Biden signs off on senators’ deal on infrastructure
WASHINGTON — President Biden announced on Thursday a hardearned bipartisan agreement on a pareddown infrastructure plan that would make a start on his top legislative priority and validate his efforts to reach across the political aisle. He openly acknowledged that Democrats will likely have to tackle much of the rest on their own.
The bill’s price tag at $973 billion over five years, or $1.2 trillion over eight years, is a scaledback but still significant piece of Biden’s broader proposals.
It includes more than a halftrillion dollars in new spending and could open the door to the president’s more sweeping $4 trillion proposals later on.
“When we can find common ground, working across party lines, that is what I will seek to do,” said Biden, who deemed the deal “a true bipartisan effort.”
The president stressed that “neither side got everything they wanted in this deal; that’s what it means to compromise,” and said that other White House priorities would be tackled separately in a congressional budget process known as reconciliation
He made clear that the two items would be done “in tandem” and that he would not sign the bipartisan deal without the other, bigger piece. Progressive members of Congress declared they would hold to the same approach.
The deal was struck after months of partisan rancor that has consumed Washington while Biden has insisted that something could be done despite skepticism from many in his own party. Led by Republican Portman of Ohio and Democrat Kyrsten Sinema of Arizona, the group included some of the more independent lawmakers in the Senate, some known for bucking their parties.
The investments include $109 billion on roads and highways, $15 billion on electric vehicle infrastructure and transit systems and $65 billion toward broadband, among other expenditures on airports, drinking water systems and resiliency efforts to tackle climate change.
Rather than Biden’s proposed corporate tax hike that Republicans oppose or the gas tax increase that the president rejected, funds will be tapped from a range of sources.
Money will come from COVID19 relief funds approved in 2020 but not yet spent, as well as untapped unemployment insurance funds. Other revenue is expected by going harder after tax cheats by beefing up Internal Revenue Service enforcement.