The Biden administration today unveiled its $2 trillion infrastructure plan, dubbed “The American Jobs Plan.”
The White House press office notes that the United States of America is the wealthiest country in the world, yet we rank 13th when it comes to the overall quality of our infrastructure. As such, much needs to be done. Key components Biden’s plan include the following:
- $100 billion to expand high-speed broadband
- $100 billion to build and upgrade schools
- $100 billion dedicated to improve and expand power lines, and shift toward clean energy
- $114 billion to repair and rebuild highways, bridges and roads
Sources within the administration have said they wan to see “substantial progress on advancing the legislation by May 31.” The timeline as to when the bill could be approved by both the House of Representatives and the Senate, and signed into law, remains unclear.
White House officials have signaled they’d like to see an infrastructure bill passed this summer. If the bill is passed, unlikely the US steel industry will feel an impact until early-to-mid 2022.