April 05, 2024 18:32 GMT
Biden To Deliver Remarks From Site Of Baltimore Bridge Collapse Shortly
US
HomepagePolitical Market NewsPolitical RiskPolitical Risk BulletBulletMarketsFixed Income BulletsForeign Exchange Bullets
President Biden is shortly due to deliver remarks near the site of collapsed Francis Scott Key Bridge in Baltimore, Maryland. His trip today will included an aerial tour of the accident site and an operational briefing with federal personnel, state and local officials, and first responders. LIVESTREAM
- The Department of Transportation has noted that the commercially important Port of Baltimore is on track to partially reopen by the end of April.
- In line with Biden’s pledge that the federal government cover the cost of reconstructing the bridge - likely to total in the billions -, OMB Director Shalanda Young said in a letter to Congressional leaders: “…we are asking the Congress to join us in demonstrating our commitment to aid in recovery efforts by authorizing a 100 percent Federal cost share for rebuilding the bridge. This authorization would be consistent with past catastrophic bridge collapses...”
- Visiting the accident site so soon after disaster may mitigate Biden suffering political fallout similar to that he experienced after failing to visit East Palestine, Ohio for a year after a major train derailment in 2023. His reluctance to visit the Ohio site was seized on by Trump and led to a dip in Biden’s approval.
- CNN noted this week that, despite some concerns the bridge collapse could create new supply chain snarls in the automotive sector, economic impact will likely be limited: “Baltimore’s regional economy has a lot going for it such as low unemployment and low inflation."
242 words