Washington Watch: Here’s what’s in the bipartisan infrastructure law — and how it’s paid for
The bipartisan infrastructure package finally was enacted on Monday, with President Joe Biden signing it into law after first announcing a deal on infrastructure back on June 24.
The Infrastructure Investment and Jobs Act has an overall price tag of about $1 trillion, with around $550 billion in new public-works spending above what already was expected in future federal investments.
The legislation passed the Democratic-controlled Senate in a 69-30 vote on Aug. 10, with Senate Minority Leader Mitch McConnell among the 19 Republicans who supported the measure. It cleared the Democratic-run House of Representatives on Nov. 5 in a 228-206 vote, with 13 House Republicans backing it.
Below is a visual breakdown for the infrastructure package, as Biden and his fellow Democrats now focus on advancing their party’s $1.75 trillion social-spending and climate bill, known as the Build Back Better plan.
Related: Manchin, drawing flak for holding up Biden’s agenda, says Democrats should ‘elect more liberals’ if they want bigger spending
And see: Here’s what’s in and out of Democrats’ big social-spending bill — for now
How does it all get paid for? Below is a visual breakdown of the funding sources for the infrastructure law.
Now read: Infrastructure law mandates new technology to prevent drunk driving — here’s how it would work
Also: These are the stocks for playing Biden’s infrastructure push, analysts say
Plus: U.S. gets C- grade on its infrastructure report card
This report was first published on Sept. 20, 2021.
MarketWatch’s Robert Schroeder contributed to this report.