The U.S. Senate today passed a $1.2 trillion bipartisan infrastructure package to rebuild the nation's roads, bridges, rail, and transit systems.
The final vote on the bipartisan bill—dubbed the Infrastructure Investment and Jobs Act—was 69-30. The legislation will now move to the House of Representatives, which is not expected to take up the bill until the fall. According to the New York Times, Speaker Nancy Pelosi and other members of the House have indicated they will not vote on the bipartisan infrastructure bill until the Senate passes a separate $3.5 trillion package through the budget reconciliation process.
This vote comes over four months after President Biden initially introduced his $2 trillion infrastructure and jobs plan at the end of March. The plan went through several rounds of negotiations and compromises.
The legislation that passed the Senate today included $550 billion in new federal spending over five years. According to CNN, this includes $110 billion in roads, bridges, and major projects; $66 billion in passenger and freight rail; $39 billion to modernize and expand transit systems; and $7.5 billion to build a national network of charging infrastructure for electric vehicles.
Various industry associations expressed support for the passage of this infrastructure bill.
“The strong bipartisan spirit demonstrated in the Senate approval of the Infrastructure Investment and Jobs Act sets the bar high," American Road & Transportation Builders Association (ARTBA) President and CEO Dave Bauer said in a statement. "The U.S. economy and transportation system users stand to benefit most from enactment of an infrastructure bill that combines historic investment levels with pragmatic policy reforms."
"The Infrastructure Investment and Jobs Act will create nearly 500,000 new manufacturing jobs over the next three years, including more than 100,000 high-skilled, family-sustaining jobs in the equipment manufacturing industry," Association of Equipment Manufacturers (AEM) Senior Vice President of Government and Industry Relations Kip Eideberg said in a statement. "Investing in our infrastructure will also help us respond to our biggest challenges in ways that improve the quality of life for all Americans, reinforce our global economic standing, and protect our planet."
SOURCE: CNN / New York Times