The world's top economic leaders backed Biden's plan during their plenary session. Before Biden sat down with British Prime Minister Boris Johnson, French President Emmanuel Macron, and German Chancellor Angela Merkel took a group photo to discuss Iran.
Biden was asked when nuclear talks with Tehran were scheduled to resume.
'They’re scheduled to resume,' he said vaguely.
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White House staff previewed the Saturday afternoon meeting as a way for the leaders to get on the same page.
In a joint statement released afterward, the leaders asserted that they all shared a 'grave and growing concern' over Iran's 'alarming' actions to develop or acquire a nuclear weapon.
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The leaders said they hoped there could be a negotiated solution to bring both the Iran and U.S. back into full compliance with the Iran nuclear deal, which the US was pulled out of by former President Donald Trump.
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"In this spirit, we welcome President Biden's clearly demonstrated commitment to return the U.S. to full compliance with the JCPOA and to stay in full compliance, so long as Iran does the same," the leaders statement said.
Last Thursday, the Biden administration outlined a revamped tax-hike plan to pay for Democrats' approximately $1,750,000,000,000 spending plan, including rate increases on well-off corporations and wealthy Americans.
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The latest framework – which President Biden will detail to House Democrats at the Capitol – comes amid fierce party infighting over how to finance the social spending package.
The White House initially proposed steep increases in corporate taxes, capital gains taxes and income taxes. Yet, the bulk of those plans appear to have fallen to the wayside after pushback from Sen. Kyrsten Sinema, D-Ariz. The majority of former President Donald Trump's signature 2017 tax law, which substantially lowered rates for corporations and well-off Americans, will likely remain intact in the newest Build Back Better plan.
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"The plan is more than fully paid for by asking the wealthiest Americans and most profitable corporations to pay their fair share. It does not raise taxes on small businesses and anyone making less than $400,000 per year," the White House said in a fact sheet. "It will also generate economic growth that will increase tax revenue and contribute to deficit reduction."
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The plan includes funding for universal pre-kindergarten, a one-year expansion of the child tax credit, a modified Medicaid expansion and clean energy tax credits, among other things. The White House estimated the different pay-fors will generate close to $2 trillion in new revenue over the next decade, although the proposal has not officially been scored by the Congressional Budget Office.
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