Biden strikes infrastructure deal, Bitcoin’s plunge
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 25 June 2021
⏱️ 10 minutes
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Summary
US President Joe Biden has secured a deal on an infrastructure package worth about $1tn to spend on upgrading roads, bridges and broadband networks over the next eight years, and the US Federal Reserve loosened restrictions on dividends and buybacks by America’s biggest banks as it released an analysis showing the lenders could suffer almost $500bn in losses and still easily meet capital requirements, and the price of bitcoin briefly dropped below $30,000 in volatile trading after a sweeping regulatory crackdown.
Biden agrees slimmed-down $1tn infrastructure deal with senators
https://www.ft.com/content/b262ed46-152d-42bd-9a6d-b70d679bb282?
Fed gives passing grade to biggest US banks in stress tests
https://wwwk.ft.com/content/78f53986-fefa-4208-b4ea-674052a9ca3f
Bitcoin sinks below $30,000 for first time since January:
https://www.ft.com/content/a53a6342-f1e3-4cfe-aab0-642434da428c
Andreessen Horowitz increases crypto bets with new $2.2bn fund
https://www.ft.com/content/36413e3e-7915-45c7-b4ce-ccbeac972c94?
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Transcript
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| 0:00.0 | Good morning from the Financial Times. Today is Friday, June 25. And this is your FT news briefing. |
| 0:08.6 | US President Joe Biden has reached a deal on infrastructure spending, but it's less than he'd |
| 0:13.9 | been hoping for. And US banks pass their stress tests with flying colors. Plus Bitcoin this week |
| 0:20.0 | dropped to less than half of what it was worth at its peak in April. We'll talk to our market's |
| 0:24.2 | editor, Kitty Martin, about what's going on with Bitcoin and other cryptocurrencies. |
| 0:28.8 | So there's just this real pushback that's building from various different parts of the world |
| 0:34.4 | and from various different parts of the established financial system that is saying, okay, |
| 0:39.2 | enough. I'm Mark Filipino and here's the news you need to start your day. |
| 0:49.2 | US President Joe Biden agreed with a group of senators on a big spending package this time |
| 0:54.1 | an infrastructure plan worth $1 trillion. That's less than half of the amount the White House |
| 0:59.2 | originally proposed after all the compromises that were made. Here's the FT's Washington Bureau Chief |
| 1:04.6 | James Politi. They had to concede quite a bit of the climate-related initiatives that were part |
| 1:12.1 | of the original infrastructure package, as well as some of the manufacturing subsidies that they |
| 1:18.3 | had put in the deal. And overall they had to trim sort of the spending levels in some of the areas |
| 1:24.7 | even where they found compromise with the Republicans, including on sort of traditional infrastructure |
| 1:30.4 | projects from roads, bridges, airports, broadband networks. They have a little bit of money in |
| 1:36.7 | there for electric vehicles but not quite as much as Biden wanted. Okay, so what happens next with |
| 1:42.9 | this deal? Well, so the deal that the White House reached was actually only with 10 senators |
| 1:48.6 | five from each party. These are moderate senators and so they are now going back to the congressional |
| 1:54.8 | leaders, both Democrats and Republicans, and they're trying to broaden out the support for the |
| 2:00.5 | agreement. Now I think there's every reason to believe that they will sort of reach the critical |
| 2:06.0 | 60 vote thresholds to get an agreement through the Senate. And then the question is how quickly |
... |
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