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Biden unveils his $ 2 trillion plan to invest in US infrastructure on Wednesday.

2021-03-31T09:13:37.678Z


The plan, which is part of its 'Rebuild Better' program, seeks not only to invest in roads and bridges, but also in clean energy, potable water, broadband and the renovation of electrical networks. He hopes to pay for it with a corporate tax hike.


The president, Joe Biden, is preparing to announce on Wednesday a

two trillion dollar

investment plan

in infrastructure with which the president also hopes to add millions of better paying jobs for American families, as part of his economic recovery program. Build Back

Better '(

Build Back Better

in English), said a senior official at the White House Tuesday in a call with reporters.

Biden's plan to improve infrastructure - which some see as a cornerstone of his economic agenda - includes investment in

roads

,

ports

,

bridges

and

airports

, but also in less traditional elements such as

high-speed

broadband

and other neglected priorities. side for a long time, including the renovation of

the electrical grid

, the

replacement of lead pipes

in homes and schools,

home care for the elderly and disabled,

and the

generation of clean energy.

The official said that the plan, which is designed to be fulfilled in a period of eight years, is part of the Administration's efforts to make generational investments in infrastructure, reactivate domestic manufacturing, combat climate change and "increase economic competitiveness. of the United States against China ”.

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"It will create millions and millions of jobs," the official said of Biden's plan, without offering concrete estimates.

"This plan reflects the President's commitment to recognize the moment in which we find ourselves as an important moment to demonstrate that the United States and democracies can deliver on the people they serve, and that what is at stake right now is important, "he added.

The Administration will propose to Congress to pay for these investments with an increase in corporate taxes from 21 to 28% over 15 years, which would reverse the lower tax rates set by the Trump Administration, he added.

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Biden will make the announcement from Pittsburgh, Pennsylvania, a city the White House sees as an example of how a former factory site was revitalized and modernized with new healthcare and tech industries.

Investments in infrastructure are just the first part of Biden's 'Rebuild Better' plan.

The White House is expected to unveil a second part of the plan in the coming weeks with investment proposals more towards the human plane, such as

the expansion of child care, health insurance coverage, expanded tax benefits for children and licenses. family and paid doctors

, among other efforts directed at families.

In total, the first and second parts of the plan combined are expected to cost approximately $ 4 trillion.

Biden's investment plan is so comprehensive that it has been compared to Franklin Roosevelt's New Deal, launched in the 1930s or Lyndon Johnson's Great Society, in the 1960s.

This first part consists specifically of 4 stages or components:

1: How we move (transportation infrastructure)

• Provides 620,000 million for infrastructure in the area of ​​transportation.

• Double federal funding for transit.

• Electrification of the transportation system, including investments in electric vehicles.

2: How we live (modern infrastructure)

• Provides 650,000 million to promote broadband connection, drinking water, the electricity grid and the construction of affordable housing.

• Seeks to replace all lead pipes in the United States to achieve universal access to clean water.

• Seeks to achieve universal access to broadband.

3: How we take care of each other

• Expects to invest $ 400 billion in the "care economy" and expand jobs in the home care workforce.

4: How we build (Research, development and innovation)

• Provides 580,000 million for research, development, manufacturing and training.

• Work on rebuilding supply chains, including domestic semiconductor manufacturing.

• Support clean energy manufacturing projects in coal communities.

Biden hopes to take a more collaborative approach with lawmakers to this plan than he did with the COVID-19 bailout package, which was not supported by Republicans.

Some leaders of that party in Congress have already described the plan as too big and expensive to support.

"It appears that President Biden has an insatiable appetite to spend more money and increase people's taxes," said Rep. Of Louisiana, Republican Steve Scalis in an interview.

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Scalise predicted that, if approved, the new spending and taxes "would begin to have a negative impact on the economy, which is of great concern to us."

During the presidential campaign, Biden promised that he would not raise individual taxes on those who earn less than $ 400,000 a year.  

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The Administration expects to see progress on new

Memorial Day

legislation

and it will pass over the summer, according to White House officials.

Biden's approach is about "making an investment in America," said Biden's press secretary Jen Psaki.

"Not only modernizing our roads, our railways and our bridges, but also building an infrastructure of the future," he said, pointing to broadband access and "needs in homes and communities."

Investing in infrastructure is a unique opportunity for Biden to succeed on an issue where his two predecessors, Barack Obama and Donald Trump, made big promises that never materialized.

With information from The Washington Post and The Associated Press

Source: telemundo

All news articles on 2021-03-31

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