Biden kicks off effort to reshape U.S. economy with infrastructure package

(Reuters) – President Joe Biden on Wednesday will call for a dramatic and more permanent shift in the direction of the U.S. economy with a roughly $2 trillion package to invest in traditional projects like roads and bridges alongside tackling climate change and boosting human services like elder care.

He also aims to put corporate America on the hook for the tab, which is expected to grow to a combined $4 trillion once he rolls out the second part of his economic plan in April.

Coupled with his recently enacted $1.9 trillion coronavirus relief package, Biden’s infrastructure initiative would give the federal government a bigger role in the U.S. economy than it has had in generations, accounting for 20% or more of annual output.

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FILE PHOTO: U.S. President Joe Biden holds a meeting on infrastructure with members of Congress in the Oval Office at the White House in Washington, U.S., March 4, 2021. REUTERS/Tom Brenner/File Photo

Source: Reuters