The Significance of the Infrastructure Bill 

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The U.S. trade deficit rose to a record high

This week, President Joe Biden signed the bipartisan infrastructure bill into law. The bill signed by Joe Biden contains many interesting details. The package will put hundreds of billions of dollars, more precisely $550 billion of new funds into transportation, broadband as well as utilities. Interestingly, Joe Biden’s signature follows years of failed efforts in Washington to modernize physical infrastructures. 

Also, the legislation will put $110 billion into bridges, roads, and other major projects. The government will invest $66 billion in freight and passenger rail, including potential upgrades to Amtrak. Apart from the priorities stated earlier, the legislation will direct $39 billion into public transit systems. 

The federal government also plans to invest money into one very important project. It will invest $65 billion into broadband, a priority after the coronavirus pandemic left millions of people across the country without effective internet access. Hopefully, the legislation will also put $55 billion into improving water systems and replacing lead pipes. 

 

The infrastructure bill and important details 

It is worth noting that, funding will stretch over a five-year period. Furthermore, it could take months or years for many major projects to start.

Joe Biden highlighted the importance of the infrastructure bill on Monday. The President stressed the direct benefits people will feel from the law. A refresh of the country’s infrastructure fulfills one portion of Joe Biden’s economic vision. He also made the case for Congress to pass what his party sees as a complementary package. 

Democrats want Congress to pass a $1.75 trillion complimentary package. The purpose of this package is to support important issues such as the environment. Congress wants to pass its version of the bill this week. President Joe Biden said he is “confident that the House will pass the bill and then we are going to pass in the Senate”.

Many Democrats are not satisfied with the infrastructure bill. They believe that the bipartisan plan did not go far enough to address climate change or other issues. However, President Biden celebrated the infrastructure plan’s passage with lawmakers from both parties who helped to write and pass it. Nineteen members of the Republican Party voted for the measure when Senate approved it in August. Several lawmakers from GOP attended the bill signing. In total, about 800 people, including members of Congress, governors, mayors, and others, came to the event. 

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