US Pres. Biden: Plenty of work ahead to bring infrastructure deal home

US President Joe Biden said on Thursday that the bipartisan infrastructure deal will bring long-overdue investments and added that it will be a big move toward being able to compete with China, as reported by Reuters.

Additional takeaways

"Agreement includes no gas tax, will not cost those earning under $400,000 any more."

"Will work with Congress on increased funding for human infrastructure."

"Want to make sure both physical and human infrastructure move through Congress promptly and in tandem."

"Will not rest until both measures get to my desk."

"Plenty of work ahead to bring infrastructure deal home."

"Not sure if there is sufficient support for reconciliation."

"Infrastructure investments are a significant downpayment on our priorities."

Market reaction

Risk flows continue to dominate the financial markets following these remarks. As of writing, the Dow Jones Industrial Average and the S&P 500 indexes were up 1% and 0.62%, respectively.