President Biden announced a three-month plan to help address the current supply chain crunch and backups at shipping ports nationwide. However, that three month plan may not fix the solution immediately.
The Bipartisan Infrastructure and Investment and Jobs Act, or BIF as it is commonly called, has a $1.2 trillion price tag. That figure includes $550 billion in new projects. Biden’s new three month plan will use some of the money from the infrastructure bill.
“With the bill we passed last week and the steps we’re taking to reduce bottlenecks at home and abroad, we’re set to make significant progress. We’re already in the midst of a historic economic recovery. And thanks to those steps we’re taking, very soon we’re going to see the supply chain start catching up with demand,” President Biden said during an event in Baltimore, MD.
Included in that plan will be five new inland port sites in Georgia and North Carolina so that goods can get to their final destinations faster. It also allows ports to reallocate unused money from other projects.
However, even this plan will take time, and with holidays just around the corner, the supply chain may not be completely back to normal by the winter holidays.
Business correspondent Simone Del Rosario and Political Editor Annie Andersen analyze how the infrastructure bill will impact the supply chain and what solutions can address the crunch.
