Stock Groups

Biden Urges Patience on Economic Agenda as Democrats Quarrel By Bloomberg


© Bloomberg. U.S. president Joe Biden addresses the State Dining Room at the White House, Washington, D.C., U.S.A, U.S.A, Friday, Sept. 24, 2021. Today, the U.S. will start giving Covid-19 booster shot to millions of Americans. This is a crucial moment in America’s fight against the pandemic. Officials hope it will prevent another winter-like outbreak. Photographer: Al Drago/Bloomberg

(Bloomberg) — President Joe Biden urged Americans to have patience as Congress considers his multitrillion dollar plans to rebuild infrastructure and reshape the nation’s social safety net, with liberals and moderates in his party sparring over the scope of the legislation.

“We got off to a very fast start with the first piece of legislation,” Biden said Friday at the White House, referring to his $1.9 trillion pandemic relief law that passed in March.  

“I don’t expect this to be done, and us be in a position where we can look back and say, ‘Okay, did we get it done?,’ until basically the end of the year,” he said of his larger economic plans. “I don’t mean the vote on the two pieces of legislation relating to the economy, but I think it’s just going to take some time.”

The House could vote as soon as Monday on the Senate-passed infrastructure bill, but the larger package of social spending encompassing much of Biden’s agenda is still being negotiated among Democrats.

House liberals have warned they won’t support the $550 billion public works legislation, negotiated by a bipartisan group of senators without their input, unless the Senate first passes the larger bill.

The $3.5 trillion initial cost of that bill, along with the tax hikes Biden or progressives proposed to fund it have been alarming.

“This is a process, and it’s going to be up and down. That’s why I don’t look at the polls — not a joke,” Biden said. 

 

 

©2021 Bloomberg L.P.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by exchanges. They are instead provided by market makers. As such, the prices might not reflect current market prices. This means that prices cannot be relied upon for trading. Fusion Media does not accept any liability for trade losses you may incur due to the use of these 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. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.



Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.