WASHINGTON, DC – President Biden leaped over a major hurdle in his race toward infrastructure improvements on Tuesday, when the Senate passed a bipartisan $1 trillion plan by a final vote of 69-30.
The Infrastructure Investment and Jobs Act (HR 3684), is the culmination of months of negotiating among Senators from both parties looking to fund improvements to roads, bridges, rail, broadband, water systems, and public transit.
One area of concern among Republicans both in the Senate and also in the House is how to pay for the projects that almost every member agrees, need attention.
According to CNBC, funding will come from unused coronavirus relief funds, excess federal unemployment insurance funds, and FCC auctions of new and highly sought-after spectrum.
Unfortunately the Congressional Budget Office (CBO), a nonpartisan arm of Congress that attempts to score the economic impacts of legislation, says the Act will increase budget deficits by more than $256 billion over the next decade.
There will be no major celebrations for the accomplishment, however, as the Speaker of the House, Rep. Nancy Pelosi (CA-D) says the lower chamber will not even consider the bill until the Senate also passes a $3.5 trillion budget plan aimed at “human” infrastructure.
(SOURCE: All Ag News)