President Barack Obama will meet with CEOs of large businesses Thursday at the White House, as he seeks to shore up support for the tax cuts as he tries to keep the economy from sliding into recession.
The White House announced the event, with Biden expected to appear alongside the CEOs and the heads of the two largest private-sector companies, Boeing Co. and General Electric Co. The event comes as Biden prepares to announce the tax package, which he has said would spur growth and help boost wages and job creation.
The president is also expected to announce a $1 trillion infrastructure program that includes $1.4 trillion for road, bridge and rail projects, $700 billion for new airports, and a $300 billion boost for the U.S. Postal Service.
Biden is set to announce at 2 p.m.
ET that he is calling on Congress to act to boost the economy.
Biden has already laid out a blueprint to boost economic growth by cutting taxes and spending and lowering the deficit.
The administration says the $1trillion boost for infrastructure is the largest increase in federal spending in decades, and it would increase economic output by more than $1,500 per person, per year.
Biden says he is seeking bipartisan support to enact a $400 billion stimulus package to create jobs and spur job growth.
“It is imperative that the Congress act now to avert the worst effects of this recession,” Biden said in a statement.
“As we work to restore the economy, we must ensure that Americans get a fair shot at a better life.
We must help the middle class, but we must also invest in the future of our economy and our country.”