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US Senate Passes USD 1 Trillion Infrastructure Bill

Last Updated on 08th January 2024

The US Senate passed a $1 trillion infrastructure bill on Tuesday by a vote of 69 to 30 in the 100-seat chamber, with 19 Republicans voting yes.

 

Senators began voting on a follow-up USD 3.5 trillion spending measure shortly after that vote ended, which Democrats intend to approve without Republican votes.

 

Roads, bridges, and significant projects - this plan allots approximately a fifth of government funding to all the things that spring to mind when you hear the word infrastructure.

 

According to the White House, 20% of major highways and roads, as well as 45,000 bridges, are in poor condition. A further USD 55 billion has been set aside for water infrastructure, including the replacement of lead pipes and the provision of safe drinking water.

 

The US government has put aside USD 66 billion to upgrade passenger and freight rail, as well as incentives for intercity and high-speed railway services. The resources would also be used to expand rail service beyond the eastern seaboard.

 

A total of USD 65 billion has been set aside for high-speed internet. This allocation aims to provide dependable internet connectivity to millions of people living in rural and low-income areas.

 

Companies that get a portion of the government financing will be required to provide lower-cost plans and allow users to compare prices. A plan is also in the works to subsidize internet and related technology for low-income families.

 

 USD 73 billion will be set aside for clean energy. Rebuilding America's existing electric networks, expanding clean energy, and constructing new transmission lines with higher-voltage capacity will all be crucial in distributing this clean energy throughout the country.

 

In addition, there are over a dozen billions set aside for electrifying public transit and expanding the number of electric car charging stations. Add USD 21 billion to the total for soil and groundwater cleanup in old mines and gas fields.

 

Lawmakers said the money will come from unused economic assistance funds, cryptocurrency taxes, and the postponement of a healthcare rebate plan, among other sources.

 

The nonpartisan Congressional Budget Office estimated last Monday that this spending bill would add USD 256 billion to the US debt over the next ten years, however it didn't account for revenue from these infrastructure projects or the pandemic funding states may return.

 

The bipartisan infrastructure bill has passed the Senate; now it must pass the House of Representatives. Speaker Nancy Pelosi has already stated that the infrastructure vote will be postponed until the Senate adopts the framework for a broader, bipartisan spending plan that includes numerous leftist policy demands.

 

However, it won't happen until at least September, putting the infrastructure package in an extended limbo.

 

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