🎁 💸 Warren Buffett's Top Picks Are Up +49.1%. Copy Them to Your Watchlist – For FreeCopy Portfolio

Democrat Joe Biden proposes $1.3 trillion U.S. infrastructure plan

Published 11/14/2019, 06:02 AM
Democrat Joe Biden proposes $1.3 trillion U.S. infrastructure plan

By Trevor Hunnicutt

(Reuters) - Democrat Joe Biden would invest $1.3 trillion over a decade on electric car charging stations, high-speed railroads, clean-energy research and other public infrastructure if he is elected U.S. president next year, his campaign said on Thursday.

Biden, a former vice president, also vowed to respond to a "full-blown recession" among U.S. manufacturers by quadrupling funding for public-partnerships that support those businesses and by investing $6 billion over three years in places that have experienced mass layoffs.

"Biden will revitalize America's infrastructure and make us more competitive with the rest of the world, while also creating and sustaining quality, middle-class jobs at home," according to the campaign policy statement.

Democrats are proposing vast new federal government spending and programs as they vie for the nomination to challenge Republican President Donald Trump for the White House in November 2020. Trump has touted his mix of tax and regulation cuts as an elixir, and under his administration a record-long U.S. economic expansion continued, pushing unemployment to half-century lows.

Yet Democrats criticize Trump's approach to a trade war with China as punishing manufacturers and they say his policies have aggravated wealth and income inequality. They also want government to more to address the threat of climate change.

Biden's new, 12-page policy plan proposes financing for its recommendations, including funneling more money to regions with high poverty rates and pushing the United States to net-zero greenhouse emissions by 2050, by raising corporate taxes and ending subsidies for fossil fuels. Many of the proposals require congressional support to become reality.

While the need for a U.S. infrastructure investment is regarded as a point of bipartisan consensus, Trump and congressional leaders have failed to agree on a major bill to repair and replace aging and dangerous bridges, airports, water pipes and schoolhouses.

In April, President Trump and Democratic leaders agreed to spend $2 trillion on infrastructure, without hashing out a way to pay for it. Weeks later, Trump abruptly canceled a follow-up meeting after criticizing congressional investigations.

A stimulus plan including a smaller set of infrastructure investments passed in 2009 when Biden was vice president, but it faced significant Republican opposition despite being positioned as a measure to counteract a major recession at the time. Biden oversaw the program's spending.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.