The plan includes $25 billion for airports, $16 billion for ports and waterways, $55 billion for water infrastructure and $65 billion for broadband. It includes $21 billion for environmental remediation; $73 billion for power infrastructure, including grid authority, $5 billion for western water storage and $47 billion to rebuild infrastructure in a way that endures severe weather events.
In all, the total package would spend $973 billion in new and baseline dollars over five years or $1.2 trillion over eight years. While some Republicans put the new spending at $559 billion because they counted $20 billion in already appropriated broadband dollars as existing spending, a release from Biden’s office put the figure at $579 billion.
IRS enforcement among pay-fors
The group agreed on a wide range of options to pay for the five-year plan, including increased IRS tax enforcement targeting top earners that would net $100 billion after an investment of $40 billion, redirecting unused unemployment insurance relief for $25 billion, and repurposing $125 billion of unused COVID relief dollars, which Biden had initially opposed.
The group also agreed to use revenue from the sale of radio spectrum for 5G wireless phone service for $65 billion, extend expiring customs user fees to bring in $6.1 billion and selling some of the Strategic Petroleum reserve to bring in $6 billion in order to pay for the plan. Twenty-billion dollars for broadband came from repurposing money previously appropriated for broadband that has not yet been spent. The group estimated $58 billion from dynamic scoring and $100 billion from private activity bonds, direct pay bonds, public private partnerships and asset recycling for infrastructure investment, according to a draft of the agreement obtained by PBS Newshour.
Sen. Rob Portman, R-Ohio, said among the pay-fors is $30 billion in credit to the federal government from tolls to meet state/local match requirements.
The Link LonkJune 25, 2021 at 04:03AM
https://www.rollcall.com/2021/06/24/infrastructure-deal-reached-now-comes-the-hard-part/
Infrastructure deal reached, now comes the hard part - Roll Call
https://news.google.com/search?q=hard&hl=en-US&gl=US&ceid=US:en
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