Sumary of Biden urges more spending:
- : President Joe Biden on Monday (Tuesday in Manila) sought to tamp down concern about spiraling prices that threaten to dent the US economic recovery, saying the current inflation rise is “temporary” and not a long-term problem.
- He also said one of the best ways to keep the American economy on track was for Congress to green light additional federal spending in the form of a major bipartisan infrastructure package, which faces a looming deadline this week in the US Senate.
- “Biden’s effort at reassurance came as US stocks tumbled 2.1 percent on Monday amid resurgent Covid-19 fears and worries about inflation pinching global growth.
- On Monday, Senate Majority Leader Chuck Schumer launched a hardball effort to move on the first part of Biden’s plan, a historic bipartisan infrastructure package to fix and upgrade the nation’s roads, bridges, ports and broadband internet.
- Schumer initiated the process that sets up a test vote on Wednesday – even though the infrastructure agreement, under negotiation by 11 Democrats and 11 Republicans and featuring $579 billion in new spending – is in jeopardy.
- Schumer stressed that the initial step – a procedural move known as a cloture vote – is just an opening gambit and that the bill can be finalized later.
- “The motion to proceed on Wednesday is simply about getting the legislative process started here on the Senate floor,” Schumer told colleagues.