Infrastructure Bill Signed by President Biden
On November 5th, the House of Representatives passed the Senate version of the $1.2 trillion infrastructure bill, sending it to the President. The overall $1.2 trillion price tag includes $550 billion of new federal investments in public-works spending. The balance consists of amounts usually allocated to infrastructure projects each year.
The infrastructure package includes funding for roads, bridges, rail, mass transit, airports, waterways, and ports. The infrastructure bill includes
- $55 billion to expand access to clean drinking water
- $65 billion to help ensure access to high-speed internet
- $110 billion for surface transportation programs
- $39 billion in new investment to modernize transit
- $17 billion for port infrastructure and waterways
- $25 billion for airports
- $66 billion for rail funding
- $7.5 billion for EV charging stations
- $65 billion investment in clean energy transmission and grid
- $21 billion for Superfund cleanup
Various sources will be used to pay for the infrastructure agreement, including unspent COVID-19 relief funds, delaying a rebate for Medicare prescription plans, unused unemployment insurance, and economic growth spurred by infrastructure spending.
It’s also important to note, according to a White House fact sheet published in August, “The overwhelming majority of the funds in the Bipartisan Infrastructure Investment and Jobs Act will be subject to Davis-Bacon requirements.”