Total
0
Shares
US President Joe Biden signs the Infrastructure Investment and Jobs Act at the White House in Washington on November 15, 2021. Source: Jonathan Ernst/Reuters.
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • In a ceremony at the White House on Monday, US President Joe Biden signed into law a US$1 trillion (A$1.36 trillion) infrastructure bill
  • It’s designed to create jobs across America by funnelling billions of dollars to state and local governments
  • That money will then be used to fix bridges and roads, and to expand broadband access to millions of Americans
  • It marked a rare moment of collaboration between Democrats and Republicans, who are now expected to tussle over a companion US$1.75 trillion (A$2.38 trillion) social spending plan
  • The White House is hoping that House Speaker Nancy Pelosi will bring the companion bill — ‘Build Back Better’ — to a vote this week

In a ceremony at the White House on Monday, US President Joe Biden signed into law a US$1 trillion (A$1.36 trillion) infrastructure bill.

It’s designed to create jobs across America by funnelling billions of dollars to state and local governments, which will then use the money to fix bridges and roads, and to expand broadband access to millions of residents.

The ceremony was a rare moment when both Democrats and Republicans were willing to stand side by side and celebrate a bipartisan achievement. Biden — whose approval ratings have slipped over his handling of the economy and other issues — was welcomed with chants of “Joe, Joe, Joe” from the crowd, and a standing ovation as he approached the microphone.

He said the bill’s passage showed that “despite the cynics, Democrats and Republicans can come together and deliver results”.

“Too often in Washington, the reason we don’t get things done is because we insist on getting everything we want. With this law, we focused on getting things done,” he said.

Speakers included Senator Kyrsten Sinema, the centrist Arizona Democrat whose opposition to some tax increases has forced a scaling back of a companion piece of legislation, Biden’s US$1.75 trillion (A$2.38 trillion) ‘Build Back Better’ social safety net plan.

Ms Sinema and fellow Democratic Senator Joe Manchin of West Virginia, who also attended, have frustrated others in their party for pushing back against a number of items sought by more progressive members in the social spending bill.

On the Republican side, attendees included Senator Rob Portman of Ohio, Senator Mitt Romney of Utah and Maryland Governor Larry Hogan.

While Monday’s mood was jovial, it’s not known how long the bipartisan spirit will last with both sides expecting a major battle over the social spending plan. The Build Back Better bill includes provisions on childcare and preschool, eldercare, healthcare, prescription drug pricing and immigration.

The White House is now hoping that House Speaker Nancy Pelosi will bring the bill to a vote this week. However, that will only be the first step, since the Senate has not yet taken up the legislation and Democratic divisions in that chamber could threaten its chances.

More From The Market Herald
Westpac (ASX:WBC) - CEO, Peter King

" Westpac (ASX:WBC) faces six ASIC lawsuits, admits to charging 11,000 dead customers

Westpac (WBC) faces a $113 million fine after being slapped with six separate lawsuits by the corporate watchdog, among which included charging dead

" Australia’s GDP falls 1.9pc in Sept Quarter

New figures show Australian gross domestic product (GDP) dropped 1.9 per cent during the September quarter, the first time in a year economi…

" Fresh scrutiny for big tech and social media under government inquiry

The Federal Government today said it would launch an inquiry into big tech to examine the “toxic material” posted to social media platforms

" US Fed floats tapering bond purchases earlier than planned

The US Federal Reserve has floated ending its bond-buying program earlier than expected amid stagnant workforce growth and ongoing high levels of inflation.