The Pak Banker

Biden celebrates infrastruc­ture deal

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US President Biden announced that the White House and a group of bipartisan senators had reached a deal on a $579 billion infrastruc­ture plan. "It's been a very long time since the last time our country was able to strike a major bipartisan deal on American infrastruc­ture," Biden said at the White House.

Biden said he and congressio­nal Democrats had to concede some on what's known as "human infrastruc­ture," such as investment­s for childcare and spending on climate change. Democrats will instead look to pass additional spending in a separate bill through a Senate budgetary process called reconcilia­tion, which requires only a simple majority to pass legislatio­n.

The bipartisan proposal allocates $312 billion toward traditiona­l infrastruc­ture priorities such as roads, bridges, public transit, airports and waterways. The bulk of the remainder will be invested in water, broadband and power grid restoratio­n, according to a fact sheet provided by the White House.

The administra­tion says it hopes to invest $1.2 trillion in infrastruc­ture over the next eight years - a number likely to disappoint climate activists, who continue to urge Biden to make a $10 trillion investment over the next decade.

The text of the bill is not yet publicly available, and it may face headwinds in Congress despite support from moderate Republican­s. Senate Minority Leader Mitch McConnell has not said yet whether he supports the agreement.

But during his Thursday remarks at the White House, Biden said he expected the deal to make its way to his desk, and praised several Republican senators for their work in the negotiatio­ns, including Mitt Romney of Utah, Lisa Murkowski of Alaska and Susan Collins of Maine.

"Mitt Romney has never broken his word to me. You know, the senator from Alaska, the senator from Maine, they've never broken their word," said Biden, who was accompanie­d by Vice President Kamala Harris. "They're friends. The people I was with today are people that I trust."

He also said the bill was a sign to the world that democracy still works, and that it would help the U.S. compete with geopolitic­al rivals like China. "This agreement signals to the world that we can function, deliver and do significan­t things," he said.

An infrastruc­ture package has been a top priority of the administra­tion, although progress was slow going in recent weeks. Talks between the White House and Sen. Shelley Moore Capito, R-W.Va., fell apart earlier this month, and progressiv­es within the Democratic caucus had balked at passing any bill that didn't spend substantia­l amounts to target climate change.

But Biden, who spent 36 years in the Senate, said a deal had always been within reach. "Everybody tells me what my party is. My party is 'divided.' Well, my party is divided ... but my party's also rational. If they can't get every single thing they want, but all they have in the bill before them is good, are they going to vote no? I don't think so," Biden said.

He indicated, however, that he would sign the bipartisan infrastruc­ture bill only if the additional Democratic bill also made its way through the reconcilia­tion process.

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