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The government, according to President Joe Biden, will cover the “entire cost” of reconstructing the Francis Scott Key Bridge in Baltimore, Maryland, which collapsed early Tuesday morning after a cargo ship struck it.
“Our intention is to cover the complete cost of rehabilitating that bridge. “I anticipate congressional support for my initiative,” Biden stated at a press conference hosted by the White House. “At least some time will be required. However, we assure the citizens of Baltimore that we will remain steadfast in our commitment to this until the port is fully operational again and the bridge is repaired. We will remain until the completion of this task.”
When asked whether the ship’s manufacturer should be held liable and pay for the repairs, Biden replied, “We will pay to have the bridge reconstructed and reopened.”
The expense of the item was not specified.
He claimed he had a conversation with Transportation Secretary Pete Buttigieg in which he conveyed the following: “We are fully committed to allocating the necessary federal resources to address this emergency.” “I refer to the entirety of the federal resources, and collectively we shall undertake the reconstruction of that port.”
He declared the rescue operation the highest priority and announced the temporary suspension of ship traffic in the Port of Baltimore until further notice.
He stated, “We will need to clear that channel before ship traffic can resume.”
“Last year, the port handled a record amount of cargo,” he stated.
Furthermore, it is the preeminent port in the United States for automotive and light vehicle imports and exports. “A port that receives approximately 850,000 vehicles annually will be operational again as quickly as possible,” Biden stated. “That port is the source of fifteen thousand jobs, and we will do everything in our power to safeguard those jobs and assist those employees.”
Additionally, he stated that the bridge is “vital…for travel” along the northeast corridor. “On a daily basis, more than 30,000 vehicles traverse the Francis Scott Key Bridge.” “It is practically…one of the most crucial factors influencing the Northeastern economy and quality of life,” he stated.
“As soon as humanly possible, I have instructed my team to relocate heaven and earth, reopen the port, and rebuild the bridge,” he continued.
The collapse of the bridge is anticipated to give rise to additional inflationary pressures, reduced productive capacity, and increased government deficits, all of which are detrimental to the U.S. economy.
A report indicates that the port’s closure could cause significant supply chain disruptions for both consumer goods and industrial imports that are used to manufacture U.S.-made goods, thereby increasing the risk of further inflation in the United States.
Although inflation has declined from its peak during the initial two years of the Biden administration, it continues to be elevated in comparison to historical norms and surpasses the thresholds set by the Federal Reserve as suitable for a robust economy. Unexpectedly high inflation figures for the first two months of 2024 have sparked concerns that the period of disinflation may have ended.
Carney further exacerbated inflation by stating that the government’s payment for the renovations would “increase the budget deficit at a time when federal borrowing is already historically very high.”
