US Senate Approves US $ 1.2 Trillion Economic Budget Plan - Kakiforex.com - Financial Market Media No. 1 in the World US Senate Approves US $ 1.2 Trillion Economic Budget Plan US Senate Approves US $ 1.2 Trillion Economic Budget Plan
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June 25, 2021

US Senate Approves US $ 1.2 Trillion Economic Budget Plan

 The United States Senate unanimously agreed to approve a US $ 1.2 trillion economic budget bill.


"We have reached an agreement," US President Joe Biden said after a meeting with senators at the White House.


The eight -year budget plan covers funds for roads, bridges, electricity supply, public transport and the Internet.


According to Biden, the plan will create 'millions' of job opportunities.


"We are in a race with China and the rest of the world for the 21st century. This agreement signals to the world that we can function, deliver and implement important things, ”he explained.



Less than half of the funds in the plan are new funding. That includes an allocation of US $ 109 billion for roads and bridges; US $ 66 billion for railways; US $ 49 billion for public transport and US $ 25 billion for airports.


A total of US $ 73 billion will be channeled for electricity supply and another US $ 65 billion to expand broadband Internet access.


The plan will be paid for with unused Covid-19 assistance money and refunded unemployment benefits.


Meanwhile, Biden wants to implement another US $ 6 billion budget package that includes funds for climate change, education, paid leave and childcare benefits.


The measure is also expected to include tax increases on the rich and large corporations.