President Joe Biden stated Friday that his infrastructure bill would reduce inflation pressure if it is implemented correctly.
Congress passed the bill last Friday. Biden is expected sign it into law soon.
Inflation rates have risen due to increased consumer demand and supply chain disruptions.
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Bloomberg reported that President Joe Biden stated that he believes the bipartisan infrastructure bill passed by Congress last Wednesday will reduce rising inflation if it is done correctly.
The House passed a $1 trillion infrastructure bill last Friday. This was a significant legislative victory for the Biden administration. More than a dozen House Republicans voted to support House Democrats by joining them in passing the bill.
The president stated that the Social Spending Bill, which he will sign into Law on Monday, would "lower inflationary pressures in our economy" if implemented correctly during a Cabinet meeting at the White House.
Biden cited the Bloomberg report to state that "If we do this right, we know exactly what it will mean -- It will create millions of jobs, grow our economy, and win the global economic competition we're involved in in the second quarter 21st century with China and many others around the globe," he said.
According to data released earlier this week by the US Bureau of Labor Statistics, inflation reached its highest level in 30 years. Prices increased 6.2% over a one-year period.
Biden responded to Wednesday's report by saying that inflation hurts Americans' pocketbooks and that he is committed to reversing the trend.
He said: "I have instructed my National Economic Council, to pursue means to further reduce these cost. I have also asked the Federal Trade Commission for a retaliatory action against any market manipulation or price gouging within this sector."
Recent supply chain disruptions caused by record-breaking consumer demand have led to congestion at US ports. Much of the blame lies with the Biden administration for fixing it.
According to CNN, the White House has announced that his administration will take a series of steps to address the supply-chain crisis in the wake the recently passed bill. The plan is to "lay the foundation for successful implementation" of the historic Bipartisan infrastructure deal.
The fact sheet said that the plan would increase federal flexibility for port grants, accelerate port infrastructure grant award awards, announce new construction projects for coastal navigation and inland waterways and land ports-of-entry; and launch the first round expanded port infrastructure grants under the Bipartisan Infrastructure Agreement.
CNN was told by a senior official of the administration that even though the spending bill is still not signed, there is still work being done to get the projects and programs ready for the market.
The official stated that the bill was a major help to the entire system of goods movement.
