As of November 6, 2021, the House of Representatives passed what has been referred to as the $1.2 Trillion Dollar "hard" infrastructure bill by a vote of 228-206. President Biden has advised that he very much looks forward to signing the bill. The Congressional Budget Office continues its work to score the separate social policy "Reconciliation Bill" that is priced at approximately $1.75 Trillion.
The Hard Infrastructure bill includes $550 Billion in new spending focusing on the areas of:
- $110 billion toward roads, bridges and other infrastructure upgrades across the country;
- $40 billion is new funding for bridge repair, replacement, and rehabilitation and $17.5 billion is for major projects;
- $73 billion for the country's electric grid and power structures;
- $66 billion for rail services;
- $65 billion for broadband;
- $55 billion for water infrastructure;
- $21 billion in environmental remediation;
- $47 billion for flooding and coastal resiliency as well as "climate resiliency," including protections against wild fires;
- $39 billion to modernize transit, which is the largest federal investment in public transit in history;
- $25 billion for airports;
- $17 billion in port infrastructure;
- $11 billion in transportation safety programs;
- $7.5 billion for electric vehicles and EV charging;
- $2.5 billion in zero-emission buses;
- $2.5 billion in low-emission buses; and
- $2.5 billion for ferries.
We will continue to focus on the specifics of the various spending packages and will look to report back as details become more visible. Additionally, the CBO is expected to complete its work this week (by November 12, 2021) on the Reconciliation Bill to enable the bill to likely be voted on next week when Congress is back in session.
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