View from Washington: Biden begins building
Context. It really can be an awkward so-and-so. Consider this. On one level, President Biden deserves praise for having finally squared the circle on a meaningful US infrastructure bill. Others have tried, others have failed (and, most recently, others have just talked bigly). Biden has – some upcoming congressional debate aside – secured bipartisan support for a programme worth $550bn over the next five years. However, it is only about a quarter of what Biden was originally seeking in his $2.25tr American Jobs Plan. Even allowing that the original proposal included some non-infrastructure elements (most notably around social care for the elderly), that’s quite a shortfall. The final number is also some way sort of the $2.6tr that will be needed over the next decade according to the most…