White House meetings with business leaders, a long-term focus on economic policy, flat retail spending, lighthouses for sale, and a call for federal support for the State Pier project in Connecticut are among the top business news items this morning.
National
The Biden administration is meeting with several business leaders to pitch its proposed $2.3 trillion infrastructure package. Some companies have reportedly sought to fund the measure through means other than raising the corporate tax rate, including increases to gas taxes and other user fees.
The White House is holding firm on its economic policies despite short-term concerns such as a weak April jobs report and increasing inflation, according to the New York Times. The Biden administration is pushing the message that its major spending proposals in infrastructure, research, and education will have long-term benefits on economic and social well-being.
Following a 10.7 percent surge in March, retail spending in the United States was flat in April. Spending fell across a wide range of retail categories, although consumers were spending more on services, including restaurants and bars.
Business trends
The General Services Administration is seeking to transfer ownership of four lighthouses, including two in Rhode Island, and is offering the properties free of charge to certain organizations, including nonprofits and educational organizations. An Associated Press article suggests the lighthouses could become “waterfront workspaces with killer views.”
Connecticut
With Congress girding to develop a major infrastructure spending bill, two Republican state senators are calling for any such legislation to include federal funding toward a planned $235 million redevelopment of State Pier in New London to support offshore wind operations. Senator Richard Blumenthal, a Democrat, responded that he would also support this request.
