US: Biden inks $1.2 Trillion infra bill, says investments will grow faster than in China
US President Joe Biden has inked a £1.2 trillion infrastructure bill with bipartisan support from the opponent Republicans on Monday. The bill is touted to resolve the outmoded transportation and broadband systems of the nation. It will further aid in the infrastructure investments of the country which will help to bolster growth in faster paces than China.
“For too long, we’ve talked about having the best economy in the world; we’ve talked about asserting American leadership in the world with the best and safest roads, railways, ports, and airports,” ANI reported Biden’s statement to Sputnik. The US President went on to say that America is on the move once more. “Your life is going to change for the better. American infrastructure investment will grow faster than China’s,” he added.
White House Statement on the Infrastructure bill
Further stating about the infrastructure bill, the White House said in a statement that the Infrastructure Investment and Jobs Act will reapprove the land transportation programs for five years, through the fiscal year 2026. It will further deliver a one-time funds transfer from the General Fund to the Highway Trust Fund.
It even permits to carry on with water, energy, as well as broadband infrastructure initiatives, along with delivering the emergency supplemental allowances. In addition to this, the White House took Twitter to inform about the law and wrote, “This is a historic investment that will grow the economy, enhance our competitiveness, create good-paying, union jobs, and make our economy more sustainable, resilient, and just.”
Today, President Biden signed the Bipartisan Infrastructure Deal into law. This is a historic investment that will grow the economy, enhance our competitiveness, create good-paying, union jobs, and make our economy more sustainable, resilient, and just. pic.twitter.com/WKowbudFYF
— The White House (@WhiteHouse) November 16, 2021
Investments mentioned in the bill
Furthermore, as per the CNBC news website, the bill comprises £550 billion for the new funding for roads, utilities, as well as broadband.
The bill also spends £110 billion for the developmental purpose of roads, bridges, and other large infrastructure projects. A £66 billion of the fund in passengers and cargo rail and £39 billion on public transportation. The infrastructure bill has been approved to invest £65 billion for enhancing broadband availability.
It will further invest £55 billion in water systems which will also include the replacement and r repairment of lead pipes.
A framework for bitcoin tax reporting is also included in the bill.
(Image: Twitter/ @Whitehouse)
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