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Tuesday, November 30, 2021

Factbox-What’s in the bipartisan U.S. $1 trillion infrastructure bill?

Factbox-What's in the bipartisan U.S.  trillion infrastructure bill?
© Reuters. FILE PHOTO: The U.S. Capitol building on Capitol Hill, seen during sunset in Washington, U.S., September 30, 2021. REUTERS/Elizabeth Frantz

WASHINGTON (Reuters) – The Democratic-controlled U.S. House of Representatives are discussing whether to vote on Friday on a roughly $1 trillion bipartisan infrastructure bill to update America’s roads, bridges and broadband networks, passed by the Senate in August.

The legislation is one of President Joe Biden’s top domestic priorities and includes $550 billion in new spending, while the rest of the $1 trillion is previously approved funding.

Here are some of the details of the bipartisan bill:

NEW SPENDING

* Roads, bridges and major projects: $110 billion

* Passenger and freight rail: $66 billion

* Broadband infrastructure: $65 billion

* Water infrastructure, such as eliminating lead pipes: $55 billion

* Public transit: $39.2 billion

* Resiliency, including flood and wildfire mitigation, ecosystem restoration, weatherization and cybersecurity: $47.2 billion

* Electric vehicle infrastructure, including chargers: $7.5 billion

* Addressing legacy pollution including cleaning up brownfield and Superfund sites, reclaiming abandoned mine lands, plugging orphan oil and gas wells: $21 billion

NEW 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 and Congressional Budget Office.

* Repurposing unused COVID-19 relief funds: $210 billion

* Sales of future spectrum auctions and proceeds of February 2021 c-band auction: $87 billion

* Economic growth: $56 billion

* Return of unemployment insurance funds from some states: $53 billion

* Delaying Medicare Part D rebate rule: $51 billion

* Applying information reporting requirements to cryptocurrency: $28 billion

* Reinstating Superfund fees: $14.5 billion

Source: Investing.com

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