The White House and a bipartisan group of lawmakers reached agreement on a $550 billion infrastructure spending bill on Wednesday.
“This deal includes major investments to get people to work across the country — in cities, little towns, rural communities, and across coasts and plains,” President Biden said in a statement. “The bipartisan infrastructure deal is a blue-collar action plan for rebuilding America that will aid make our historic economic recovery a historic lengthy-term boom.”
According to the White House, the bill’s investments over the next five years are expected to add an average of about two million jobs annually. The transaction will be funded by a combination of redirecting unspent emergency relief funds, user fees for target companies, enhanced crypto tax enforcement, and other bipartisan measures, as well as projected revenue generated from the bill’s investments.
The bipartisan infrastructure deal will invest $110 billion in unused funding for roads, bridges and major projects, and reauthorize the road transportation program for the next five years.
The bill includes a whole of $40 billion to repair, replace and rehabilitate the bridges, the largest single investment made for the bridge since the interstate highway system was built. Meanwhile, $17.5 billion will be allocated to major projects that are too big or complicated for conventional financing programmes
Nearly $11 billion will be invested in transportation safety programs, including unused Safe Streets for All programs to aid states and localities decrease crashes and deaths in their communities, especially for cyclists and pedestrians.
The investment would be more than double the funding directed to programs that improve the safety of people and vehicles, including highway safety, truck safety, pipeline safety and hazardous materials.
About $39 billion will be allocated to modernizing public transportation and improving its accessibility for seniors and people with disabilities, in addition to continuing existing transportation programs for five years as part of the re-licensing of ground transportation.
The deal includes the largest investment in passenger rail since Amtrak’s creation, in the amount of $66 billion to eliminate Amtrak’s maintenance backlog, modernize the Northeast Corridor, and provide world-class rail service to regions outside the Northeast and the Mid-Atlantic.
Approximately $22 million will be provided in Amtrak grants, $24 billion in federal partnership grants to modernize the Northeast Corridor, $12 billion in partnership grants for intercity rail service, including lofty-speed rail, and $5 billion To improve railroad safety grants, and $3 billion to improve slope crossing safety.
The agreement will allocate $7.5 billion to build the first-ever national network of electric vehicle chargers, with funding to deploy electric vehicle chargers along highway lanes to aid rural, disadvantaged and firm-to-reach communities travel. It will also invest $2.5 billion in zero-emission buses, $2.5 billion in low-emission buses, and $2.5 billion in ferries.
About $1 billion in funding will create the first-ever program designed to reconnect communities divided by transportation infrastructure The program will fund planning design, demolition, and rebuilding street networks, parks, or other infrastructure.
The bill will invest $17 billion in port infrastructure and $25 billion in airports to address the backlog of repair and maintenance work, decrease congestion and emissions near ports and airports, and drive electrification and other low-carbon technologies.
About $55 billion will go to replace the country’s main pipelines and service lines to provide clean drinking water. The deal also includes more than $50 billion in funds for weathering and protection from the effects of climate change, such as droughts and floods.
Nearly $65 billion will go toward ensuring that every American has reliable, lofty-speed Internet access.
The bill would aid lower Internet service prices by requiring recipients of funding to offer a low-cost and affordable plan, create price transparency and aid families compare prices, and promote competition in areas where existing providers are not providing adequate service. In addition, the Digital Equity Act will be passed to end “digital red lines” and create a enduring program to aid more low-income families access the Internet.
Nearly $21 billion will be allocated to environmental remediation to tackle pollution, create well-paid union jobs in firm-hit energy communities, and advance economic and environmental equity. Environmental remediation measures include cleaning up big and brown field sites, reclaiming abandoned mine lands and capping orphaned gas wells.
The deal provides $73 billion to modernize energy infrastructure, including building thousands of miles of unused flexible transmission lines to aid expand renewable energy, creating a unused grid deployment authority, investing in research and development of advanced electricity transmission and distribution technologies, and enhancing intelligence, resiliency, and resilient grid technologies. It also invests in pilot projects and research centers for next-generation technologies such as advanced nuclear reactors, carbon arrest, and clean hydrogen.