US Senate unveils $1bn infrastructure bill
US Senate unveils $1bn infra...
Subscribe to Newsletter

US Senate unveils $1bn infrastructure bill

2 August 2021
3569
2 min.
6
US Senate unveils $1bn infrastructure bill

Infrastructure bill

US stock indices rose significantly before the opening of trading on Monday as investors welcomed the expected imminent passage of a bipartisan bill that would allow the US to spend a record amount on infrastructure.

At the premarket, the Dow Jones rose 0.51%, the S&P rose 0.60% and the Nasdaq 100 rose 0.57%.

The US Senate on Sunday finalised the text of the $1bn infrastructure spending bill, publishing legislative language totalling 2,702 pages.

The current text of the bill includes $550 billion in new spending to build roads and charging stations for electric cars, as well as replacing lead water pipes over five years. This amount was added to the previously approved spending of about $450 billion.

Chuck Schumer also expects both the bipartisan infrastructure bill and the Democratic Party's climate and social spending bill to pass before senators leave for their summer recess, which was scheduled to begin in the second week of August.

A $3.5 trillion bill to fund climate change and social initiatives will be sought by Democrats to pass without Republican support.

The Biden administration believes the huge funds will help create jobs in the US, rebuild the economy and rebuild vital infrastructure. The White House said the investment would create an average of 2 million jobs a year as part of a multi-year programme.

The budget money will go towards roads, bridges, public transport, airports, waterways, electric vehicle charging infrastructure, electric buses and transport.

$73 billion will be used to shift the US from fossil fuels to clean energy, and $65 billion will be spent on broadband internet infrastructure. These record injections into the economy will give a big boost to growth, which could affect companies in a number of areas. The stock market could continue to rise at an even higher rate.

However, many economists and financial commentators are concerned about risks to inflation in the USA, as inflation already achieved record growth of 5% in May and 5.4% in June.

The White House intends to obtain funding for these major programmes from unspent COVID-19 relief funds, an increase in corporate taxes from 21% to 28% and stronger tax legislation on cryptocurrencies.

Persons2 and Companies4 in the news

46th President of the United States
1 place
Senior United States senator from New York
2 place
Nasdaq
1 place
Dow Jones
2 place
White House
4 place
Section:
Rating companies
Instagram
16 Mention
Tesla
15 Mention
Netflix
13 Mention
JP Morgan Chase
11 Mention
Ford Motor Company
11 Mention
Amazon
10 Mention
White House
7 Mention
Goldman Sachs
7 Mention

NEW YORK NEWS

News from GlobalNY.biz is the freshest and most relevant information about high-profile events in the region. The task of the resource's news feed is to convey to readers with maximum accuracy and objectivity information about important events in business, politics, economy, healthcare, culture and other spheres of life in New York.
GlobalNY.biz news is a coverage of economic processes taking place in New York, the latest news of public life, incidents and an overview of political events. New York news is information about the activities of small and medium-sized businesses, the work of housing and communal services and utilities, the implementation of significant projects.
The site's journalists describe not only the life of the region, but also talk about the current state of the US economy. Everything you need to know about innovations in the field of industry and agriculture, economy and power is collected in the "News" section at GlobalNY.biz.
New York news quickly informs the reader, shows the real picture and opens up hot topics. Communication with government structures and business enables us to provide our readers with reliable, information-rich material. The main page of the portal contains the key news of New York!
Alena Potapova

Development Director
Population
8131112023
Died this year
26909029
Born this year
66200974