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Washington DC
A $1trn infrastructure package, which includes $550bn in new spending, “sailed through” the Senate with “broad bipartisan support” on Tuesday, says Andrew Duehren in The Wall Street Journal. It amounts to “one of the most substantial federal investments in roads, bridges and rail in decades”. Its path through the House of Representatives is more complicated, however; Democrats have “yoked” its fate to the passage of a $3.5trn anti-poverty and climate bill. The “Budget blueprint” for that package also passed the Senate early the following day, but this time without Republican support, thanks to rules governing Budget legislation. Higher taxes on corporations and high-income households are expected to fund the plan. Meanwhile, inflation remained at a 13-year high in July owing to “supply chain constraints and soaring demand”, says Colby Smith in the Financial Times. The headline consumer price index (CPI) rose by 5.4% year-on-year, and by 0.5% month-on-month. Even after
