10/28, 5:48 PM (Source: TeleTrader)
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Economic framework will help US beat China, others - Biden

United States President Joe Biden said on Thursday that the "historic" economic framework he revealed earlier in the day will help the country win the economic competition against China and other global powers.

The deal between the White House and congressional Democrats "will not add" to the US deficit, he claimed, adding that the compromise on the matter meant that "no one got everything they wanted, including me."

Biden unveiled a $1.75 trillion package to fund the government's social and climate policies, with $555 billion allocated to clean energy and climate investments and $400 billion to child care. Nearly $2 trillion in offsets for the spending proposal include Internal Revenue Service (IRS) investments, corporate international reform and the introduction of 15% corporate minimum tax that are expected to bring in $400 billion, $350 billion and $325 billion respectively.

Breaking the News / MS