The Senate approved the bipartisan Infrastructure Investment and Jobs Act, which will boost federal infrastructure spending. To offset the $517 billion in direct costs and more than $570 billion in total costs, the legislation includes roughly $170 billion in offsets over a ten-year period. Over the next ten years, we project that this will increase deficits by about $400 billion. Maya MacGuineas, head of the Committee for a Responsible Federal Budget, provided the following statement.
While we are happy that Democrats and Republicans have worked together to advance significant public investments, this legislation falls far short of its promise to be fully paid for.
We fervently support the bill’s provisions to lower drug costs, extend or impose new user fees, and close the tax gap. However, the remaining two thirds of this package were paid for with debt and deception.
Borrowing from the future reduces the economic advantages of new public investments, as demonstrated by CBO and others. Adding another $400 billion to the national credit card is the last thing we need.
Fortunately, there is still time for the House to amend this legislation. Policymakers can fully fund these crucial investments while also enhancing the long-term fiscal and economic outlook of our country by adding to the current pay-fors with additional revenue, spending reforms, and user fees.
According to recent Social Security projections from the Congressional Budget Office (CBO), the trust funds will become insolvent by 2033 on a theoretically combined basis. Without.
The current student loan payment pause, which has now been extended nine times, has been found to be advantageous, according to a recent study by Diego Briones, Sarah Turner, and Eileen Powell of the University of Virginia.
In December 2021, the federal debt ceiling was increased by $2. 5 trillion to $31. According to a letter from Treasury Secretary Janet Yellen, the 381 trillion is anticipated to last until January 19, 2023.
To make a payment, you may use this official links below:
President Biden’s Bipartisan Infrastructure Law
https://www.whitehouse.gov/bipartisan-infrastructure-law/
The Bipartisan Infrastructure Law will deliver $65 billion to help ensure that every American has access to reliable high-speed internet through a historic
Senators Claim Infrastructure Bill Is ‘Paid For’; Experts Disagree
https://www.factcheck.org/2021/08/senators-claim-infrastructure-bill-is-paid-for-experts-disagree/
The new spending includes: $110 billion on roads, bridges and major projects; $66 billion on passenger and freight rail; $39 billion on public
FAQ
What is the infrastructure bill to be used for?
The legislation will strengthen supply chains and reduce inflationary pressures by making long overdue improvements to our country’s ports, airports, rail, and roads.
What does the infrastructure bill mean for transportation?
The legislation gives some programs advance funding and reauthorizes surface transportation programs for the fiscal years 2022–2026. Up to $108 billion, including $91 billion in guaranteed funding, may be used to support federal public transportation programs under the Bipartisan Infrastructure Law.
What company benefits from infrastructure bill?
Potential Beneficiaries of the Infrastructure Bill Companies that own a well-diversified portfolio of steel products, non-ferrous metals, and ferrous metals, like Nucor Corporation (NUE), will profit from the infrastructure bill’s planned investments in development.
What does the infrastructure bill mean for Texas?
Based on previous formula funding levels and the Infrastructure Investment and Jobs Act, Texas can anticipate receiving $53 million over five years to combat wildfires and $42 million to combat cyberattacks.