Business & Investment

Senator Focuses on $ 579 Billion New Infrastructure Spending, $ 1 Trillion Plan

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Washington — The plan outlines a bipartisan group of senators with $ 579 billion in new spending as negotiators seek to trade about $ 1 trillion on President Joe Biden’s top priorities. We are focusing on infrastructure trading.

Ten senators flocked in a closed room and were urged to continue their efforts after Biden was unable to resolve the difference this week away from the Republican-only proposal. The senator is personally briefing his colleagues and warns that changes may be made.

“Our group consists of 10 senators, five from each party, working in good faith and on a viable compromise framework for modernizing national infrastructure and energy technology. A bipartisan agreement has been reached, “the Senator said in a joint statement.

“This investment is paid in full and does not include tax increases,” they added. “We are discussing our approach with our colleagues and the White House, and we are optimistic that this will gain widespread support from both parties and lay the foundation for meeting the needs of American infrastructure. doing.”

The White House said Democratic senators explained the new plan to the administration, but questions remained.

“The President appreciates the work of the Senator to create good jobs, prepare for the future of clean energy, and drive the significant investments needed to compete in the global economy,” said Deputy Press Secretary Andrew.・ Bates said. “In particular, we need to address questions about both policy and payment details.”

The president and Congress are tense to reach an agreement on his thoughts on infrastructure investment and are sticking to the range of packages for roads, highways and other projects and their payment methods. Parliamentarians say the group’s tentative agreement represents significant progress in developing a bill that can pass through such evenly divided parliaments this year, but it could be easily resolved. I also recognize.

For those who are familiar with the negotiations but are not allowed to discuss it publicly, if the cost spreads to $ 97.4 billion over five years, which is the standard for highway spending, or eight as Biden suggests. He said it would be $ 1.2 trillion. In that size, the new package surpasses the previous Republican-only effort of $ 928 billion in new spending on the $ 928 billion package, which is $ 330 billion, but still reaches $ 1.7 trillion in the eight years Biden is seeking. not.

The group appears to be facing the same problems that Biden and Republican chief negotiator, Senator Shelley Moore Capito, faced when agreeing on their payment methods.

Senator Bill Cassidy (Republican), the chief negotiator, did not disclose the final tab. Asked if the new spending is $ 600 billion, he said: So I don’t think anyone feels that he has to go beyond his goals. “

Senator John Tester (D-Mont.), Another member of the group, said the top-line amount was “quite close,” but is still discussing how to pay it. One option is to include potential income from uncollected income tax, he said.

“We still have to talk,” said the tester.

Senator Mike Brown of Indiana, one of the Republicans who doesn’t belong to the group, said the package would offer nearly $ 1 trillion. This includes $ 579 billion in new spending, which exceeds the transportation project baseline.

Mr Brown also said some of it would be paid by the undeveloped COVID-19 Relief Fund, which was not the White House’s starting lineup.

“They came up with something similar to what I think Capito was working on, but in my understanding it would be a little more money,” he said.

Biden ordered the senator to continue working this week when he set out for his first trip abroad after the collapse of talks between Capito and the Republican senator.

The president is calling for drastic investment in roads, highways, bridges, as well as broadband, electric vehicle charging stations, and other aspects he considers a new economy, with corporate tax rates starting at 21%. I paid by raising it to 28. %.

Republicans prefer to refrain from investing elsewhere and focus on modifying existing transportation systems. They opposed a tax increase to pay new spending, and 10 lawmakers said the package did not include a tax increase, but Senator Mitt Romney (Republican) said the package would have a gasoline tax increase at the rate. Of inflation that said it was proposing to be indexed. The federal gas tax, which is currently 18.4 cents per gallon, has not increased since 1993.

The White House has revealed that indexing gasoline taxes and imposing mileage taxes on electric vehicles for inflation is not a beginner. They would violate the president’s redline on tax increases for Americans with an annual income of less than $ 400,000.

The Senate is narrowly divided by 50:50, and in most laws that require 60 votes to pass filibuster, Biden seeks bipartisan consensus to ensure passage. At the same time, he is instructing the Democrats who manage the House of Representatives and the Senate to prepare themselves to hand over parts of the package under special budget rules that allow the Senate to approve 51 votes.

In the evenly divided Senate, Vice President Kamala Harris will vote for a tiebreaker.

Meanwhile, the House Panel submitted a bill on early June 10 that would serve as a key component of its Chamber of Commerce infrastructure efforts. The bill aims to increase federal spending on roads, bridges, transportation and railroads. The $ 547 billion package will be passed primarily in line with party policy in 38-26 votes and may be considered by Full House later this month.

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Senator Focuses on $ 579 Billion New Infrastructure Spending, $ 1 Trillion Plan

https://www.ttnews.com/articles/senators-eye-579-billion-new-infrastructure-spending-1-trillion-plan Senator Focuses on $ 579 Billion New Infrastructure Spending, $ 1 Trillion Plan

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