“This agreement sends a signal to the world that we can act, deliver results and do meaningful things,” Biden remarked at the White House.
Biden said the agreement, signed with Republican and Democratic senators, and that it has not yet received Congressional approval, represents the “largest investment in public transportation in American history.”
“We’re in a race for the 21st century with China and the rest of the world, and they can’t wait. They’re investing billions of dollars everywhere,” he said.
The government official said many doubted whether “democracy can compete with autocracy in the economic sphere”, and that the new agreement is “a big step” in this regard.
Biden acknowledged that he cannot “guarantee” that Congress will pass the agreement, but has made it clear that he will not sign a bill on the matter unless it is accompanied by another spending package. Republicans oppose, which could complicate the project’s prospects.
According to data provided by the White House, the plan will be valued at US$1.2 trillion over 8 years and is expected to involve new infrastructure investment of US$579 billion.
Of these new investments, US$312 billion that will go to the transportation sector will go to road projects, bridges, railways, electric buses, ports and airports.
The proposal also foresees $266 billion in new investment to “other infrastructure” such as water, broadband and mitigating the impact of the climate crisis.
Biden said the plan would allow for “the creation of millions of jobs” in the reconstruction of ports, airports, bridges and roads.
In previous talks, the president reduced the plan amount, which was initially $2.3 trillion, after criticism from Republicans for considering the amount excessive.