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The United States Senate passed a bipartisan infrastructure investment bill of approximately $ 1 trillion, which means a key milestone that, if consolidated, would be the largest approval of federal resources for the public works system in more than a century.
The Senate voted 67-32 to take the first procedural step to debate the measure that has a good chance of passing and is supported by President Joe Biden, Reuters reported.
We’ve reached a historic deal on infrastructure, folks. The Bipartisan Infrastructure Deal is the largest infrastructure bill in a century. It will grow the economy, create good-paying jobs, and set America on a path to win the future.
– President Biden (@POTUS) July 28, 2021
The bipartisan agreement won the approval of all 48 Democrats, two independents and 17 Republicans in this first procedural vote.
The bill includes funds for physical infrastructure and expected to be the first of a pair of packages, followed by the $ 3.5 trillion “human infrastructure” facing strong Republican opposition and some dissidents, including some moderate Democrats.
Democratic Senator Kyrsten Sinema and Republican Senator Rob Portman, the two top Senate negotiators, broke the news to the media on Wednesday.
“We are excited to have a deal,” Sinema said. “We have finished most of the text, so we will publish it and then update it as we finalize the last pieces.”
The White House detailed some of the figures that will be assigned for the improvement and expansion of infrastructure:
– Roads, $ 110 billion
– Power grids, $ 73 billion
– Railways, $ 66 billion
– Broadband access expansion, $ 65 billion
– Drinking water, $ 55 billion
– Environmental resilience, $ 50 billion
– Public transportation, $ 39 billion
– Airports, $ 25 billion
It transpired that the package would be financed through a combination of measures. $ 205 billion of Covid-19 relief funds to be redirected; $ 50 billion in benefits that were recovered from fraudulently paid unemployment during the pandemic will be reallocated; and $ 50 billion was raised from states that returned unspent federal unemployment funds.
Additional procedural votes and debate on the bill are expected in the approval process, possibly by the weekend or days after.
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Eddie is an Australian news reporter with over 9 years in the industry and has published on Forbes and tech crunch.