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More economic stimulus for the US but this time it’s for infrastructure

2020-04-02 17:29:17
More economic stimulus for the US but this time it’s for infrastructure
The US government is currently looking at an infrastructure plan that will see millions of displaced workers employed. By using road, bridge and other projects to improve America’s infrastructure, state leaders hope to alleviate the economic impact the virus millions of individuals who are now unemployed and without income

Congress is working on its fourth legislative package to address the coronavirus crisis. It is currently attempting to produce relief packages that will both bolster the public health response to the deadly pandemic and alleviate the economic fallout experienced by businesses and individuals

 

As interest rates scrape the bottom, the many state leaders are considering an infrastructure bill which aims to provide jobs for millions of newly displaced workers.

 

The proposed legislation, outlined by Speaker Nancy Pelosi and two key committee chairmen, would include new money for health centres, clean water, broadband access and public transportation. 

 

This is based on the Democrats' five-year plan unveiled in January that intends to advance a $760 billion infrastructure framework aimed at responding to the coronavirus outbreak.

 

In a conference call, House Democrats hope to take legislative action on the next government relief bill when the Congress returns from its recess April 20. 

 

Meanwhile, President Trump has indicated his support of the infrastructure bill as the administration and the Senate explore capital employment opportunities through infrastructure projects when America enters the Phase 4 legislation

 

Infrastructure is an area where Democrats believe they can work with President Donald Trump as they search for ways to address the health crisis and economic fallout from the coronavirus.

 

Having found common ground, Trump and Democratic House of Representatives Speaker Nancy Pelosi aim to use road, bridge and other projects to blunt the economic effects of the coronavirus crisis and provide millions of jobs to newly displaced workers

 

"Interest in infrastructure has always been bipartisan," Pelosi said.

 

Earlier on Wednesday, Treasury Secretary Steve Mnuchin said in a television interview that he is talking with congressional leaders about a potential infrastructure bill that would help boost the battered US economy.

 

Trump tweeted on Tuesday the infrastructure bill should include another two trillion dollars in spending, saying he wants to focus on creating jobs as the country recovers.

 

Senate Republican Leader Mitch McConnell told conservative radio host Hugh Hewitt on Tuesday he wants to take a wait-and-see approach to the next spending measure and warned against Democratic wish lists.

 

"Let's see how things are going, and respond accordingly," McConnell said.

 

Previously…

So far, Congress has passed three bills in response to the outbreak, including a two-trillion-dollar economic rescue package signed into law last week.

 

Congress is bypassing budget disciplines to authorise the new emergency spending using deficit financing.

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