Biden still pitching massive spending plans despite inflation surge
Despite the threat of soaring inflation, President Biden is selling his trillion-dollar spending plan to Congress. Consumer prices rose by the most in decades in April.
The U.S. consumer price index for goods and services surged 0.8% in April, the Labor Department said, the biggest monthly increase in more than a decade and the fastest year-over-year increase since 2008. Excluding volatile food and energy data, core inflation rose 0.9 per cent in April and 3 per cent over the past 12 months.
The surge in inflation bolstered Republican criticism of Mr Bidens $4,000bn spending plan
But the president is scheduled to meet with a group of Republican senators later Thursday, his second meeting with key members of Congress this week, and will formally lay out his plan for American jobs and American families, which are expected to cost nearly $4 trillion.
Biden said he believes the American people are "overwhelmingly supportive" of his efforts. He told MSNBCs Lawrence O Donnell this week that his goal is to reach a deal with bipartisan support.
"I want to be clear that I want as many bipartisan agreements as possible," the president said. "That means roads, Bridges, broadband and all the infrastructure."
The White House has billed the American Jobs plan as an infrastructure package, but Republicans have criticized the administration for treating it as infrastructure.
"Theres so much money in the economy, demand is high, its outstripping supply, and its starting to drive up prices," said Senator John Thune, Republican of South Dakota. "He told Bloomberg on Wednesday. "We need to be a little more cautious and restrained."
Americans are worried about the worst inflation since 2013, led by the U.S. federal reserve (fed, the fed chairman Jerome Powell, since March 2020 to keep interest rates close to zero, has repeatedly said that it will do so until the labor market conditions has been achieved in accordance with the commissions assessment of the level of full employment and inflation has risen to 2%, is expected to moderate more than 2%." Powell stressed that he sees no signs of sustained inflation.
Economic forecasts from policymakers last meeting show that most officials expect interest rates to remain near zero until 2023
Democrats are pushing for passage of the presidents economic initiatives, the American Jobs Plan and the American Family Plan. The plan will invest billions of dollars in the countrys infrastructure, including roads, Bridges, transportation systems, broadband and green energy, and will greatly expand the governments social safety net. The plan would be paid for by a series of new taxes on wealthy Americans and corporations.
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