The gigantic investment plan of 1.2 trillion dollars proposed by US President Joe Biden was approved on Tuesday by the Senate. What is he planning?
Democratic and Republican senators have agreed that $ 110 billion from this plan will be directed towards upgrading roads, with “an emphasis on climate change mitigation” or “the safety of all users, including cyclists and pedestrians, ” says the White House. Of this amount, $ 40 billion will be spent on repairing or replacing old bridges.
In addition, $ 17 billion will be set aside for rivers, canals and ports to maintain and expand locks and dams. 25 billion will finally be used to finance projects in airports.
21 billion for the environment, 50 for climate change
The bill also devotes five billion to zero-emission school buses – America’s infamous yellow buses – and 2.5 billion to ferries. And to stimulate the electric vehicle market, 7.5 billion will be devoted to the construction of a national network of charging stations for cars. Part of the envelope will also be used to fight cyber attacks.
550 billion in new spending to finance the plan
All of these investments – half as much as Joe Biden, who met with Republican refusal, wanted to be funded by $ 550 billion in new spending, by unspent money from previous stimulus packages, and by revenue from the new tax on cryptocurrency. The bill also relies on higher economic growth, that is, higher tax revenues, to cover some costs.
The US Senate passed a historic, sweeping $1.2 trillion bipartisan package on Tuesday to shore up the nation’s crumbling infrastructure with funding for priorities like roads, bridges, rail, transit and the electric grid — a major achievement for both parties and President Joe Biden, fulfilling key agenda items, including his promise to work across the aisle.