Bipartisan support over infrastructure bill has been approved by the President after 30-minute meeting.
The $1 trillion dollar bill would be spent to improve roads, bridges, transportation, etc.
Senators have not announced how it will be paid for.
President Biden stated, “we have a deal” when meeting with Senators on an infrastructure bill that will cost $1 trillion. The bill will focus on improving roads, bridges, and other infrastructure throughout the nation, with no clear answer on how it will be paid for.
The infrastructure bill which has garnered bipartisan support in the Senate is focused on the rebuilding of the nation’s roads and bridges. Nearly $550 billion of the $1 trillion will be solely focused on that alone, plus water supply, transportation, and other traditional infrastructure projects.
The bill will spend around $974 over the span of five years and will reach $1 trillion in eight years. This is a significant decrease from Biden’s initial proposal of a $2.3 trillion bill earlier this year.
Senators haven’t come to an agreement on how it will be paid for, however, Republicans vow to not increase the corporate tax rate, and the President along with Democrats are turning down offers to link gas taxes.
The bill is supported by 21 senators both Republican and Democrats including Mitt Romney, Lindsey Graham, John Hickenlooper, and Rob Portman.
“Today, we are announcing the framework for a historic investment in infrastructure,” stated Republican Senator Rob Portman from Ohio after the 30-minute meeting with the President and other Senators.
“I’m pleased to see today that we’re able to come together on a core infrastructure package. This is not non-infrastructure items without new taxes…This was a team effort.”
Although there has been bipartisan support for the bill, it still must make its way through Congress. With little transparency about what is exactly in the proposal, some Senators are still unsure.
President Biden’s expensive budget plan also includes $36.5 billion in poverty-stricken schools, $10.7 billion in the opioid epidemic, and $30.4 billion on housing. The total budget for his plan sits at $6 trillion, with no clear answer on how it will be paid for.