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This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

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US President Biden lays out sweeping investment plan

Joe Biden

There has been widespread opposition to the proposals from the Republican Party, which is unlikely to back tax increases and more government spending

US President Joe Biden has laid out a sweeping investment plan for jobs, education and social care in his first speech to a joint session of Congress.

Delivered on the eve of his 100th day in office, the Democrat pitched some $4 trillion (£2.9tn) in spending – the largest overhaul of US benefits since the 1960s, analysts say.

He called it a “once in a generation investment in America itself”.

But the plans face a battle in Congress before they can become law.

There has been widespread opposition to the proposals from the Republican Party, which is unlikely to back tax increases and more government spending.

And while there is a slim Democratic majority in both houses, there has been division among the party over how far to go with the plans.

In a historic moment, US Vice-President Kamala Harris and House of Representatives Speaker Nancy Pelosi both sat behind Mr Biden during Wednesday night’s address. It was the first time two women appeared behind the president during a speech to Congress.

After addressing Ms Harris in his opening remarks as Madam Vice-President, Mr Biden added: No president has ever said those words from this podium. And it’s about time.

The 78-year-old president, buoyed by solid approval ratings, presented the American Jobs Plan and the American Families Plan. The White House said the proposals would be funded by tax raises on corporations and the wealthiest Americans.

He described the American Jobs Plan as a blue-collar blueprint to build America that would boost investment in public transport, high-speed broadband and roads and bridges. He added that the plan would be guided by the fight against climate change.

When I think climate change I think jobs, he said. There’s no reason why American workers can’t lead the world in the production of electric vehicles and batteries.

Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.