Biden Seeks Support for His $1tn Infrastructure Deal

*OspreyFX would like to state that traders should research extensively before following any information given hereby. Any assumptions made in this article are provided solely for entertainment purposes and not for traders to guide or alter their positions. Please read our Terms & Conditions and Risk Disclosure for more information.

Key Takeaways

• President Biden visited Wisconsin to pitch his $1tn infrastructure plan
• In his speech, Mr. Biden said he wanted to pursue the deal but did not tie it to a broader plan

US President Joe Biden is on a trip this week in an attempt to tout the $1tn bipartisan infrastructure package. On Tuesday, Mr. Biden visited Wisconsin, a Midwestern swing state, where he argued that the infrastructure proposal he agreed to last week would create new jobs and improve the lives of working and middle-class families around the country.

“This is a generational investment, a generational investment to modernize our infrastructure, creating millions of good-paying jobs … and positions America to compete with the rest of the world in the 21st century because China is way outworking us in terms of infrastructure,” the President said in his speech, which was the first time he pitched the bipartisan infrastructure proposal to the public.

“After months of careful negotiation — of listening, compromising together and in good faith moving together, with ups and downs and some blips — a bipartisan group of senators got together and they’ve forged an agreement to move forward on the key priorities of my American Jobs Plan,” he said.

President Biden said the nation’s infrastructure is “a drain to our economy” and vowed to fix that with the negotiated sweeping package. He also praised the bipartisan effort for achieving the big milestone and said it is a “signal to ourselves and the world that American democracy can come through and deliver for all of our people.”

President Biden: Better Taxation for Everyone

President Biden’s speech made no mention of abandoning the infrastructure proposal, unlike a few days ago when the deal nearly derailed when he said he wanted to tie the legislation to a broader spending package of Democratic priorities. After his comments prompted discontent from Republicans, Mr. Biden apologized on Saturday for giving the impression that he was “issuing a veto threat.” This second package, the American Families Plan, is not likely to receive any Republican backing and the initial intention was for it to be passed solely by Democratic efforts through the procedure known as reconciliation.

The President did comment on his commitment to deliver on the American Families Plan, a $1.8tn investment in education, childcare, and paid family leave, among other priorities. “The human infrastructure is intertwined with our physical infrastructure. It’s going to help us create more good jobs, ease the burden of working families and strengthen our economy in the long run,” he said.

“I’m going to be out there making the case for the American people until this job is done until we bring this bipartisan deal home until our human infrastructure needs are also met until we have a fairer tax system to pay for all of this.”

The only package agreed upon, the roughly $1tn infrastructure deal, aims to make much-needed upgrades across the country – from bridges and railroads to high-speed broadband infrastructure and charging stations for electric vehicles.