Tech shares rallied on Wednesday (March 31) to conclude the first quarter on a positive note as markets digested early details of US President Joe Biden's infrastructure plan.
"It's time to build our economy from the bottom up and from the middle out, not from the top down".
"Our adversaries are anxious about us building this critical infrastructure", he said, noting that the decline in America's gross domestic product means "the rest of the world is closing in, and closing in fast".
"It's a once-in-a-generation investment in America, unlike anything we've seen or done since we built the interstate highway system and the space race decades ago".
In a letter to Biden and Vice President Kamala Harris, the groups stated that "public opinion polls show raising taxes on the wealthy and corporations is very popular even among rank-and-file Republicans". So actually no new infrastructure spending happens.
"In fact, it's the largest American jobs investment since World War II". "Policymakers should avoid creating new barriers to job creation and economic growth, particularly during the recovery". "It's going to create the strongest, most resilient, innovative economy in the world", Mr. Biden said.
The coming months will test the negotiating skills of Biden, a veteran Washington dealmaker, to the limit, and the chances of his infrastructure plan becoming law remain uncertain.
On the transit side, Biden's administration said the funds will also go towards replacing 50,000 diesel transit vehicles and electrifying at least 20 percent of school busses, through a new program administered by the Environmental Protection Agency.
What this money does, and it's only a quarter of the massive bill, and what it does, is it actually takes money that blue cities and states have already earmarked for infrastructure, with their large tax hikes and their large tax plans that they already have in place, it takes that money, allows them to divert those funds to other left-wing projects, then fill in the hole with federal tax dollars. Both his predecessors Barack Obama and Trump made heady promises over infrastructure investment, but struggled to make any progress.
With regards to Republicans, the Biden administration says it will work to get GOP support on the sweeping package, an administration official says Biden is prepared to move to meet the moment. "But we have to get it done".
The US Chamber of Commerce backed the infrastructure push, but said Biden's proposal was "dangerously misguided" over how to fund it.
"The Biden plan will crush American workers and decimate US manufacturing, while giving special tax privileges to outsourcers, foreign and giant multinational companies".