• President Biden to meet with bipartisan senators to discuss infrastructure plan

Market news

24 June 2021

President Biden to meet with bipartisan senators to discuss infrastructure plan

Reuters reports that President Joe Biden will meet with a bipartisan group of U.S. senators on Thursday to discuss their proposed framework for an infrastructure bill.

Members of the group of 21 senators, or “G-21,” announced an agreement on a framework on Wednesday after a meeting with White House officials.

The G-21 talks have focused on a $1.2 trillion, eight-year spending plan, with a mix of new and repurposed funding.

For Biden, securing a large-scale infrastructure package is a top domestic priority.

Biden, seeking to fuel growth and address income inequality after the coronavirus pandemic, initially proposed spending about $2.3 trillion. Republicans chafed at his definition of infrastructure, which included fighting climate change and providing care for children and the elderly.

The White House later trimmed the offer to about $1.7 trillion in an unsuccessful bid to win the Republican support needed for any plan to get the 60 votes required to advance most legislation in the evenly split 100-seat Senate.

“We came to an agreement on a plan ... and we’re just going to try to wrap it up tomorrow,” Democratic Senator Joe Manchin told reporters on Wednesday of the new plan.

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