yahoo! finance

The White House on Tuesday said it had pushed out $185 billion in funding under a $1 trillion bipartisan infrastructure law passed last year, with that same amount or more to follow in 2023, but denied the funding would fuel inflation.

Tuesday marks one year since President Joe Biden signed the massive spending bill, which will disburse billions of dollars to state and local governments to fix bridges and roads, while expanding broadband internet access to millions of Americans.

National Economic Council Director Brian Deese said the infrastructure, the Inflation Reduction Act and a bipartisan law funding domestic semiconductor production together would generate some $3.5 trillion in investment over the next decade.

Deese said the funding had put the United States into a better position than nearly any other country in the world, laying the ground for private investments and equipping the United States to deal with major global economic challenges.

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