$1.2 Trillion Bipartisan Infrastructure PlanBy Anne Zavaglia
Posted on August 3rd, 2021
Senate Democrats and Republicans came together at the end of July to begin working on an infrastructure spending plan with bipartisan support. The full text of the bill, named the Infrastructure Investment and Jobs Act, was released days later on August 1, and is over 2700 pages long.
The White House states that the investments will add about 2 million jobs per year over the next decade. The $1.2 trillion infrastructure bill includes $550 billion in new spending.
New investments include:
- $110 billion for roads and bridges;
- $40 billion for bridge repair;
- $39 billion for public transit;
- $66 billion for rail;
- $55 billion for water and wastewater infrastructure;
- $73 billion for modernizing the electric grid and expanding the use of renewable energy;
- $65 billion to expand broadband internet access to those in rural communities.
Unlike the President Biden’s proposed plans, the infrastructure bill will not be paid for by increasing taxes on corporations, or individuals making over $400k per year. Instead, the federal government will tap into unspent COVID-19 relief aid, strengthen tax enforcement on crypto currencies, and spectrum auctions for 5G services amongst other things.
Senate Democrats are hopeful the bill will go to a vote before the summer recess starts August 9.