House Passes 1.2T Infrastructure Bill - Budget breakdown provided
Just Some of the Key Points related to the macroeconomic impact of the bill. Cheers!
The House passed a roughly $1 trillion public works bill, sending to President Biden's desk a generational investment in roads, bridges and rail that had languished for several months as Democrats feuded over the terms of its approval.
Negotiated and approved by a bipartisan group of senators this summer, the bill reauthorizes existing federal infrastructure programs for five years and pours an additional $550 billion into water projects, expanding access to broadband internet and overhauling the electrical grid, among many other measures.
The public works legislation puts $65 billion toward improving the electrical grid and energy production, $50 billion toward making infrastructure more resilient to cyberattacks and natural disasters and roughly $7.5 billion toward building additional charging stations for electric vehicles.
CBO found this summer that the infrastructure bill -- financed by repurposing existing government funds, among other measures -- would contribute $256 billion to the deficit over a decade.
Once it passes the House, though, the social-spending bill would face changes in the Senate , where Democrats control a bare 50-50 majority. Republicans are expected to unanimously oppose it in both chambers.
The House's plan to raise the $10,000 cap on the state and local tax deduction to $80,000 for nine years also faces possible revisions in the Senate because of opposition from some lawmakers.
After the Senate finishes its work on the bill, a process that could take weeks, it would come back to the House for another vote, meaning Democrats could still be working on the legislation until the end of the year.
Remember the reconciliation bill is at least $1.9 trillion and will be on the table next week. That’s in addition to the house-passed bill.
$Pfizer(PFE.US$
The House passed a roughly $1 trillion public works bill, sending to President Biden's desk a generational investment in roads, bridges and rail that had languished for several months as Democrats feuded over the terms of its approval.
Negotiated and approved by a bipartisan group of senators this summer, the bill reauthorizes existing federal infrastructure programs for five years and pours an additional $550 billion into water projects, expanding access to broadband internet and overhauling the electrical grid, among many other measures.
The public works legislation puts $65 billion toward improving the electrical grid and energy production, $50 billion toward making infrastructure more resilient to cyberattacks and natural disasters and roughly $7.5 billion toward building additional charging stations for electric vehicles.
CBO found this summer that the infrastructure bill -- financed by repurposing existing government funds, among other measures -- would contribute $256 billion to the deficit over a decade.
Once it passes the House, though, the social-spending bill would face changes in the Senate , where Democrats control a bare 50-50 majority. Republicans are expected to unanimously oppose it in both chambers.
The House's plan to raise the $10,000 cap on the state and local tax deduction to $80,000 for nine years also faces possible revisions in the Senate because of opposition from some lawmakers.
After the Senate finishes its work on the bill, a process that could take weeks, it would come back to the House for another vote, meaning Democrats could still be working on the legislation until the end of the year.
Remember the reconciliation bill is at least $1.9 trillion and will be on the table next week. That’s in addition to the house-passed bill.
$Pfizer(PFE.US$
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