billion budget deficit.
The plan calls for spending on jobs, education, research and innovation, and the infrastructure it supports.
It also aims to create 4 million jobs, the lawmakers said, and said the budget would provide $1.3 trillion in new federal spending over the next decade.
The bill would not create a new tax, but it would give tax cuts to the middle class, the House and Senate leaders said.
Democrats have long been pushing for a $1-trilion increase in government spending, and Trump’s plan could be a step toward accomplishing that goal.
Republicans on Capitol Hill also released a plan Thursday that would allow the construction of the Keystone XL pipeline and expedite construction of a second nuclear power plant.
The Keystone XL Pipeline would move natural gas from Canada to refineries on the Gulf Coast.
The pipeline would bring energy from Canada, the United States and Europe.
The House and the Senate are expected to approve the plan on Thursday.
The Republican plan will cost $1 billion to build and would generate more than $7 trillion over 10 years, the Senate GOP leadership said.