Funding for bridges and roads
According to the White House, the deal also includes $16 billion for large projects that are too large or complicated for traditional funding programs.
According to the White House, about 20%, or 173,000 miles, of the nation’s highways and major roads are in poor condition, as are 45,000 bridges.
Also in the $11 billion package for traffic safety, it includes a program to help states and localities reduce accidents and deaths, especially among cyclists and pedestrians, according to the White House. It will be directly funds safety efforts involving highways, trucks, pipelines, and hazardous materials.
Transportation and rail money
The package provides $39 billion to modernize public transit, according to the text. That’s less than the $85 billion Biden originally wanted to invest in modernizing transportation systems and helping them expand to meet riders’ needs.
The funds will repair and upgrade existing infrastructure, make terminals accessible to all users, bring transit service to new communities and modernize bus and rail fleets , including replacing thousands of vehicles with zero-emissions models, according to the White House.
The agreement will also invested $66 billion in passenger and freight rail, as of writing. According to the White House, the money will eliminate Amtrak’s maintenance backlog, modernize the Northeast Corridor, and bring rail service to areas outside the Northeast and mid-Atlantic regions. Included in the package is a $12 billion partner grant for intercity rail service, including high-speed rail.
However, it would be the largest federal investment in history and passenger rail since Amtrak’s founding 50 years ago, according to the White House.
Broadband upgrade
It also aims to help lower the price households pay for internet service by requiring recipients of federal funding to provide a cost-effective plan, by creating price transparency and by promoting competition in areas where existing providers do not provide adequate service. It will be also created a permanent federal program to help more low-income households access the internet, according to the White House fact sheet.
Upgrade airports, ports and waterways
The agreement will invest $17 billion in port infrastructure and $25 billion in airports to address repair and maintenance backlogs, reduce congestion and emissions near ports and airports, and promote electrification and other low-carbon technologies, according to the White House.
It is similar to the funding in Biden’s original proposal.
Tram
The legislation will provide $7.5 billion for zero-emissions and low-emission buses and ferries, aimed at delivering thousands of electric buses to schools around the country, according to the White House.
Improve electricity and water systems
According to the White House, a $65 billion investment package to rebuild the power grid. The White House said it called for building thousands of miles of new power lines and expanding renewable energy.
It provides $55 billion to upgrade water infrastructure, as of writing. It will replace lines and pipes so communities can access clean drinking water, the White House said.
The White House says another $50 billion will make the system more resilient – protecting it from droughts, floods and cyberattacks.
Fix the environment
The package provides $21 billion to clean up Superfund and brownfield sites, recover abandoned mine land and cap orphan gas wells, according to the White House.
How will Congress pay for it
The law includes a multitude of ways to pay for the proposal – none of which will raise taxes.
But while lawmakers claimed the pay package would pay for itself, CBO scores suggest it would instead add billions of dollars to the deficit over 10 years, and many of the pay provisions would not collect. get as much money as Democrats say.
The bottom line is that the law will directly add about $350 billion to the deficit, when taking into account $90 billion in spending on the new contracting agency, said Marc Goldwein, senior vice president at the Federal Budget Committee. responsible, a nonpartisan group said. Federal spending tracking.
According to the 57-page text and summary of the law, lawmakers have largely relied on repurposing unused Covid-19 relief funds to pay for the legislation. The CBO found these measures would save about $22 billion, instead of the roughly $263 billion lawmakers claimed, Goldwein said.
Additionally, the infrastructure package relies on generating $56 billion in economic growth through a 33% return on investment in long-term projects, according to the summary.
Biden has said that the law will not raise taxes on people earning less than $400,000 a year and does not include increases in gas taxes or fees on electric vehicles. He initially called for a tax increase on corporations to fund infrastructure investments – but that proposal was not included in the final package after strong opposition from Republicans. .
What’s missing
The package scraps Biden’s proposal to spend $400 billion to strengthen care for the elderly and Americans with disabilities — the second-biggest measure on the America’s Jobs Plan.
His proposal would expand access to long-term care services under Medicaid, eliminating waiting lists for hundreds of thousands of people. It will provide more opportunities for people to get care at home through community-based services or from family members.
It will also improve the wages of home health workers, who currently earn about $12 an hour, and will put in place an infrastructure to give care workers the opportunity to join a union.
Also left on the sidelines: $100 billion for workforce development, which will help disabled workers, support underserved groups, and put students on a career path before they graduated from high school.
The act also removes the $18 billion Biden proposed to modernize Veterans’ Hospitals, which are on average 47 years older than private sector hospitals.
It would also tax a minimum of 15% on income that the largest corporations report to investors, known as book income, as opposed to income reported to the Internal Revenue Service and would make It is difficult for US companies to acquire or merge with a foreign business to avoid paying US taxes by claiming to be a foreign company.
CNN’s Manu Raju contributed to this report.
