Please try another search
Economy4 hours ago (Jul 31, 2021 05:50PM ET)
2/2
© Reuters. FILE PHOTO: U.S. President Joe Biden delivers remarks on the economy from the White House in Washington, U.S. July 19, 2021. REUTERS/Jonathan Ernst/File Photo
2/2
By Susan Cornwell
WASHINGTON (Reuters) -The U.S. Senate in a rare Saturday session worked on a bill that would spend $1 trillion on roads, rail lines and other infrastructure, as lawmakers from both parties sought to advance President Joe Biden’s top legislative priority.
The ambitious plan has the backing of Democrats and Republicans alike and has already cleared two hurdles by broad margins in the closely divided Senate.
But so far lawmakers have not seen the final text of the bill, which includes about $550 billion in new spending and was still being written on Saturday. Earlier votes were for a shell bill that the actual legislation will be added to once it is complete.
U.S. Democratic Senate leader Chuck Schumer said on the Senate floor that the bipartisan group working on the legislation needed additional time. “The Senate will remain in session today so they can bring this to a conclusion,” Schumer said.
“I know all the parties want to get this right. As soon as their legislative text is finalized, we’ll review it and then I will offer it as a substitute amendment. After that, we can begin voting for amendments,” the top Senate Democrat added.
After passing the $1 trillion bill, Schumer aims to push forward on a sweeping $3.5 trillion package that focuses on climate change and home care for the elderly and children. That faces staunch Republican opposition and some dissent among moderate Democrats.
“The Senate is going to move forward on both tracks of infrastructure before the beginning of the August recess. The longer it takes to finish, the longer we’ll be here. But we’re going to get the job done,” Schumer said earlier on Saturday.
The Senate voted 66-28 on Friday to take up the bill, with 16 Republicans joining all 48 Democrats and two independents in support.
The package would dramatically increase the nation’s spending on roads, bridges, transit and airports. Supporters predicted it will ultimately pass the Senate and House of Representatives, eventually reaching Biden’s desk for him to sign it into law.
It includes about $550 billion in new spending, on top of $450 billion that was previously approved. It also includes money for eliminating lead water pipes and building electric vehicle charging stations.
The bill does not include funding for most climate change and social initiatives that Democrats aim to pass in the separate $3.5 trillion measure without Republican support.
Democrats hold razor-thin margins in both the Senate and the House of Representatives, meaning the party must stick together to achieve its legislative goals.
Progressive (NYSE:) members of the House Democratic caucus have already suggested the $1 trillion package is inadequate, and the Senate could likewise impose changes that could complicate its chances of becoming law.
But supporters, including Schumer and Republican Senate Minority Leader Mitch McConnell, have been optimistic about its prospects.
Related Articles
Tunisian president calls on banks to reduce interest rates
By Reuters – Jul 31, 2021
3
TUNIS (Reuters) – Tunisian President Kais Saied called on banks on Saturday to reduce interest rates, saying the measure was needed to help improve social and economic conditions…
UK ‘closing in’ on free trade agreement with New Zealand
By Reuters – Jul 31, 2021
(Reuters) -Britain is nearing an agreement in principle on a free trade deal with New Zealand, its trade ministry said on Saturday, as London looks to bolster its post-Brexit…
China will maintain prudent, flexible monetary policy in second-half – central bank
By Reuters – Jul 31, 2021
4
BEIJING (Reuters) – China will maintain a prudent, flexible and targeted monetary policy in the second half of the year, its central bank said on Saturday, as it seeks to support…
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.