Trump calls for a $2 trillion budget for U.S. infrastructure growth
Category: #headlines  | By Nikita Chaurasia  | Date: 2020-04-02 |
  • shareshare_icon
  • Twitter
  • Facebook
  • LinkedIn

Trump calls for a $2 trillion budget for U.S. infrastructure growth

U.S. President Donald Trump has reportedly called for a $2 trillion spending budget to repair the and build new and currently crumbling infrastructure including tunnels, bridges, and roads, seizing on the COVID-19 outbreak as well as interest rates that are at their record low, to implement one of the longest-standing goals he had promised to achieve to the voters.

During the daily COVID-19 briefing, Trump stated that low-interest rates would enable the nation to borrow cheaply to fund infrastructure spending. The President also added that none of these funds would go for environmental initiatives that were proposed by the Democrats in their Green Deal.

Trump, previously in 2016, had pledged to seek $1 trillion for infrastructure expenditure and further called on Congress during the State of the Union in 2018 and to allocate $1.5 trillion in terms of new investment. However, this plan went nowhere due to disagreement on how much federal investment would be included.

The new infrastructure spending would help the United States to cut the growing unemployment cases as well as looming market failures that have been predicted to come out of the current coronavirus crisis and economic shutdown.

The number of people applying for unemployment benefits in America is predicted to make a record for a second consecutive week, after a massive 3.28 million applications were filed last week. Worst case predictions estimate that this figure would be almost doubled in coming weeks owing to the increasing shutdown of companies and the continuous efforts from the government to keep people in their homes to stop the COVID-19 outbreak.

The White House and Congress have already initiated circling a new idea of having a fourth round of stimulus to tackle the economic crisis arising due to coronavirus outbreak. Both House Speaker Nancy Pelosi and President Trump have started bringing in similar ideas to keep the economy afloat, immediately following the signing of a $2 trillion COVID-19 bill by Trump.

 

Source credit: https://www.bloomberg.com/news/articles/2020-03-31/trump-calls-for-2-trillion-infrastructure-bill-to-create-jobs

 

 

  • shareshare_icon
  • Twitter
  • Facebook
  • LinkedIn


About Author

Nikita Chaurasia     twitter

Nikita Chaurasia

Having always been daft at wordplay, Nikita Chaurasia, post the completion of post-graduation, commenced her journey into the content generation cosmos. Endowed with a professional MBA degree in Advertising and Public Relations, Nikita strives to integrate her creativ...

Read More..

More News By Nikita Chaurasia

Samsung kickstarts chip production with 3nm process technology

Samsung kickstarts chip production with 3nm process technology

By Nikita Chaurasia

Samsung Electronics Co Ltd has reportedly declared that it has begun the mass production of chips using advanced 3-nanometre technology. The company is the first in the entire world to do so and is actively looking for new clients to contest with Tai...

Progcap nabs $40Mn in funding round for expansion & product development

Progcap nabs $40Mn in funding round for expansion & product development

By Nikita Chaurasia

Progcap, a pioneer in the field of corporate-driven financing solutions for small and medium-sized businesses (SMBs), has secured $40 million in private equity capital at $600 million valuation. The raised capital forms a part of the Series C exte...

Microsoft solidifies Qatar investment; Unveils new high-tech office

Microsoft solidifies Qatar investment; Unveils new high-tech office

By Nikita Chaurasia

Microsoft, the global tech behemoth, has recently stated that it is expanding its operation in Qatar by unveiling a new Lusail City unit, the firm’s largest and fourth in the country. This new facility forms part of a substantial investment tha...