- House Republicans unveil $400 billion transportation bill
- Senate Republicans boast $568 billion infrastructure plan
- Will Biden garner Republican backing for his $2.3 trillion infrastructure plan?
Earlier this week, Republicans in the House revealed a $400 billion transportation bill under the “Reclaiming Our Fiscal Future” budget to counter-offer Biden’s $2.3 trillion and Senate Republican’s $568 billion infrastructure plans.
House Transportation Bill Details
With news of the House’s proposed budget just breaking this week, details and a full spending breakdown for the transportation bill are still uncertain.
So far, the Reclaiming Our Fiscal Future budget boasts:
- $14.4 trillion cut from federal spending budget
- $1.9 trillion in lowered taxes
- 5-year plan to bring a budget surplus by 2026
Senate Plan Spending Breakdown
GOP Senators joined forces in late April to create another counter-proposal to Biden’s infrastructure plan. The conservative bill, totaling $568 billion in spending, more tightly encompasses infrastructure essentials. As Senator Pat Toomey (R-PA) unabashedly put it: “As you can see, it consists of actual, real infrastructure.”
Senate GOP’s Budget Spending includes:
- $299 billion — roads and bridges
- $65 billion — broadband
- $61 billion — public transit
- $44 billion — airports
- $35 billion — drinking water and wastewater systems
- $20 billion — railways
- $17 billion — ports and inland waterways
- $14 billion — water storage
- $13 billion — safety measures
Will Biden Wait For Republican Backing?
Republicans involved in Biden’s plan shared their concerns that the President was stretching the definition of “infrastructure” to include more than what it typically covers. However, eager to enact his American Jobs Plan, Biden has made clear his intent to pass his infrastructure bill with or without Republican support. As such, Republicans on both sides of Congress are working to expand their proposals, providing cost coverage details to gain legitimacy.
Which plan will prevail and how will these new provisions affect current tax rates? Share your thoughts and call us with questions at 516-541-6549. And don’t forget to visit our website to stay up to date!