MTZ
Biden prepared to push through infrastructure plan without GOP support
- President Biden's second major legislative initiative so far looks
unlikely to draw more bipartisan support than his first $1.9T COVID-19
relief package. Republicans are taking aim at the $2T infrastructure plan
released last week, with Senator Roy Blunt urging the administration to
significantly scale back the project if he wanted GOP support. "If we'd
go
back and look at roads and bridges and ports and airports, and maybe even
underground water systems and broadband, you'd still be talking about
less
than 30% of this entire package," he told *Fox News Sunday*. Senate
Republican leader Mitch McConnell has also vowed to fight the scheme at
"every step of the way," saying the proposal would increase debt and
raise
taxes.
- It may not matter. Over the weekend, Energy Secretary Jennifer
Granholm said Biden is willing to push through the American Jobs Plan.
He would prefer to have GOP backing, she said on CNN's *State of the
Union*, but if that does not work, he would likely support using
reconciliation to allow Democrats to pass it in the Senate. The White
House
is also planning a second proposal in the coming weeks to address
so-called
social infrastructure including child care, healthcare and college
tuition,
which would be paid for by tax increases on wealthy households.
- *Bigger picture:* The infrastructure initiative, as well as the
measures it contains to curb climate change (net-zero emissions by 2050),
may be the next tailwind for ESG funds. The investments already captured
$51.1M of net new money from investors in 2020, marking their fifth
consecutive annual record, according to Morningstar. 3 out of 4
sustainable
funds even ranked in the top half of their investment category over the
past three years.
- *Go deeper:**Barron's* this weekend discussed some stocks that may
enjoy further gains if the market sees an infrastructure plan moving
towards passage. Among them are engineering and construction companies
like
MasTec (NYSE:MTZ) and Vulcan Materials (NYSE:VMC), as well as clean-tech
winners including TPI Composites (NASDAQ:TPIC), Sunrun (NASDAQ:RUN) and
SolarEdge Technologies (NASDAQ:SEDG). Discover another 10 stocks that
could
benefit from the bill.
|Today, 4:16 AM|46 Comments
Biden prepared to push through infrastructure plan without GOP support
- President Biden's second major legislative initiative so far looks
unlikely to draw more bipartisan support than his first $1.9T COVID-19
relief package. Republicans are taking aim at the $2T infrastructure plan
released last week, with Senator Roy Blunt urging the administration to
significantly scale back the project if he wanted GOP support. "If we'd
go
back and look at roads and bridges and ports and airports, and maybe even
underground water systems and broadband, you'd still be talking about
less
than 30% of this entire package," he told *Fox News Sunday*. Senate
Republican leader Mitch McConnell has also vowed to fight the scheme at
"every step of the way," saying the proposal would increase debt and
raise
taxes.
- It may not matter. Over the weekend, Energy Secretary Jennifer
Granholm said Biden is willing to push through the American Jobs Plan.
He would prefer to have GOP backing, she said on CNN's *State of the
Union*, but if that does not work, he would likely support using
reconciliation to allow Democrats to pass it in the Senate. The White
House
is also planning a second proposal in the coming weeks to address
so-called
social infrastructure including child care, healthcare and college
tuition,
which would be paid for by tax increases on wealthy households.
- *Bigger picture:* The infrastructure initiative, as well as the
measures it contains to curb climate change (net-zero emissions by 2050),
may be the next tailwind for ESG funds. The investments already captured
$51.1M of net new money from investors in 2020, marking their fifth
consecutive annual record, according to Morningstar. 3 out of 4
sustainable
funds even ranked in the top half of their investment category over the
past three years.
- *Go deeper:**Barron's* this weekend discussed some stocks that may
enjoy further gains if the market sees an infrastructure plan moving
towards passage. Among them are engineering and construction companies
like
MasTec (NYSE:MTZ) and Vulcan Materials (NYSE:VMC), as well as clean-tech
winners including TPI Composites (NASDAQ:TPIC), Sunrun (NASDAQ:RUN) and
SolarEdge Technologies (NASDAQ:SEDG). Discover another 10 stocks that
could
benefit from the bill.
|Today, 4:16 AM|46 Comments
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