Biden signs USD 1.2 tln bill, says US' infrastructure investment will grow faster than China's

Emphasising that the infrastructure bill would fix the US' outdated transportation and broadband networks and help its investments in infrastructure grow faster than China's, US President Joe Biden on Monday (local time) signed a USD 1.2 trillion infrastructure bill with bipartisan support from rival Republicans.

"For too long, we've talked about having the best economy in the world; we've talked about asserting American leadership in the world with the best and safest roads, railways, ports, and airports," Sputnik quoted Biden as saying.

The US President further said that America is moving again. "Your life is going to change for the better. American infrastructure investment will grow faster than China's," he said. The White House said in a statement, "Infrastructure Investment and Jobs Act reauthorises surface transportation programs for five years, through the fiscal year 2026, and provides for a one-time transfer of funds from the General Fund into the Highway Trust Fund; authorises programs for water, energy, and broadband infrastructure; and provides emergency supplemental appropriations."

There is also a USD 65 billion investment for improving the nation's broadband infrastructure and investing tens of billions of dollars in improving the electric grid and water systems. Another $7.5 billion would go to building a nationwide network of plug-in electric vehicle chargers, Sputnik reported citing the bill's text.

( With inputs from ANI )

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor