President Biden Unveils $2.3 Trillion Infrastructure Plan

Apr 2, 2021  | 3 min  | Ep4633

One of the many rites of spring across the country is road construction. As far back as the Roosevelt administration, presidents have tried to make infrastructure a tool for improving the nation by proposing big projects and hyping the large number of jobs that would be needed to make those projects a reality. 

This week, the new Biden administration offered up their version as part of the Build Back Better program. This project has more to it than the traditional improvements to roads and bridges, but it was met with a familiar resistance from the opposing party.

John Torpy reports...

Joe Biden, U.S. President: “Is it Big? Yes. Is it Bold? Yes. And we can get it done.”

This week, President Biden travelled to Pennsylvania to promote his American Jobs Plan.

Joe Biden, U.S. President:”It’s a once in generation investment in America. Unlike anything we’ve seen or done since we built the interstate highway system and the space race decades ago.” In a “nothing’s off the table” approach, the President’s broad sweeping proposal covers a variety of projects. He believes an investment of roughly $600 billion in highway, bridge, and road improvements, a nearly $100 billion boost in nationwide broadband expansion and a like amount of money for green energy upgrades to the electrical grid will make the nation more competitive on the global stage. The administration plans to pay for the eight-year, $2.3 trillion dollar spending package by increasing the corporate tax rate and closing business tax loopholes. Last Thursday, Secretary of Transportation Pete Buttigieg appeared before the House Transportation and Infrastructure Committee to lay out the administration’s priorities.
Sec. Pete Buttigieg, Department of Transportation: “We see other countries pulling ahead of us with consequences for strategic and economic competition. By some measures, China spends more on infrastructure every year than the US and Europe combined. The infrastructure status quo is a threat to our collective future."
But Republican lawmakers are critical of the scope and cost of the project, saying the piece of legislation has the potential for the addition of unrelated measures.
Rep. Sam Graves, R -- Missouri: " After providing unprecedented levels of COVID related relief this past year, we need to carefully consider what goes into a transportation package. The more massive any bill becomes, the more, you know, bipartisanship suffers."
For Market to Market, I’m John Torpy.

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