Biden announces Congress has reached infrastructure deal
Fox News congressional correspondent Chad Pergram breaks down the infrastructure bill debate on ‘Cavuto: Coast to Coast’
President Biden on Thursday declared that he and a bipartisan group of senators had reached a deal for a $1.2 trillion infrastructure package, a breakthrough agreement that comes after weeks of arduous negotiations.
The agreement includes more than $500 billion in new spending that will be invested in "core" infrastructure projects such as roads, broadband internet and electric utilities over the next eight years.
"We have a deal," Biden said outside the White House, standing next to a group of Republicans and Democrats who helped to craft the framework. "I think it’s really important we’ve all agreed that none of us got all that we wanted."
BIDEN, BIPARTISAN SENATORS REACH DEAL ON $973B INFRASTRUCTURE COMPROMISE
Still, the compromise is just the beginning of what's likely to become a long and difficult path to passage: Biden pledged to not sign any legislation unless it comes in tandem with a multitrillion-dollar reconciliation package that focuses on Democratic priorities such as child and elder care, climate change and health care.
It's unclear whether Democrats will be able to secure the support of all 50 members needed to pass the legislation in the Senate with their slimmest-possible majority.
Here's a breakdown on how the money in the bipartisan bill would be allocated:
Transportation: $312 billion
- Roads, bridges, major projects: $109 billion
- Safety: $11 billion
- Public transit: $49 billion
- Passenger and freight rail: $66 billion
- Electric vehicles: $7.5 billion
- Electric buses/transit: $7.5 billion
- Reconnecting communities: $1 billion
- Airports: $25 billion
- Ports and waterways: $16 billion
- Infrastructure financing: $20 billion
Other infrastructure: $266 billion
- Water: $55 billion
- Broadband: $65 billion
- Environmental remediation: $21 billion
- Power, including grid authority: $73 billion
- Western water storage: $5 billion
- Resilience: $47 billion
"Democracy requires compromise," a White House fact sheet said. "The historic Bipartisan Infrastructure Framework will make life better for millions of Americans, create a generation of good-paying union jobs and economic growth, and position the United States to win the 21st century, including on many of the key technologies needed to combat the climate crisis."
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How would they pay for it?
One of the biggest sticking points was how to pay for the measure. The White House said in a fact sheet that it would be funded with unused coronavirus relief funds, unused unemployment insurance and sales from the strategic petroleum reserve, among other measures.
Here are all of the revenue sources listed by the White House:
- Reduce the IRS tax gap
- Unemployment insurance program integrity
- Redirect unused unemployment insurance relief funds
- Repurpose unused relief funds from 2020 emergency relief legislation
- State and local investment in broadband infrastructure
- Allow states to sell or purchase unused toll credits for infrastructure
- Extend expiring customs user fees
- Reinstate Superfund fees for chemicals
- 5G spectrum auction proceeds
- Extend mandatory sequester
- Strategic petroleum reserve sale
- Public-private partnerships, private activity bonds, direct pay bonds and asset recycling for infrastructure investment
- Macroeconomic impact of infrastructure investment
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