President Joe Biden is expected to announce the first of a two-part economic infrastructure plan on Wednesday, which will spotlight transportation initiatives aimed at restoring infrastructure that has decayed in the US over the years.
The announcement will be delivered in Pittsburgh with a likely focus on rebuilding US roads, bridges, waterways, and dams within the next 10 years, according to media reports.
A main feature of the transportation component will be targeted on longer-term projects that may provide companies with more confidence to invest. According to reports, the United Steelworkers labor union said they are on board with the content of Biden’s message.
Further support comes from leading automakers, the United Auto Workers union, along with parts companies that have appealed to the President for endorsement of a thorough strategy for electric vehicles also asking for substantial government tax credits as well as various other monetary impetuses.
The administration is considering $3tn in economic spending for the program over the long term. However, the impending announcement regarding transportation is likely to comprise half of that figure, per reports.
Biden will introduce two similarly crucial parts of the package in the near term that will include other methods to strengthen the middle-class, with more details slated for release in April.