The US Senators finalized a $1tn bipartisan infrastructure spending bill after passing a key vote. This is potentially a big win to President Joe Biden.
The full Senate will further approve the US Senators infrastructure deal in the final vote, followed by the approval of the House of Representatives and finally enacted into law by President Joe Biden.
The bipartisan infrastructure legislation is the top priority for the White House.
It is essential to achieve the economic agenda worth $4tn of investments over the next decade to reshape the US economy.
The deal includes an investment of $550bn for infrastructure development. Around $110bn will be invested for roads and building and renewing bridges.
About $73bn will be used for the electric grid, $65bn for building broadband networks, $66bn for railway infrastructure, and $39bn for redesigning public transport.
The agreement also includes funding for projects like e-vehicles, charging stations, and water-related works.
However, the agreement does not include investments in climate-related issues, education, and child care which the President earlier stressed.
But, the President plans to reshape the remaining economic aspects by passing a separate bill of $3.5tn.
This bill would be funded by increasing tax on wealthy individuals and corporations.
Biden hopes to pass the legislation through a special parliamentary procedure that will require a minimal majority of Democrats.
The bipartisan infrastructure legislation is supported by US business groups vigorously aiming to pass the bill. This will be a historic investment towards reshaping the nation’s physical infrastructure.