Business this week

Joe Biden is reportedly contemplating a $3trn bill on infrastructure and education. The president has said his American Rescue Plan will be ambitious, but the size of the price tag, on top of the $1.9trn stimulus package, has rekindled concerns about an overheating economy and inflation. Larry Summers, an economic guru in the Clinton and Obama administrations, warned Democrats and Republicans that they were being irresponsible, saying that America risks a “dramatic fiscal-monetary collision”.