Photo taken in Arlington, Virginia, the United States, on March 31, 2021 shows a screen displaying U.S. President Joe Biden delivering a speech in Pittsburgh, Pennsylvania in a live stream provided by CNBC. (Xinhua/Liu Jie)

To offset the plan's massive costs, Biden proposed increasing the corporate income tax rate to 28 percent, up from the current 21 percent, attempting to partially reverse the tax cuts under the Donald Trump administration.

by Xiong Maoling, Gao Pan

WASHINGTON, April 1  -- U.S. President Joe Biden on Wednesday unveiled a 2-trillion-U.S.-dollar infrastructure plan, touting it as a "once-in-a-generation" investment in America and proposing a corporate tax hike to offset the cost.

The plan, widely welcomed by Democrats, is expected to face a tough fight in Congress, as Republicans have flatly rejected any increase in taxes. Meanwhile, concerns over mounting debt and inflationary risks are expected to further complicate the plan's prospects.