Joe Biden, the President of the United States, said that the federal government would cover the entire cost to rebuild the Francis Scott Key Bridge after it collapsed early on Tuesday morning due to a cargo vessel hitting the bridge.

It is my intention to pay the full cost of rebuilding this bridge. Biden told a White House Press Conference that he expected Congress to support his efforts. It’s going to take some time. Baltimore’s people can count on our commitment to see the project through until the bridge and port are rebuilt. “We’re not going to leave until this work is completed.”

Biden replied, “We are going to pay for the bridge to be rebuilt and opened.”

He didn’t say how much the cost would be.

He told reporters that he had spoken with Transportation Secretary Pete Buttigieg, and “told [him] ‘We are going to spend as much federal money they need to respond to this crisis.'” I’m talking about all federal resources and we will rebuild the port together.

He stated that the rescue operation is the highest priority, and the ship traffic has been suspended in the Port Baltimore until further notice.

He said, “We will need to clear the channel before ship traffic can be resumed.”

He claimed that the port had handled “record amounts of cargo” last year.

It’s the number one port in America both for imports and exports. Biden stated that around 850,000 vehicles pass through the port each year. “We’re going get it back up and running as soon as we can,” he said. We’re doing everything we can do to help workers and protect the jobs that depend on this port.

He also said that the bridge was “critical…for travel”, for the Northeast corridor. Over 30,000 vehicles use the Francis Scott Key Bridge every day. He said that it was “virtually…one of most important elements” for the Northeast economy and quality of life.

He added: “I have instructed my team to do everything in their power to reopen and rebuild the port as quickly as possible.”

Breitbart’s John Carney stated that the collapse of the bridge will result in increased inflation, decreased productive capacity and higher government deficits.

According to Carney the closure of this port could cause serious supply chain disruptions, both for consumer goods as well as industrial imports, which go into goods made in the U.S. This would increase the risk of inflation in the U.S.

Although inflation has declined from the high levels of the Biden Administration’s first two years, it still remains above the levels that the Federal Reserve considers to be appropriate for a healthy economic environment. In the first half of 2024, inflation was unexpectedly high. This raised concerns that disinflation might have faded.

Carney said that the government’s payment for repairs would “increase the federal budget deficit, at a moment when federal borrowing has historically been very high”, further escalating inflation.