US President Joe Biden speaks to the media. File photo
US President Joe Biden wants $2 trillion to reengineer America’s infrastructure and expects the nation’s corporations to pay for it as he aimed at modernizing the United States' crumbling transport network, creating millions of jobs and enabling the country to "out-compete" China.
The president travels to Pittsburgh on Wednesday to unveil what would be a hard-hatted transformation of the US economy as grand in scale as the New Deal or Great Society programmes that shaped the 20th century, according to The Associated Press.
The first phase of Biden's "Build Back Better" programme, which he will unveil in a speech in Pittsburgh, will detail massive investment spread over eight years.
It plans to inject $620 billion into transport, including upgrading 20,000 miles (32,000 kilometers) of roads and highways, repairing thousands of bridges and doubling federal funding for public transit.
Former US president Donald Trump speaks to the media. File photo
The president, whom Donald Trump tried to caricature as "Sleepy Joe" and a man without strong ideas or motivation, intends to make the bold infrastructure plan one of his flagship policies.
"He views his role as laying out... a broad vision, a bold vision for how we can invest in America, American workers, our communities," White House spokeswoman Jen Psaki said.
The investment would be partly paid for by raising corporate tax from 21 percent to 28 percent.
"The President is proposing to fundamentally reform the corporate tax code so that it incentivizes job creation and investment... and ensures that large corporations are paying their fair share," a senior administration official said ahead of the speech.
The new legislative offensive comes soon after Congress passed a nearly $2 trillion Covid-19 economic stimulus plan.
And Biden's speech is set to open a bitter battle in Congress, where the Democrats hold only a narrow majority and will face strong opposition from the Republicans.
US President Joe Biden interacts with people. File photo
The coming months will test the negotiating skills of the Democratic president, a veteran of Washington politics and deal-making, to the limit, and the chances of his infrastructure plan passing into law remain uncertain.
He also aims to put corporate America on the hook for the tab, which is expected to grow to a combined $4 trillion once he rolls out the second part of his economic plan in April.
Coupled with his recently enacted $1.9 trillion coronavirus relief package, Biden's infrastructure initiative would give the federal government a bigger role in the US economy than it has had in generations, accounting for 20% or more of annual output.
Healthcare workers place a nasal swab from a patient in the Brooklyn borough of New York City. File/AFP
The effort, to be announced on Wednesday at an event in Pittsburgh, sets the stage for the next partisan clash in Congress where members largely agree that capital investments are needed but are divided on the total size and inclusion of programs traditionally seen as social services. Just how to pay for them will be a fractious issue in its own right.Biden for now is ignoring a campaign promise and sparing wealthy Americans from any tax increase. The plan would increase the corporate tax rate to 28% from 21% and change the tax code to close loopholes that allow companies to move profits overseas, according to a senior administration official.
The measure provides $400 billion for $1,400 direct payments to most Americans, $350 billion in aid to state and local governments, an expansion of the child tax credit and increased funding for vaccine distribution. Forecasters expect it to supercharge the US economic recovery.
With the calendar slipping toward a new deadline, House Speaker Nancy Pelosi is warning that “difficult decisions must be made” to trim President Joe Biden’s expansive plans for reimagining the nation’s social service programmes and tackling climate change.
For the first time since the Great Recession a decade ago, the US Federal Reserve is poised to cut interest rates, shoring up America’s defenses as the global economy weakens.
US job growth rebounded strongly in June, with government payrolls surging, but persistent moderate wage gains and mounting evidence the economy was losing momentum could still encourage the Federal Reserve to cut interest rates this month.
Rain lashed separate areas of the country on Tuesday, as a result of the country being affected by a weak superficial air depression from the east, accompanied by an extension of high air in the upper layers of the atmosphere.
“The net zero goals announced by the Kingdoms of Saudi Arabia and Bahrain provide a significant boost to regional efforts to address climate change,” tweeted Sheikh Mohamed.
In detail, Lieutenant Colonel Ghaith Khalifa Al Kaabi, head of the comprehensive city police station, explained that a Syrian national came to the station asking for help, as he was unable to bring his wife due to difficult financial conditions which exacerbated after the Corona pandemic.