Republicans are not willing to compromise on President Biden’s $2.3 trillion infrastructure plan unless the White House settles on a target without revisiting the 2017 tax bill, Senate Minority Leader Mitch McConnell told FOX Business on Thursday.
"If [Democrats] are willing to settle for a targeted infrastructure bill without reducing the 2017 tax bill we’ll work with them," McConnell said on "Kudlow." "But if they want a $2 [trillion] to $4 trillion package it’s not going to have any Republican support."
McConnell said the 2017 tax reform bill was the "single most important thing" that helped the country over the past 4 years, and the Senate Republicans refuse to reexamine the legislation.
"It produced the best economy in 50 years by February of 2020, right before the pandemic hit," McConnell added. "We're not going to touch that and that's what the president wants to blow the lid off of."
McConnell’s comments come ahead of the White House and Senate Republicans meeting on Friday to resume infrastructure talks. The Biden administration set a "soft" Memorial Day deadline to reach an agreement.
Infrastructure negotiations began in April when the Republicans offered an initial $568 billion proposal. McConnell suggested last week there's an appetite for a package that costs as much as $800 billion, so long as it focuses solely on traditional infrastructure, including roads, ports, bridges, water lines and broadband.
"We’ve been talking to them and Shelley Moore Capito of West Virginia I’ve asked to take the lead on this about doing an infrastructure bill that’s really about infrastructure – roads, bridges, ports, waterlines, sewer lines, broadband – something we can all agree is infrastructure," McConnell explained Thursday.
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McConnell went on to say the administration’s plans to increase corporate and individual tax rates will impact every American.
"They want to raise everyone’s taxes, it won’t just be people making $400 thousand or more."
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FOX Business' Megan Henney contributed to this report.