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WASHINGTON, DC- A tentative deal has been reached on the forever looming Infrastructure Bill. Details are still progressing and being updated on the deal which Biden has claimed will be completed by “end of summer” and in tandem with his other agenda items not included in this bill. Here is what we know…
On Thursday June 24th, President Joe Biden along with White House officials and an assembly of bipartisan senators, negotiated and agreed upon a $1.2 trillion infrastructure proposal. The deal historically represents the largest investment in transportation ever.
Although information remains vague and limited, the deal anticipates the 1.2 trillion dollars to be utilized over the duration of eight years with $579 billion of that in new spending. Biden’s initial plan suggested an advancement of $2.25 trillion for infrastructure expenses.
It is understood that the agreement will have $109 billion funneled towards roads, bridges, and other project funding. Biden originally requested $50 billion more for roads and bridges.
$49 billion will be used for public transport with $66 billion for rail which “represents the largest investment in public transit in American history. And I might add that (is) the largest investment rail since the creation of Amtrak,” Biden said., $25 billion for airports, and $16 billion for ports and waterways. Water infrastructure will acquire $55 billion of the deal and $73 billion will be invested in power structure. A portion of the budget may potentially be employed to eradicate service lines and pipes throughout the U.S.
President Biden formerly put forth a $100 billion motion to provide citizens with high-speed, reliable internet. Biden was asked to lower the price tag of his request and thus a $65 billion plan has been negotiated to improve the nation’s broadband system.
$7.5 billion will be dedicated towards building a network of electric vehicle chargers along highways and within rural towns and impoverished communities. The deal hosts a goal of constructing 500,000 electric vehicle chargers. Another $7.5 billion will be filtered into creating thousands of electric school and transit buses.
Although details regarding how the package would be financed remain unclear, it is believed that the bipartisan plan may collect unspent funds from previous relief bundles alongside revenue from commerce of strategic oil reserves to fund the deal. Biden has stated that the deal will not affect those who earn under $400,000 annually. Lawmakers speculate that over 100 billion dollars could be accumulated from unspent pandemic unemployment benefits and from fraudulent jobless payments. Logistics in accordance to the accuracy of such supposition remains undetermined.
The plan does not include Biden’s $400 billion promise of strengthening care giving for elderly and disabled Americans and or the $100 billion for workforce development is also left absent alongside the $300 billion tax credit for environmental issues. It is important to note that this is not a done deal but a major stepping stone in progress.
Summary of $579 billion in new spending:
- $109 billion on roads, bridges, major projects
- $66 billion on passenger and freight rail
- $11 billion on safety
- $25 billion on airports
- $7.5 billion on electric buses
- $7.5 billion on electric vehicle infrastructure
- $1 billion on reconnecting communities
- $16 billion on ports and waterways
- $20 billion on infrastructure financing
- $55 billion on water infrastructure
- $65 billion on broadband infrastructure
- $21 billion on environmental remediation
- $73 billion on power infrastructure including grid authority
- $5 billion on western water storage
- $47 billion on resilience
Related News
A statement from U.S. Secretary of Commerce Gina M. Raimondo on the Bipartisan Infrastructure framework:
“Today represents a historic accomplishment that will transform our economy, create millions of good-paying jobs, rebuild our country’s infrastructure, and position the United States to outcompete on the global stage. This framework is a momentous step forward in delivering for the American people and will benefit millions of American workers, businesses and communities.
“This framework provides long overdue investments in some of our most critical sectors that drive our economy, such as a historic $65 billion investment in broadband infrastructure to connect every American to reliable high-speed internet. The pandemic exposed how essential access to affordable, reliable broadband is to our everyday lives. Too many rural, tribal and minority communities do not have the access needed to go to school or work remotely, or access critical services like telemedicine. This bipartisan plan will bridge the digital divide and ensure no community is left behind.
“As the President has said – we’ve spent too much time competing with one another, and not nearly enough competing with the rest of the world to win the 21st century. We have a moment to show the world that democracies can succeed in tackling our biggest challenges and that America can lead by example. Today’s Bipartisan Infrastructure Framework is our opportunity to do that. We are demonstrating that you can work across the aisle to deliver a big, bold plan with bipartisan support.
“Our work is not done. President Biden himself outlined critical priorities, such as investing in the Care Economy, that are not included in this package but remain critical components of our economic recovery and need to be included in the accompanying reconciliation package. I look forward to working with members of Congress to pass and implement the Bipartisan Infrastructure Framework as part of President Biden’s Build Back Better Agenda.”
Background Articles
https://bylt.news/american-jobs-plan-2-trillion-infrastructure-investment/
https://bylt.news/us-infrastructure-outlook-after-the-american-jobs-plan/
https://bylt.news/usa-infrastructure-plan/
https://bylt.news/march-2021-us-economy-brief/
We will update as details become available
Update: June 28, 2021 – Sources have now stated that Biden will sign the Infrastructure Bill without the tandem Reconciliation package.
