Business and industry voice support for bipartisan infrastructure package
The National Association of Manufacturers (NAM) and the U.S. Chamber of Commerce have voiced strong support for the bipartisan $1.2 trillion infrastructure framework reached by 22 senators and the Biden administration. Both organizations launched the new Coalition for Bipartisan Infrastructure Investment, along with the Business Roundtable, AFL-CIO, The National Retail Federation, The Bipartisan Policy Center, North America’s Building Trades Unions and others, to advocate for the package.
According to NAM, “Infrastructure modernization is a critical component of long-term economic growth and improved quality of life for every American. We urge Congress to turn this framework into legislation that will be signed into law, and our organizations are committed to helping see this cross the finish line.”
The Chamber added, “We urge Congress and the administration to seize this opportunity – one that has eluded policymakers for years – to enact significant investment and durable reforms that would strengthen the economic recovery and create the conditions for high-paying jobs over the long term.”
The $1.2 billion package includes an incremental $579 billion to improve roads, bridges, and broadband access. Researchers at the University of Pennsylvania’s Wharton School have said it would cut the U.S. debt by 0.9 percent and slightly increase gross domestic product by 0.1 percent. Wharton senior economist Jon Huntley said, “Improvements to public capital (roads, bridges and other physical infrastructure) makes private capital (trucks and trains hauling goods for companies) more productive over time.”
President Biden originally proposed a $4 trillion infrastructure package that was whittled down through negotiation with 22 Democratic and Republican Senators. Senate Majority Leader Chuck Schumer (D-NY) said, “If and when we succeed, the benefits will reverberate across the country for generations to come.” Senate Minority Leader Mitch McConnell (R-KY.) said there was a “decent chance” the infrastructure package could succeed, but that doing so must not add to the national debt.