Senate Passes $3.5 Trillion Budget Plan, Advancing Safety Net Expansion; Can US Infrastructure Plan aid Manufacturing?; UK economic recovery speeds up in June after lockdown measures relaxed; Australian Manufacturers to Share in $800 Million Funding.
Senate Passes $3.5 Trillion Budget Plan, Advancing Safety Net Expansion
The Senate took a major step on Wednesday toward enacting a vast expansion of the nation’s social safety net, approving a $3.5 trillion budget blueprint along party lines that would allow Democrats to tackle climate change and fund health care, child care, family leave and public education expansion.
After the Senate gave bipartisan approval to a $1 trillion infrastructure package on Tuesday, the budget vote came over unanimous Republican opposition.
Source: NY Times.
Can US Infrastructure Plan aid Manufacturing?
The $1 trillion bipartisan infrastructure plan includes $550 billion in new federal investment for infrastructure in the US. If the plan is passed in the House of Representatives and takes effect, it will help rebuild the US’ manufacturing sector.
Apart from infrastructure, the bill will also devote funds to boost the US high-tech sectors, including the chip industry. This will be done in a bid to maintain the US’ dominant position in these domains.
Source: Global Times.
UK economic recovery speeds up in June after lockdown measures relaxed
The UK economy returned to growth in the second quarter of the year, expanding by 4.8%, as the lockdown measures introduced to fight the Covid-19 pandemic were relaxed.
The Office for National Statistics reports that in April-June:
- There have been increases in services, production and construction output over the quarter.
- In output terms, the largest contributors to this increase were from wholesale and retail trade, accommodation and food service activities, and education.
Source: The Guardian.
Australian Manufacturers to Share in $800 Million Funding
Australian manufacturing companies can now apply for a share of $800 million in funding for major projects under the ‘Collaboration Stream’ of the Federal Government’s Modern Manufacturing Initiative.
The Federal Government is looking to invest in six manufacturing priority fields including: medical products; clean energy and recycling; food and beverage; defence; space and resource technology and critical minerals processing.
Source: Business News Australia.