August 2, 2021
WASHINGTON (Reuters) – The U.S. Senate pushed ahead on Monday with a roughly $1 trillion bipartisan infrastructure bill to update America’s roads, bridges and broadband networks, clearing the way for a possible vote on the package later this week.
The legislation includes $550 billion in new spending, while the rest of the $1 trillion is comprised of previously approved funding.
Here are some of the details of the bipartisan bill:
SPENDING
* Highways: $343 billion
* Broadband infrastructure: $65 billion
* Water infrastructure, such as eliminating lead pipes: $55 billion
* Army Corps of Engineers for flood mitigation and water management: $17 billion
* Electric vehicle infrastructure, including chargers: $7.5 billion
* Low carbon and zero emission school buses and ferries: $7.5 billion
* Brownfields, Superfunds and recycling: $5.6 billion
* Ecosystem restoration: $2.6 billion
FINANCING
The plan has a number of proposals to finance the spending, including the following items and the revenue gains from each over the next decade, as estimated by Congress’ nonpartisan Joint Committee on Taxation.
* Reinstating Superfund fees: $14.5 billion
* Applying information reporting requirements to cryptocurrency: $28 billion
* Extending available interest rate smoothing options for pension funds: $2.9 billion
* Terminating coronavirus-related employee retention credits for employers: $8.2 billion
(Reporting by David Morgan; Editing by Richard Cowan and Sandra Maler)
Source: One America News Network
