Biden unveils $1.3 trillion infrastructure plan
Democratic presidential candidate Joe Biden rolled out a $1.3 trillion plan to make major investments in the country’s infrastructure, with goals of reducing carbon emissions, rebuilding the nation’s ailing highways and bridges and creating middle-class jobs.
The plan to “Invest in Middle Class Competitiveness” calls for spending over a 10-year period, with money coming from reversing President Trump’s tax cuts, closing loopholes in the tax code that reward the wealthy and ending fossil fuel subsidies.
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The former vice president called for spending $50 billion on repairing existing roads and bridges, $10 billion on transit projects for high-poverty areas, $20 billion in rural broadband infrastructure and $100 billion to modernize the school system, among other proposals. The sprawling plan would also “spark the second great railroad revolution.”
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Biden also dinged the Trump administration in the plan and vowed to tackle the “full-blown recession” in the manufacturing sector, which his campaign blamed on Trump’s “reckless trade wars.”
Former Vice President Joe Biden speaks in a Democratic presidential primary debate. Tuesday, Oct. 15, 2019, in Westerville, Ohio. (AP Photo/John Minchillo)
In August, the U.S. manufacturing sector contracted for the first time in three years, raising concerns about the health of the economy. That grim trend continued in October, when the industry posted the biggest contraction in more than a decade. Although the metric improved slightly in October, it remains in contraction territory at 49.1.
"Biden will revitalize America’s infrastructure and make us more competitive with the rest of the world, while also creating and sustaining quality, middle-class jobs at home," the fact sheet said.