President Biden announced the first stage of the plan at an event held at a union training center in Pittsburgh. President Biden defined the massive program that will restructure the American infrastructure over the next eight years as a "once-in-a-generation investment."
According to the details announced by the White House, within the scope of this plan, hundreds of billions of dollars are allocated for the modernization and construction of roads, bridges, public transportation systems, schools, and other infrastructure fields.
The plan can both fix some of the damage caused to the economy by the Coronavirus epidemic and benefit primarily low-income employees. It is stated that President Joe Biden's choice of Pittsburgh to announce the infrastructure plan has economic and political repercussions.
It is stated that the infrastructure projects will be financed by the higher taxes that will be obtained from the companies and establishments. It is indicated that this situation may cause repercussions in the business circles and disrupt the attempts of the Biden administration to work with the Republican Congress members.
President Joe Biden said, "91 companies on the Fortune 500 list, including Amazon, do not pay a single solitary penny in federal income tax." During his speech in which he unveiled the infrastructure plan, he said, "Wall Street didn't build this country. The middle class built this country. And unions built the middle class."
President Biden hopes that the infrastructure plan will be passed by Congress by the summer, which means he will rely on the fact that Democrats narrowly control both the House of Representatives and the Senate.
$621 billion for transportation infrastructure and resilience:
$580 billion for manufacturing; research and development; and job training:
$400 billion for the care economy:
$313 billion for schools and housing:
$111 billion for clean water:$100 billion for digital infrastructure