Biden signs $ 1 trillion infrastructure bill

“It’s not designed to be a stimulus,” said Cecilia Rouse, who chairs the White House’s Council of Economic Advisers, in an interview. “I...

“It’s not designed to be a stimulus,” said Cecilia Rouse, who chairs the White House’s Council of Economic Advisers, in an interview. “It is designed to be the most strategic and efficient investments so that we can continue to compete with China and other countries investing more in their infrastructure.”

“We will see investments start next year,” she added, “starting with our ports and starting with other areas where we know we are far behind.”

Other key pieces of the bill include money to build up to 500,000 electric vehicle charging stations and improve the country’s power grids, as part of an effort to accelerate the transition to systems energy and transportation that burn less fossil fuels that heat up. the planet.

“With the combination of this investment and the direction the industry is taking,” said Brian Deese, who heads Mr. Biden’s National Economic Council, “we believe this will be the start of a real transformation of our infrastructure. automobile. “

It also has tens of billions each for rebuilding roads and bridges, upgrading freight and passenger rail systems, and cleaning up environmental pollution.

The legislation was the product of intense negotiations spanning much of Mr. Biden’s first year as President, and the slap on the back, a coalition-building policy that the president relished during a government career that dates back to the 1970s. Mr. Biden negotiated deals first with Senate Republicans, 18 of whom eventually voted for the bill , then with Progressive Democrats in the House, who delayed its final passage in order to pressure centrists in Mr. Biden’s party to support a bigger climate change-focused spending bill, the small childhood and a wide range of social policies.

About $ 550 billion of the bill represents an increase over current spending levels. Researchers at the Brookings Institution’s Non-Partisan Metropolitan Policy Program estimate that the money will halve federal infrastructure spending as a share of the economy over the next five years, putting it almost on par with the New Deal infrastructure provisions under President Franklin D. Roosevelt. If Mr Biden’s $ 1.85 trillion spending bill – including more climate spending – is also passed by the House and Senate, they argue, increased infrastructure spending will eclipse the New Deal.

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Newsrust - US Top News: Biden signs $ 1 trillion infrastructure bill
Biden signs $ 1 trillion infrastructure bill
Newsrust - US Top News
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