Senate moves forward with infrastructure spending plan
The Senate voted 67-32 to proceed to consideration of a $1.2 trillion bipartisan infrastructure bill, the National Lumber and Building Material Dealers Association reports.
While no bill text has been officially released, summaries obtained by NLBMDA indicate the bill will provide $550 billion in new spending over five years and include investments in roads, bridges, rail, ports, waterways, public transit and other traditional infrastructure projects.
The legislation will be paid for through a variety of new revenue sources but will not include any tax increases on individuals or small businesses. A summary of the Senate’s agreement can be found below.
The Senate will now seek to finalize the text of the legislation and pass it in the coming days before heading on their August recess.
If approved by the Senate, it remains unclear whether the legislation will have enough support to pass a narrowly divided House of Representatives in its current form, the NLBMDA said.
NLBMDA is closely tracking the legislation and continuing to advocate on behalf of the industry with senior staff on key committees in the House and Senate. NLBMDA will provide members with more information once it becomes available.
Infrastructure Investment and Jobs Act Summary
Invests $1.2 trillion on traditional infrastructure projects. Includes $550 billion in new infrastructure spending over 5 years.
$284 billion for transportation infrastructure:
- Roads and bridges: $110 billion;
- Passenger and freight rail: $66 billion;
- public transit: $39 billion;
- Airports: $25 billion;
- Ports and waterways: 17 billion;
- Electric vehicles: $15 billion;
- Road safety: $11 billion; and
- Reconnecting communities: $1 billion.
$264 billion for other infrastructure projects:
- Power infrastructure: $73 billion;
- Broadband infrastructure: $65 billion;
- Water infrastructure: $55 billion;
- Resiliency and western water storage: $50 billion; and
- Remediation of Superfund sites: $21 billion.
New revenue sources:
- Repurposing of COVID-19 relief funding and returned supplemental unemployment benefits from states;
- Recouping fraudulently-paid unemployment benefits;
- Delaying Medicare Part D rebate rule;
- Sales from future spectrum auctions;
- Extending fees on Government Sponsored Enterprises (GSEs);
- Reinstating Superfund fees;
- Extending custom user fees;
- Sales from the Strategic Petroleum Reserve; and
- Other sources.