U.S. politics and policy updates
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After weeks of arduous negotiations on Capitol Hill, U.S. senators voted to pass a $1 trillion bipartisan infrastructure spending bill that passed the cross-party compromise advocated by President Joe Biden. Paved the way.
With a vote of 67 to 32 on Wednesday night, a group of centrist senators finalized the bipartisan agreement a few hours ago, and the White House cleared a key legislative obstacle.
In the next few days, it will still need to be approved in the final vote of all members of the Senate, and then passed in the Democratic-controlled House of Representatives before it can be promulgated into law by Biden.
Bipartisan infrastructure legislation has become the top priority of the White House. This is a key step in completing the rest of the comprehensive economic agenda. The government will inject $4 trillion in investment in the next ten years to try to reshape the US economy. U.S. economy.
“This deal sends a signal to the world that our democracy can operate, deliver, and do great things. As we did with transcontinental railroads and interstate highways, we will once again transform the United States and push us into the future,” Biden Said in a statement before the vote on Wednesday night.
One of Biden’s top aides, Steve Ricchetti, helped finalize the deal in the final stages of negotiations with key centrists on Capitol Hill, including Republican Senator Rob Po from Ohio. Rob Portman and Kyrsten Sinema, a Democratic senator from Arizona.
The transaction includes $550 billion in infrastructure investment, which will be carried out on the basis of updating existing project funds. Approximately US$110 billion will be used for roads and bridges, US$73 billion for power grids, US$66 billion for railways, US$65 billion for broadband networks, and US$39 billion for public transportation-this was a major sticking point during the negotiations .
The agreement also includes funding for water plants, electric buses and electric vehicle charging stations. As Biden and many Democrats hoped, Republicans refused to pass any new tax increases to pay for the program-but ultimately decided to adopt a whole set of income-increasing measures to fund the program, including strengthening cryptocurrency Tax enforcement.
The agreement failed to realize the extensive investment in climate, education and childcare that Biden proposed earlier this year. But the president plans to address the approximately $3.5 trillion remaining element of his economic agenda in a separate piece of legislation that will be funded by tax increases for the wealthy and companies. He hopes to promote the bill by using a special parliamentary procedure that will allow a simple majority of Democrats to pass.
The agreement reached by the two parties has received strong support from American business groups. They actively lobby and even put advertisements on TV to support the deal.
“The business roundtable praised the leadership of the bipartisan senators and the White House and committed to agreeing on how to proceed with a bill that can be supported by both parties-this is the key to unlocking historic investments in our national entities One step. Infrastructure,” said Josh Bolten, president and CEO of the Business Roundtable representing some of the largest blue chip companies in the United States.