President Biden says he intends to have the federal government pay for the entire reconstruction of the Key Bridge

President Joe Biden announced that the federal government would cover the cost of rebuilding the Baltimore bridge, which collapsed after a cargo ship struck one of its support pillars early Tuesday morning.

"We’re going to work with our partners in Congress to ensure the state receives the necessary support. It is my intention that the federal government will bear the full cost of reconstructing that bridge, and I expect Congress to back my proposal," Biden stated from the White House before departing for North Carolina.

Biden acknowledged that rebuilding the Francis Scott Key Bridge over the Patapsco River would require "some time." He assured Maryland Governor Wes Moore, a Democrat, that he had instructed the federal government to expedite the reopening of the port and reconstruction of the bridge.

The president expressed his intention to visit Baltimore as soon as possible. He extended his thoughts to everyone affected by the tragic accident, particularly those anxiously awaiting news about their loved ones.

Biden emphasized that the top priority was the search and rescue operation. Ship traffic and operations at the Port of Baltimore have been suspended until further notice.

The Port of Baltimore, a major shipping hub in the U.S., is the nation's leading port for importing and exporting automobiles and light trucks. Biden noted that the port handles 850,000 vehicles annually.

"We will work to restore operations at the port as quickly as possible...15,000 jobs are linked to that port, and we are committed to preserving those jobs and supporting those workers," Biden pledged.

He underscored the bridge's significance for transportation, not only for Baltimore but also for the Northeast Corridor, where over 30,000 vehicles traverse the bridge daily.

The collision occurred at 1:30 a.m. ET, causing several vehicles to plunge into the water. At least six people were reported missing, according to Governor Moore. Sonar equipment used by rescue teams detected five vehicles in the water, including three cars, a cement truck, and another vehicle.

Governor Moore mentioned that the Dali ship, which had departed from the Port of Baltimore en route to Sri Lanka, had reported a "power issue" and issued a mayday call moments before the crash. Moore credited this communication with saving lives.