It's not a done deal yet, but the procedural vote taken by the U.S. Senate on July 27 gave the infrastructure bill fresh legs. The 67-32 vote was on a procedural motion to advance debate on a new, leaner version of the bill. An earlier version had been shot down the previous week. The new bill was negotiated by a group of Senators that included members of both parties.
Today, Senators are at work at the Capitol in a rare Saturday session to draft the new package. Senator Schumer believes the Senate can finish its work on the bill "in a matter of days."
The $1.2 trillion will be spent over 8 years.
The White House issued a fact sheet on the $550 in new spending included in the $1.2 trillion package:
Roads, bridges, major projects 110
Transportation safety 11
Public transit 39
Rail improvements 66
Electric vehicle charging 7.5
Electric buses 7.5
Ports, waterways and airports 42
Resilience against extreme weather 50
Water and wastewater infrastructure 55
Environmental remediation 21
Power grid 73
The funds are coming from various sources including -
· Repurposing unspent money from COVID stimulus funds
· Corporate user fees
· Enforcement of taxes on cryptocurrencies
· Auction of wireless frequencies for 5G
· Sales from strategic petroleum reserve
· Medicare savings
· Projected future economic growth
It seems that tax increases are off the table.
We’ll know a lot more next week.
Mark S Gleason CPA
Mattson Gleason CPAs Ltd