Biden to unveil massive $2 trillion investment plan

Washington DC: US President Joe Biden will announce a massive once-in-a-century USD 2 trillion plan on Wednesday to transform America's aging infrastructure, and position the country to out-compete China, according to officials.

The American Jobs Plan, to be announced by Biden in Pittsburgh, Pennsylvania, will create millions of good-paying jobs and rebuild the US infrastructure.

This is a once-in-a-century capital investment in America, according to officials.

It will also position the United States to out-compete China, they said.

By investing about USD 2 trillion over the next eight years, we can transform our current and future infrastructure and fundamentally change life for Americans, officials said ahead of the presidential visit to Pittsburgh.

If passed alongside President Biden's Made in America corporate tax plan, the plan would be fully paid for within the next 15 years and reduce deficits in the years after.

This plan will bring public investment as a share of the economy back to where it was in the 1960s, the last time we made transformative investments in our nation's infrastructure, they said. The US is currently ranked 13th in the world in infrastructure, which the officials said has real costs.

Delays caused by traffic congestion alone cost over USD 160 billion per year, and motorists are forced to pay over USD 1,000 every year in wasted time and fuel.

The plan invests USD 620 billion in transportation infrastructure, which will modernise 20,000 miles of highways, roads and main streets.

It will fix the 10 most economically-significant bridges in need of reconstruction and repair the worst 10,000 smaller bridges, reconnecting communities across the country. It will double federal funding for public transit, buy down the repair backlog, and bring bus and rail service to new communities and neighbourhoods, especially those that have been structurally excluded from resources and opportunity.