Biden passes $1.2tn infrastructure planEuropost
US Senate reached a long awaited deal that will pour massive funds in the infrastructure development of the country, BBC reported. The $1.2tn infrastructure plan is considered to be a key political victory for the President Joe Biden. "We have a deal," said the president after meeting the cross-party group of senators at the White House. Under the eight-year a finance scheme targeted at road construction, bridges, the power grid, public transport and internet will be implemented.
Still Biden noted that the deal depended on the passage of another, bigger spending bill.
The investments are long overdue, said Biden, who has persisted with the cross-party negotiations despite the impatience and scepticism of some in his Democratic party. "We're in a race with China and the rest of the world for the 21st Century," he added. Less than 50% of the funds in the eight-year proposal is new spending. It includes $109bn for roads and bridges, $66bn for railways, $49bn for public transport and $25bn for airports, according to a White House statement.
A further $73billion would be channeled into power grid and $65bn for expanding Americans' access to broadband internet. The package is intended to be paid for with unused coronavirus aid money and returned state jobless benefits.
Biden already sealed a $1.9tn coronavirus stimulus back in March. By the end of July, Congress also faces a deadline to lift again US borrowing limit, which is already at $28tn in debt.