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Bipartisan Infrastructure Plan Advancing in Congress
President Biden announced a broad, expansion infrastructure proposal negotiated with a bipartisan group of Senators, including Republicans Senators Richard Burr (NC), Bill Cassidy (LA), Susan Collins (ME), Lindsey Graham (SC), Jerry Moran (KS), Lisa Murkowski (AK), Rob Portman (OH), Mitt Romney (UT), Mike Rounds (SD), Thom Tillis (NC), and Todd Young (IN). And Democratic Senators Chris Coons (DE), Maggie Hassan (NH), John Hickenlooper (CO), Mark Kelly (AZ), Joe Manchin (WV), Jeanne Shaheen (NH), Kyrsten Sinema (AZ), Jon Tester (MT), Mark Warner (VA), and Angus King (ME), an independent who caucuses with Democrats.
The $1.2 Trillion infrastructure framework, includes funding for:
- $110 billion in Roads, Bridges, and Major Projects
- $48.5 billion in Public Transit
- $11 billion in Safety
- $66 billion in rail and freight
- $7.5 billion in electric vehicle (EV) infrastructure
- $7.5 billion in electric buses
- $1 billion in interstate connectivity
- $41 billion in airports, ports, and waterways
- $20 billion in infrastructure financing authority
- $55 billion in waterways
- $65 billion in broadband
- $73 billion in power infrastructure
- $52 billion in resilience and western water
The bill would include roughly $500 billion in new spending, with a mix of revenue raises and current funding reallocation to cover the rest. Potential areas for revenue include:
- Reduce the IRS tax gap
- Unemployment insurance program integrity
- Redirect unused unemployment insurance relief funds
- Repurpose unused relief funds from 2020 emergency relief legislation
- State and local investment in broadband infrastructure
- Allow states to sell or purchase unused toll credits for infrastructure
- Extend expiring customs user fees
- Reinstate Superfund fees for chemicals
- 5G spectrum auction proceeds
- Extend mandatory sequester
- Strategic petroleum reserve sale
- Public-private partnerships, private activity bonds, direct pay bonds and asset recycling for infrastructure investment
- Macroeconomic impact of infrastructure investment
Congressional leaders have indicated an aggressive path forward that would require both parties to minimize any objections to the proposed legislation. Currently Senate Majority leader Chuck Schumer is calling on the Senate to advance the proposal prior to the August recess, although, in a recent letter to the Democratic Caucus he has indicated he will cancel August recess if needed for additional floor/debate time.
It is unclear how much the House Majority will go along with the aggressive timeline, the proposal has garnered significant opposition from the Progressive left and Conservative right, both with opposing opposition. The Progressive left arguing it falls short of impactful environmental policies to slow climate change and the Conservative right balking at the size and cost of the package.
The NASE has issued support for the bipartisan efforts, given the legislative gridlock, we hope that the Bipartisan Infrastructure Plan provides a template for more constructive conversations about pressing policy issues in the months and years ahead.
“The small business community applauds both the Administration and Congress for working together in a bipartisan way to reach a deal on infrastructure. While the real work now begins, the winners of this deal will be the American people and small businesses who rely on a transportation and infrastructure system to move their American-made goods and workforce. It is our hope that the Administration and Congress continue to work together on a variety of issues, including those important to the small business community. We look forward to working with all our policy makers to ensure the strength of the American small business community.”