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Biden's sweeping investment plans overcome key congressional milestone

2021-08-24T20:48:31.027Z


The two titanic investment plans wanted by Joe Biden in infrastructure and social spending, totaling nearly 5,000 ...


The two titanic investment plans Joe Biden wanted in infrastructure and social spending, totaling nearly $ 5 trillion, reached a key milestone in the US Congress on Tuesday, overcoming divisions among Democrats.

Read also Joe Biden's infrastructure plan crosses a hurdle in his obstacle course

Votes on their final adoption, however, are not expected before the fall. Until then, negotiations within the Democratic camp promise to be tense to reconcile the positions of the left wing and the more centrist. Democrats have only a very narrow majority and therefore need to reach as much consensus as possible if they are to get approval for these two historic plans, which would mark Joe Biden's tenure.

Concretely, the House of Representatives approved Tuesday a resolution which will allow to circumvent a possible blockage of the Republicans in the Senate, in order to be able to adopt in the autumn, with only the democratic votes if necessary, the plan of social reforms

"most consequent"

in the United States since the 1930s. Education, health, the labor market or even the fight against climate change, this resolution provides for $ 3,500 billion in investments over ten years, a staggering amount almost equivalent to Germany's GDP in 2020 ($ 3.8 trillion).

This resolution was adopted by 220 votes, all Democrats, against 212, all Republicans.

However, it only specifies the total amount (the 3.500 billion dollars) and the broad outlines of the plan for

"investments in American families",

as Joe Biden defines it.

Difficult negotiations

Democratic parliamentarians must now negotiate and draft its precise content by September 15.

The negotiations will be arduous: two centrist Democratic senators have already announced that they would not support such an amount.

Read alsoSix economic challenges for the 46th President of the United States

At the same time and to appease the moderates, Democratic House Speaker Nancy Pelosi pledged on Tuesday to submit to a vote by September 27 the Biden plan for investment in infrastructure, amounting to 1.2 trillion dollars. dollars. The Senate has already approved this project on August 10. Rarely, he had been supported by more than a third of Republican senators. It provides $ 550 billion in new federal spending on roads, bridges, transportation, but also high-speed internet and the environment. With the reorientation of other existing public funding, it totals $ 1.2 trillion - the equivalent of Spain's GDP in 2020.

Source: lefigaro

All business articles on 2021-08-24

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