(Bloomberg). President Joe Biden hosted corporate executives Wednesday to discuss his stagnant economic plan Build Back Better.

“A lot of folks refer to this as just social spending,” Biden said at the event. “I see it this way: The Build Back Better plan lowers prices for families and gets people working. It creates the best educated workforce, hopefully in the world, and ensures we remain the most dynamic and productive economy in the world.” 

He was flanked and accompanied by General Motors Co chief executive officers (NYSE :).,). Microsoft Corp (NASDAQ:). TIAA, a major pension company, is just a few of the many companies represented. The Build Back Better legislation is supported by all the attendees, though they may not agree with every aspect of it. However, the majority of them came to see the White House because of their belief that the benefits are greater than the cost. A White House official stated this.

The president indicated that even though negotiations ended on Capitol Hill in December after West Virginia Senator Joe Manchin opposed the bill, he intends to continue his fight for the plan. Although the media storm last month caused a halt to negotiations on Capitol Hill, the White House claims that discussions are continuing at a staff level.

Biden conceded last week that any existing bill must be dissected into smaller sections to get support from all 50 Democrats. He didn’t specify which elements of the legislation he’ll focus on passing first.

“I’m confident we can get pieces —  big chunks of the Build Back Better law signed into law,” he said at a Jan. 19 news conference.

Ford Motor (NYSE) Co. Chief Executive Officer Jim Farley stated Tuesday in an interview that he was urging Biden to keep tax credits for electric cars in the original legislation.

“We are so far behind,” Farley said. EVs accounted only for 2% in U.S. car sales in 2021, compared almost to 20% in Europe. China is now the largest buyer of all EVs in the world.  

“I’m very concerned about the country’s competitiveness if the country doesn’t do what other countries have done, which is put their foot on the scale of economics with incentives between $7,000 and $10,000 per vehicle,” Farley said. “That’s what it’s going to take.”

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