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Thursday, December 2, 2021

The US Congress has approved an investment package of $ 1.2 trillion. President Joe Biden comments

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US President Joe Biden estimated that the $ 1.2 trillion investment package approved by Congress was “a giant leap forward” for the US. We have done something that we should have done a long time ago, ‘he added.

Congress accepted $ 1.2 trillion bill to upgrade and expand infrastructure over seven years. “I don’t think it’s an exaggeration to say that we have made a giant leap forward as a country. We have done something that we should have done a long time ago, long talked about in Washington, but which has never been done before, Biden said at a press conference.

Biden said that the main beneficiaries of the investment will be “blue collars”, industrial workers who have been harder hit by the economic changes in recent decades.

– For all those who feel forgotten and left to their own devices in an economy that changes so quickly – this is the law for you – said the president, adding that most of the jobs that will be created thanks to the expenses will not require higher education, but they will be well paid. He estimated that the first effects of the act will be felt in 2-3 months.

Joe BidenEPA / JIM LO SCALZO

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One of the largest investment plans in US history

The package of expenses passed by Congress – with the support of some Republican parties in both houses – is one of the largest investment plans of this type in the history of the country. It consists of about $ 1.2 trillion in spending over seven years, of which $ 550 billion is new spending, not included in the previous budget. $ 110 billion will be spent on road and bridge renovations, $ 66 billion on railroads, $ 65 billion on broadband expansion across the country, $ 65 billion on renewing the power grid, $ 50 billion on climate change protection, and $ 40 billion on public transport. The program also provides for the construction of a nationwide network of electric vehicle charging stations.

According to estimates, this spending is expected to increase US public debt by over $ 250 billion over the next decade, which has been criticized by most Republicans.

According to President Biden, who in recent months has promoted the program during his visits to the whole country, investments are to ensure the US sustainable economic development, create millions of jobs and be a key element in the competition with China, which has been allocating huge resources to modernizing infrastructure for years.

The law was passed after almost half a year of negotiations and, at times, fierce disputes, mainly between the centrist and left-wing wing of the Democratic Party. The left wanted the centrist-favored project to be voted along with another major social spending plan and a green transition. Ultimately, it didn’t happen.

Main photo source: EPA / JIM LO SCALZO



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