Biden to urge Democrats to back new $1.75 trillion spending framework By Reuters

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© Reuters. FILE PHOTO: U.S. President Joe Biden campaigns for Democratic candidate for governor of Virginia Terry McAuliffe at a rally in Arlington, Virginia, U.S. October 26, 2021. REUTERS/Jonathan Ernst/File Photo

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WASHINGTON (Reuters) – U.S. President Joe Biden will urge Democrats in Congress to back a new $1.75 trillion framework for economic and climate change spending, and is confident he will win their backing despite deep divisions between moderate and progressive Democrats, senior administration officials said on Thursday.

The framework would be fully paid for by repealing certain tax rebates passed under former President Donald Trump, imposing a surcharge on corporate stock buybacks, and adding a surcharge on the earnings of the wealthiest Americans, they said.

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