White House says more infrastructure spending is coming, dismisses link to inflation

WASHINGTON, Nov 15 (Reuters) – The White House said on Tuesday it had released $185 billion in funding as part of a $1 trillion bipartisan infrastructure bill passed last year, with the same amount or more to follow in 2023, but denied that the funding would fuel inflation.

Tuesday marks a year since President Joe Biden signed the massive spending bill, which will disburse billions of dollars to state and local governments to repair bridges and roads, while expanding high-speed internet access to millions of Americans.

National Economic Council Director Brian Deese said infrastructure, the Cut Inflation Act and a bipartisan law funding domestic semiconductor production would together generate some $3.5 trillion in investment over the next decade.

Deese said the funding has put the United States in a better position than almost any other country in the world, paving the way for private investment and equipping the United States to face major global economic challenges.

He dismissed concerns raised by some Republicans that the additional funding would boost inflation, already near 8%, as investments in the digital economy, transportation and other industrial sectors would improve efficiency, reduce pressures on the supply chain and reduce costs in the longer term. .

Former New Orleans Mayor Mitch Landrieu, who oversees the law’s implementation, said the Biden administration announced nearly 7,000 projects affecting more than 4,000 communities in all 50 states, Washington, DC and US territories.

He said the federal government has hired more than 3,500 workers to implement the law, which is already funding the repair and replacement of 2,800 bridges and funding the purchase of 5,000 new clean transit and school buses. .

“But the reality is that we are only at the beginning,” he said. “By the end of the year, we will launch even more great projects.”

Reporting by Andrea Shalal; Editing by David Gregorio

Our standards: The Thomson Reuters Trust Principles.


Source link

Comments are closed.