The Senate approved a massive $1.2 trillion bipartisan infrastructure bill in August and the House must now vote on it before it goes to President Biden’s desk to be signed into law.
It would provide $550 billion in new federal investment over five years in U.S. infrastructure, from bridges and roads to the nation’s broadband, water and energy systems. Experts say there is a huge need for money to ensure safe travel as well as efficient transportation of goods and products across the country. The nation’s infrastructure system received a C score from the American Society of Civil Engineers earlier this year.
Democrats say the bill pays for itself through multiple measures and without raising taxes. But the Congressional Budget Office set aside many of those payments, eventually finding that the bill would add $256 billion to the deficit over the next 10 years. That’s significantly smaller than the $2.25 trillion proposal Biden presented in March, known as the American Jobs Plan.
This is what will finance the bill.:
- Financing of roads and bridges: The bill calls for an investment of $110 billion on major roads, bridges and infrastructure projects. That’s far less than the $159 billion Biden initially requested from the American Jobs Plan. According to the text of the bill, it includes $40 billion for bridge repairs, replacements and rehabilitation. The White House says it will be the single largest investment in the bridge since construction of the Interstate Highway System began in the 1950s.
- Money for transport and railwaysAccording to the text of the bill, the package would provide $39 billion to modernize public transportation. That’s less than the $85 billion Biden initially wanted to invest in modernizing transit systems and expanding them to meet user demand.
- Broadband update: According to the text of the bill, the bill would include a $65 billion investment to improve the nation’s broadband infrastructure. Biden initially wanted to invest $100 billion in broadband. It also aims to improve Internet service by offering federal funding recipients affordable, low-cost plans, creating price transparency and increasing competition in areas where existing providers do not provide adequate service. Help reduce the cost of paying households. . It would also create a permanent federal program to help more low-income households get Internet access, according to a White House fact sheet.
- Improve airports, ports and waterwaysAccording to the White House, the deal will invest $17 billion in port infrastructure and $25 billion in airports to address repair and maintenance delays, reduce congestion and emissions near ports and airports. and promote electricity and other low-carbon technologies. It’s similar to Biden’s original funding proposal.
- Electric vehiclesThe bill would provide $7.5 billion.