Infrastructure Law approved by the United States senate

Joe Biden, president of the United States, praised the approval of the infrastructure law by the Senate, indicating that in a short time he will sign the execution in a formal act where all the legislators, both Democrats and Republicans, who voted in favor of the law will participate.

Biden believes that his country took “a monumental step forward” with the approval of the Act, which is estimated at 1.2 trillion dollars. According to the president, the law will be of great use to the middle class and he recognized that this type of legal norms only occur once per generation.

The infrastructure law will allow the generation of thousands of jobs, helping to reduce inflation in the country, currently at 5.4% considered by analysts to be the highest in the last 13 years.

The rule approved “550,000 million dollars in new spending and is substantially less than the initial package of 2.25 trillion dollars presented by the president in March,” but it is the highest budget dedicated to the infrastructure sector since 2018, when the country It was a victim of the great economic recession.

Upcoming social plan

As it will be recalled, the infrastructure law was approved with 228 votes in favor and 206 against, after various conferences and discussions between different legislators, including those from the Democratic Party, when six of its congressmen “opposed the text, making necessary the support of 13 Republicans.”

The difference between the legislators caused a significant delay in the approval of the law, besides the desire of some “progressive representatives who wanted it to be voted at the same time as Biden’s social plan of 1.75 billion dollars.” However, some negotiations were achieved and the progressive congressmen agreed to pass the law in exchange for “voting before November 15 on Biden’s social spending plan.”

M. Rodríguez

Source: bancaynegocios.com