A $1.2 trillion dollar infrastructure bill was passed by congress on November 5 and is being sent to President Joe Biden’s desk where it awaits his signature. The house passed the bipartisan plan for the bill on Friday night. Saturday, President Biden said he will hold a signing ceremony when legislators return from recesses.
The new legislation is intended to reach all areas of the country and is considered to be a historical investment, with President Biden comparing it to the development of the transcontinental railroad and Interstate Highway System. The executive branch has also predicted the new infrastructure bill to add two million jobs to the American economy annually over the next decade.
Amidst a crumbling infrastructure the bill will spend $550 billion dollars on improving the nations highways, roads, broadband, water and energy systems. According to a report made by the American Society of Civil Engineers, which rated the nation’s infrastructure at a C-, this investment is sorely needed to ensure safe travel and transport of goods.
The infrastructure bill is roughly half the price of President Biden’s $2.25 trillion dollar bill proposed in March known as the American Jobs Plan, and Democrats claim that this infrastructure bill is mostly being paid for by itself.
Democratic legislators claim that the five year spending package will be paid for by tapping into unspent COVID-19 relief aid and unemployment insurance. These statements are in contrast to a report made by the Congressional Budget Office, which reported that the bill would ultimately add $256 billion to the deficit over the next ten years.
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