Biden Signs $1,415 Trillion Infrastructure Budget Bill: "America Moves Again"

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kim Suhwan] U.S. President Joe Biden has signed the infrastructure budget bill that he has been prioritizing since the beginning of his term.

On the 15th (local time), President Biden signed the bill containing a budget of $1.2 trillion (approximately 1,415 trillion KRW) at a grand event held on the White House lawn with bipartisan figures in attendance.

This budget involves an astronomical investment in America's infrastructure, including roads, bridges, broadband communications, and public transit transfers.

After signing, President Biden emphasized, "My message to the American people is that America is moving again, and your lives will change for the better."

Since his inauguration in January, President Biden has highlighted the improvement of America's poor infrastructure and securing future growth as a "once-in-a-generation investment" in March. He then requested Congress to pass a $2.25 trillion physical infrastructure budget.

However, after opposition from the Republican Party, the scale was lowered to $1.7 trillion, and through additional negotiations with bipartisan lawmakers, a dramatic agreement was reached on a $1.2 trillion budget.

This budget was overwhelmingly approved in the Senate, which is evenly split with 50 seats each for both parties, with a vote of 69 to 30 in August, and passed the House with a vote of 228 to 206.

Considering that former President Donald Trump, during his term, had agreed on a $2 trillion infrastructure budget with the opposition but failed to secure funding due to disagreements, this can be seen as an achievement of President Biden.

President Biden, seemingly aware of this, said, "We have heard countless speeches and promises here in Washington. But finally, today, we are getting this done."

Notably, some Republican lawmakers supported the budget bill, which is seen as a success story for President Biden amid the extremely polarized political reality in the U.S. During the budget process, 19 Republican senators and 13 Republican House members voted in favor.

President Biden emphasized, "I ran for president because I believed the only way to move this country forward was through compromise and consensus. This is how our system works and American democracy."

Hundreds of people, including lawmakers, governors, and mayors, attended the signing ceremony, with notable Republican figures such as Senator Rob Portman, Representative Don Young, and Maryland Governor Larry Hogan present. When Biden took the stage, chants of "Joe" were heard.

The Hill analyzed that President Biden used the signing ceremony to highlight a rare example of bipartisanship. The White House conveyed an atmosphere of hope that this event would help amid Biden's declining approval ratings.

President Biden still has to pass a separate social welfare budget of $1.75 trillion, called "human infrastructure," covering education, healthcare, and more.

The Democratic leadership attempted to pass this budget on the 5th but delayed the timing after 5 to 6 moderate members within the party insisted on waiting for a Congressional Budget Office (CBO) report on funding. The CBO has announced it will release the report by the 19th, and party leaders have mentioned the possibility of passing it this week.

If it passes the House, it must then go through a Senate vote.

The Democrats plan to process it independently through the "budget reconciliation" procedure, bypassing Republican opposition. However, how to finalize internal disagreements remains a last-minute variable, according to observations.

This content was produced with the assistance of AI translation services.