President Joe Biden's newest incursion into the Senate's up-and-down efforts to hammer out a bipartisan $1 trillion infrastructure plan has more on the line than his preferred proposals to expand the road, rail, and other public works projects.
The result of the infrastructure negotiations, which have hit snag after snag for weeks, could impact what might be his legacy's crown jewel. That would be his expectations for a $3.5 trillion federal investment to help families with education and health-care costs, as well as Medicare expansion and climate-change measures.
To get the $3.5 trillion bill passed the 50-50 Senate, Biden and Senate Majority Leader Chuck Schumer, D-N.Y., will require backing from every Democratic moderate and progressive, with Vice President Kamala Harris' tie-breaking vote. If the infrastructure negotiations collapse, it will be more difficult for moderates to support the follow-up $3.5 trillion proposal, which is already making them cringe due to its price tag and possible tax hikes on the wealthy and corporations.
Biden confirms deal on Infrastructure plan
According to the White House, the deal contains $550 billion in additional money above and beyond what the federal gas tax and other charges are anticipated to produce over the next eight years. This includes $40 billion in additional financing for bridge maintenance and replacement, dubbed as "the single largest dedicated bridge investment since the building of the interstate highway system," as per USA Today.
There are $65 billion to expand broadband to the millions of Americans who unearthed how important it was have a fast internet connection during the pandemic, $66 billion to modernize Amtrak and expand high-speed rail corridors across the country, and $55 billion to rehabilitate clean water systems.
The infrastructure package will invest $7.5 billion on electric charging stations and $73 billion on clean energy transmission, which would construct hundreds of miles of new, strong transmission lines to support renewable energy development.
The White House stated that the agreement did not include a hike in the federal gas tax of 18.4 cents per gallon or a new fee on electric vehicles, both previously proposed as ways to fund the package.
However, the White House was ambiguous about how the bill would be paid for, stating that it would be paid for via a combination of unspent disaster relief money, targeted business user fees, strengthened tax enforcement for cryptocurrencies, and other bipartisan initiatives.
It's unclear if taxes would be hiked to pay for the plan. Meanwhile, on Wednesday, Biden stated, "We're going to accomplish it without raising taxes by a dime on those making less than $400,000 a year." Senators confirmed the deal but expressed reservations about whether the compromise would get enough votes to succeed in light of the delays thus far. They agreed on a framework in June, only to have it stalled by disagreements over specifics and financing levels.
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Some lawmakers express concerns about the price tag
Per Newsweek via MSN, Senators Mark Kelly and Krysten Sinema have voiced concerns about supporting the price of the Biden administration's $3.5 trillion budget resolution bill, which intends to fund additional infrastructure initiatives, while expressing support for pushing the process ahead.
Both Democratic senators said on Wednesday that they support much of the plan's agenda, including President Joe Biden's "human infrastructure" agenda and funding climate change initiatives, but not the high price tag that many Democrats believe it will cost. Kelly stated Wednesday that while he plans to vote to move a budget resolution, he is concerned about the $3.5 trillion price tag, echoing Sinema's comments but not nearly as far.
According to the White House, the agreement will create millions of good jobs and make the US economy more robust, sustainable, resilient, and just. The agreement will make the largest-ever federal investments in public transportation, drinking and wastewater infrastructure, passenger rail since the founding of Amtrak, and bridges since the founding of the nation's highway system.
It also contributes to addressing the climate crisis by spending record sums on clean energy projects and electric vehicle infrastructures, such as the electrification of thousands of school and transit buses across the country and forming a clean power grid oversight authority, NDTV reported.
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