Jan 26, 2022 - Energy & Environment

Biden recruits CEOs in push to revive social spending plan

Joe Biden walks out of a store holding an ice cream cone

Photo: Saul Loeb/AFP via Getty Images

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.

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