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Wall Street is watching, as well. Strategists expect Biden will push to reverse some of the Trump-era tax cuts and raise others on individuals and businesses. Some warn the stock market could take a hit from tax hikes.

The administration has reached out to industry leaders ahead of the legislative rollout. White House climate advisor Gina McCarthy last week discussed infrastructure plans with oil and gas executives, the Times reported.

Biden has promised not to raise taxes on those making under $400,000 a year. The White House recently clarified that income threshold would apply to individuals and families.

The president “believes that we have an opportunity to rebalance” parts of the tax code that are “out of date,” White House press secretary Jen Psaki told reporters Monday. She said that “some could pay more in our country that are not currently.”

Psaki later added: “I can assure you that when the president lays out his infrastructure plan, he will also lay out a plan to pay for it.”

The administration has revealed few specifics, but some administration officials have raised eyebrows with their comments.

Transportation Secretary Pete Buttigieg on Friday suggested to CNBC that several possible levies, including a vehicle mileage tax, could be on the table to finance the infrastructure project.

He later said a gas or mileage tax would not be part of the plan.

In the wake of the polarized fight in Congress over the latest Covid relief bill, administration officials have signaled they don’t want to shut Republicans out of future talks.

“Throughout this process, we look forward to working with a broad coalition of members of Congress to gather their input and ideas, and determine the path forward,” Psaki said Monday.

She also declined to take a stance on whether Biden supports the reported efforts by Senate Majority Leader Chuck Schumer, D-N.Y., to enable the evenly split Senate to pass more legislation through budget reconciliation. The process would allow Democrats to pass a bill without Republican votes.

“The White House and the President will leave the mechanics of bill-passing to Leader Schumer and other leaders in Congress,” Psaki said.

Once the package is unveiled, the administration’s focus is “on having that engagement and discussion with members of Congress.”

“If they share a goal of building our infrastructure for the future but don’t like the way he’s going to propose to pay for it, we’re happy to look at their proposals,” she added.

“If they don’t want to pay for it, I guess they can propose that too. Maybe they don’t support infrastructure spending.”