spending programs from other sources. biden originally requested more than $2 trillion in new infrastructure spending. this is obviously paired way down. it s a bipartisan group of 21 senators supporting the latest framework which they believe provides an historic investment in the nation s core infrastructure needs without raising taxes. taxes on families but there s even a catch there because the biden framework calls for new minimum corporate taxes of about 15%, also calls for ending capital gains tax breaks on large inheritances. however it would not increase corporate tax rates likely previously heard about. they were talking about 28% at one point. it wouldn t hike up the gas tax although that would still be annually indexed to inflation. the new framework does look to apply a version of a gas tax for electric vehicles. interesting. also in on the talks a pair of
freshmen or upperclassmen, they all understand this is very serious matter. people are worried, they re concerned and default and downgrade are not an option. so i think that again there s been an education process for those newer members particularly that as a majority party in the house that we have an affirmative obligation to govern. that means we ll have to move the bill. i believe that s important once we get through this cap trade debate in the senate, everyone tells me over there it is not likely to pass but we have to move another plan. i think we have to move it rather quickly and i suspect something closer to the biden framework is where this will end up. but again i m not in the room so i can t say definitively what that next plan will be. our serious is this issue of your conference being so unhappy with this idea of the mitch mcconnell plan that in many ways it almost set things back a little bit? the mcconnell plan, i think everybody sees the mcconnell plan as a last-d
of distrust of some of these house republican freshman when they hear these dire warnings from wall street, from the treasury department, about default and this idea that they don t quite believe what they re hearing. how real is this have you noticed in the caucus? i think most members of the republican conference, whether freshmen or upperclassmen, they all understand this is very serious matter. people are worried, they re concerned and default and downgrade are not an option. so i think that again there s been an education process for those newer members particularly that as a majority party in the house that we have an affirmative obligation to govern. that means we ll have to move the bill. i believe that s important once we get through this cap trade debate in the senate, everyone tells me over there it is not likely to pass but we have to move another plan. i think we have to move it rather quickly and i suspect something closer to the biden framework is where this will end u
default and downgrade are not an option. that s very clear. i think at the end of the day we all understand that we have an affirmative obligation to govern. we re going to have to come to an agreement. i think the gang of six has presented a proposal that s worthy of very serious consideration. i mean i like the general outline. i need more details but again, that s not a debt ceiling plan. that is frankly dealing with fiscal reform and the long-term debt and defenicits of this country. i think at the end of the day though you ll probably see something like an intermediate deal. what i mean is perhaps something closer to that biden framework. i m not sure just how much in debt ceiling increase and how much in spending reduction but maybe somewhere on the order of $1 trillion. and again, the question is how much time does that get you on the debt ceiling. it wouldn t take you through the election of november 2012. walk me through this. how real is this issue of sort
consideration. i mean i like the general outline. i need more details but again, that s not a debt ceiling plan. that is frankly dealing with fiscal reform and the long-term debt and defenicits of this country. i think at the end of the day though you ll probably see something like an intermediate deal. what i mean is perhaps something closer to that biden framework. i m not sure just how much in debt ceiling increase and how much in spending reduction but maybe somewhere on the order of $1 trillion. and again, the question is how much time does that get you on the debt ceiling. it wouldn t take you through the election of november 2012. walk me through this. how real is this issue of sort of distrust of some of these house republican freshman when they hear these dire warnings from wall street, from the treasury department, about default and this idea that they don t quite believe what they re hearing. how real is this have you noticed in the caucus? i think most members of the re