Biden recruits CEOs in push to revive social spending plan

President Biden will meet the heads of corporate giants including GM and Ford on Wednesday, part of the White House bid to salvage even a slimmed-down version of Democrats social spending and climate bill.

Driving the news: GM CEO Mary Barra and Ford CEO Jim Farley will attend, along with heads of Microsoft, Salesforce, TIAA, Siemens and other companies.

Why it matters: The automakers endorse Biden's target of 50% of U.S. car sales coming from zero-emissions models by 2030. However, they also say congressional action is key, even as they tout expanded EV offerings.

What they're saying: "Strengthened consumer incentives will help get more drivers behind the wheels of EVs and help American workers lead the global transition to zero-emissions transportation," Farley said in a statement ahead of the meeting.

Catch up fast: The spending bill, in limbo on Capitol Hill, would greatly boost tax credits for EV buyers, reaching up to $12,500 for union-made models.