A group of Republican and Democratic moderates in the Senate are circling around a compromise infrastructure spending proposal that would cost around $800 billion — a sum that falls well short of what most Democrats want and what President Biden has proposed.
At the end of March, Biden unveiled a $2.25 trillion proposal dubbed the "American Jobs Plan" focused on updating roads, bridges and public transit, along with funding to fight climate change and other provisions to prop up American families.
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The president proposed raising the corporate tax rate to fund the bill, a measure that both Republicans and moderate Democrats have bristled at.
And while moderate Republicans and Democrats have agreed to come together to write a leaner proposal, some GOP members have signaled $800 billion may still be too much, while Democrats are more apt to push for a higher price tag.
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Some Democrats say they want to “go big," expressing concerns about talk of downsizing Biden’s infrastructure proposal. Some of them worry that the political momentum for passing a second package may dissipate later in the year.
"If it ain't broke, don't fix it," economic adviser Kudlow told Sunday's "The Cats Roundtable" on WABC 770 AM-N.Y.
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Kudlow revealed to host John Catsimatidis that he fears a recovering economy after the pandemic will be unwound by Biden administration policy and massive spending initiatives.
"Infrastructure bills, corporate tax increases, the Green New Deal, it [does not] make any sense to me," Kudlow stated. "[The economy] is a terrific story.
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"Just let it roll, and the stock market will keep going higher."
Instead, Kudlow suggested, Biden should "just leave things alone" and keep the economic policies he and former President Donald Trump employed the past four years.
"We are in a boom: It could last a good long time if Biden would just leave things alone," Kudlow went on to note.
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"Here's what we don't need: We don't need major tax increases; we don't need giant regulatory increases; we don't need to destroy fossil fuels; we don't need to become non-competitive worldwide again."
Kudlow further fears the Biden plans will ultimately be a "wet blanket" on a hot fire of the economy.
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"If the so-called infrastructure plan goes through, including its large tax hikes and these Green New Deal plans, it will throw a wet blanket over our economic boom," Kudlow concluded. "And you will see that reflected in the stock market before long."
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A group of Republican and Democratic lawmakers from the House and Senate reportedly held a phone conference with Maryland Gov. Larry Hogan, a moderate Republican, Thursday to explore options for a bipartisan infrastructure proposal that would be a fraction of the cost of Biden’s plan.
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