Biden signs $1 trillion bipartisan infrastructure bill into law, unlocking funds for transportation, broadband, utilities
President Joe Biden signed the more than $1 trillion bipartisan infrastructure bill into law on Monday, checking off the first piece of his party’s sprawling economic agenda.
The package will put $550 billion in new funds into transportation, broadband and utilities. Biden’s signature follows years of failed efforts in Washington to overhaul physical infrastructure, improvements that advocates have said will boost the economy and create jobs.
The legislation will put $110 billion into roads, bridges and other major projects. It will invest $66 billion in freight and passenger rail, including potential upgrades to Amtrak. It will direct $39 billion into public transit systems.
The plan will put $65 billion into expanding broadband, a priority after the coronavirus pandemic left millions of Americans at home without effective internet access. It will also put $55 billion into improving water systems and replacing lead pipes.
Funding will go out over a five-year period. It could take months or years for many major projects to start.
Before signing the legislation, Biden said “we’re finally getting this done” after years of failed attempts in Washington. He stressed the direct benefits Americans will feel from the law — part of a broader sales pitch he will carry out in the coming days and months ahead of the 2022 midterm elections.
A refresh of physical infrastructure fulfills one portion of Biden’s economic vision. On Monday, he made the case for Congress to pass what Democrats see as a complementary package: a $1.75 trillion investment in the social safety net and climate policy.
Reference: CNBC
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