Stock markets on Wednesday opened to small gains as details of President Biden’s infrastructure plan emerged.
The Dow Jones Industrial Average opened up 65 points, or 0.2 percent, and the S&P 500 rose 16 points, or 0.4 percent.
Biden is set to unveil the details of his infrastructure plan in a speech in Pittsburgh on Wednesday. The plan is set to include $2 trillion in spending over an eight-year period, which will include spending on traditional transportation, electric car infrastructure, broadband, and research and development, among other things.
The infrastructure would be paid for over 15 years with tax increases, including hiking the corporate tax rate from 21 percent to 28 percent.
But the plan will face significant hurdles in Congress, where it will either need the support of every Democrat and 10 Republicans in the Senate or face the strict rules of the Senate parliamentarian in a workaround procedure that would allow it to pass without GOP support and avoid the filibuster.