Biden’s Infrastructure Bill Sees the Light of Day
This year’s budget proposal season is a little spicy as it’s the first major budget haggling of Biden’s administration, and it seems to be focusing heavily on goals he campaigned on; funding for more equitable education, pollution reduction, and a 110 billion dollar transportation package.
That infrastructure package is now more of a reality, and the implications for various industries will be hard to quantify.
The Biden Administration plans to invest heavily in post-pandemic economic recovery, with the education, transportation, and public works industries looking to receive massive funding boosts. The proposals still need to work their way through Congress, but if the recent infrastructure package negotiations are a foresight into the future, there is sure to be much debate over the new budget.
The sweeping bipartisan 100 trillion dollar package that passed the Senate on August 10th is the largest federal investment in the nation’s aging public works system in more than a decade, with the Senate voting 69-30. Like Alix Steel and David Westin explained on Bloomberg, this is both unexpected and also raises an eyebrow to a potentially larger trend of bipartisan cooperation.
“But yet, a bipartisan spending with over $500 billion of new money is now small feat for a very partisan DC.”
-Alix Steel, Host, Bloomberg
“That’s absolutely right, though there were actually three fiscal stimulus bills that got through on a bipartisan basis under President Trump I should say. The partisan one came up with the American Rescue Plan which was actually President Biden at the beginning of this year.”
-David Westin, Host, Bloomberg
The bill would see about $110 billion would go to roads, bridges and other transportation projects. It gives Amtrak the most funding it has received since it was founded in 1971. It also included $65 billion meant to connect hard-to-reach rural communities to high-speed internet and help sign up low-income city dwellers who cannot afford it.
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