US: Biden predicts infrastructure package to beat inflation

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US President Joe Biden defended his administration’s proposed infrastructure investment package during a press conference this Saturday, after the agenda was approved in the House of Representatives late last night. According to the mandate, approximately US$1 in addition to rail would not increase spending, but would reduce inflationary pressures in the US.

That’s because, in the long run, the investment will reduce spending on American households, according to Biden. The President also confirmed that the infrastructure package, as well as his project

build back better

, focused on social spending, are “fiscally responsible” and “won’t raise a dime of the US fiscal deficit” – $2.8 trillion in 2021 – because it will be paid for by raising taxes to the richest part in the world.

Biden also said the newly approved package is a “blueprint for America’s rebuilding” and keeps the country competitive against powers like China in the 21st century. The proposal also makes it possible for the president to turn the climate crisis into an opportunity.

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Ignoring pressure from the US and other countries amid rising global oil prices, Biden made brief remarks on the Organization of the Oil Exporting Countries and Allies’ (OPEC+) decision in December to maintain production plans.

“We have other tools besides releasing strategic reserves to deal with OPEC+ countries,” the US leader said.

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About the author: Sarah Gracie

Sarahis a reporter covering Amazon. She previously covered tech and transportation, and she broke stories on Uber's finances, self-driving car program, and cultural crisis. Before that, she covered cybersecurity in finance. Sarah's work has appeared in The Wall Street Journal, Bloomberg, Politico, and the Houston Chronicle.

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