ToplineAfter weeks of bipartisan negotiations, Senate released late Sunday a 2,702-page Infrastructure Bill. If approved, it would authorize almost $1 trillion for roads, bridges and transit. Though Congress faces uncertain prospects, here are some things to expect from one of the largest infrastructure spending bills in U.S history.Senator Majority Leader Chuck Schumer is a Democrat from New York. He speaks to members of... [+] media at Washington's U.S. Capitol.The Key FactsThe Infrastructure Investment and Jobs Act was released after a rare weekend session. It would be the third largest piece of legislation during President Joe Biden’s tenure. This bill, which appropriates $550 billion in new spending over five years and $110 billion for other transportation projects, will entail $550 billion in new spending. This bill provides $39 billion for public transit improvements, including access for the elderly and disabled, as well as funding to repair more than 24,000 buses and 5,000 train cars. It also includes the largest federal investment in public transit ever. The bipartisan group of Senators spearheaded the agreement. It forgoes many clean-energy and "human infrastructure” provisions that were promoted by the Biden Administration (including Medicare expansion and childcare), but it authorizes $15 billion to purchase thousands of electric school buses as well as to create a national network to charge electric vehicles along our roads. The bill's major spending provisions include $65 billion to ensure that every American has broadband internet access, $55 billion for clean-drinking programs, $11 billion for transportation safety programs, $66 billion, $25 million, and $17 billion respectively for Amtrak and airports and ports. The bill's new spending won't be funded by new debt or higher taxes. Instead, it will be funded with cost reductions, measures to reduce tax avoidance, and more than $250 Billion in unutilized Covid-19 relief funds.Important QuoteSenate Majority Leader Chuck Schumer (D.N.Y.), stated that we have not done a large bipartisan bill like this in a long while. He added that a vote on the bill to approve it could be held "in the matter of days."Important BackgroundThis bipartisan piece of legislation is a significant win for Senate negotiators who are trying to alleviate GOP concerns about increased spending and appease Democratic demands for clean-energy funding. However, its prospects in Congress remain uncertain. The bill was approved by all 17 Republicans and all Democratic Senators on Wednesday. This sets the stage for approval in the chamber this week. However, a few House progressives have linked their support for infrastructure to a larger $3.5 trillion budget bill. This would allow the party to authorize spending for non-infrastructure priorities. They indicated they might not vote on the package if Senators do not move forward with the highly divisive budget legislation. The moderate Sen. Kyrsten Silena (D-Ariz.), which has voiced GOP concerns over the nation's rising debt load, voted against the big budget bill last Wednesday. This is despite the chamber's 50-50 split.Chief CriticRep. Mondaire (D.N.Y.), said he would not vote for the infrastructure deal unless Congress sends the House a budget reconciliation bill that meets the moment. He joined Rep. Alexandria Ocasio Cortez, D-N.Y., who suggested that she wouldn't support the bill without a budget. The infrastructure bill must have bipartisan support, or all four House Democrats support it to pass.TangentDespite the fact that it is more expensive than the $2 trillion package President Joe Biden proposed in April, the bipartisan piece has a much lower price tag.Continue reading17 Senate Republicans Vote to Advance Bipartisan Infrastructure Bill (Forbes).Progressives Threaten To Torpedo Infrastructure Deal After Sinema Comes Out Against $3.5 Trillion Spending Bill (Forbes)Trump Threatens 'Lots Of Primaries' For GOP Senators Over Infrastructure Deal (Forbes)Crypto Exchanges Must Report Now and Face Stiff Penalties under Senate Infrastructure Bill (Forbes).
