Last night the House passed 228-206 the bipartisan Infrastructure Investment and Jobs Act. This bill previously passed in the Senate in August. President Biden plans on having a formal signing ceremony soon.
While this bill doesn’t address the long-term solvency of the Highway Trust Fund, it provides LA County with a steady stream of funding for surface transportation and water programs for the next five years. Incredibly, this $1 trillion bill includes $550 billion in new spending such as:
- $110 billion for roads, bridges and major projects
- $39 billion for transit
- $66 billion for rail
- $65 billion for broadband
- $65 billion for the electric grid
- $55 billion to upgrade water infrastructure
- $50 billion for resiliency
- $25 billion for airports
Congress still has an ambitious agenda to address before the end of the year that could potentially create additional infrastructure funding opportunities.
- The Build Back Better Act: This bill has been substantially scaled back over the last few weeks to a $1.75 trillion reconciliation package. The Joint Committee on Taxation found that the bill would raise $1.5 trillion over 10 years. This bill will be voted on by the House after it is scored by the Congressional Budget Office. If passed it will go to the Senate for consideration.
- Federal funding and the debt ceiling must be addressed by December 3, 2021.
Infrastructure LA will continue to monitor and update you on major developments.