senator expects $ 579 billion and $ 1 billion in spending for new infrastructure | Business

Washington (AP) – Bipartisan group of senators pay attention to infrastructure swaps Under plan, negotiators are negotiating nearly $ 1 trillion on top priorities for President Joe Biden, resulting in $ 579 billion new expenses.

Ten senators poured into a closed room and were asked to continue their efforts after Biden was unable to resolve the difference this week away from the Republican-only proposal. The senator personally informs his colleagues and warns that changes can be made.

“Our group consists of 10 senators, five from each party, working in good faith and on a viable compromise framework for the modernization of national infrastructure and energy technologies. A bipartite agreement has been found, ”the senator said in a joint statement.

“This investment is fully paid and does not include tax increases. We are discussing our approach with our colleagues and the White House, which lays the groundwork for broad support from both sides. I am optimistic that I can meet the needs of American infrastructure. “

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

“The President appreciates the Senator’s work in creating good jobs, shaping the future of clean energy and driving the significant investments needed to compete in the global economy,” Deputy Press Secretary Andrew said. Bates said. “In particular, we need to answer questions regarding both policy and payment details. “

The president and Congress are strained to reach agreement on his thoughts on infrastructure investments and stick to the range of packages for roads, highways and other projects and their payment methods. Parliamentarians say the group’s agreement in principle represents significant progress in crafting a bill that can pass through such divided parliaments this year, but it could be easily broken. I am also aware of it.

For those familiar with the negotiations but not allowed to discuss it publicly, if the cost runs to $ 97.4 billion over five years, which is the norm for spending on highways, or eight as suggested Biden. He said it would be $ 1.2 trillion. In this size, the new package exceeds the previous Republicans’ previous effort of $ 928 billion in new spending on the $ 928 billion package, or $ 330 billion, but still reaches $ 1.7 trillion over the years. eight years that Biden is looking for. do not.

The group appears to be facing the same issues Biden and Republican chief negotiator Senator Shelley Moore Capito faced when they agreed on their payment methods.

Chief negotiator Sen. Bill Cassidy (Republican) did not release the final tab. When asked if the new spending amounted to $ 600 billion, he replied. “The president said that was his goal, so I don’t think anyone felt he had to go beyond his goal.”

Senator John Tester (D-Mont.), Another member of the group, said the higher amount was “close enough” 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 outside the group, said the package would offer nearly $ 1,000 billion. This includes $ 579 billion in new spending, which exceeds the baseline of the transportation project.

Mr Brown also said part would be paid for by the undeveloped COVID-19 Relief Fund, which was not the original White House training.

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

Biden ordered the senator to continue working this week when he left on his first trip abroad after talks between Capito and the Republican senator failed.

The president calls for drastic investments in roads, highways, bridges, as well as broadband, electric vehicle charging stations and other aspects he sees as a new economy, with rates of corporate tax 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 hike to pay for new spending, and 10 lawmakers said the package did not include a tax hike, but Republican Senator Mitt Romney said the package would increase tax on gasoline at rate. Inflation, which said it was proposing to be indexed. The federal gasoline 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 no rookie. They would violate the president’s red line on tax increases for Americans with annual incomes below $ 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 secure passage. At the same time, he’s also calling on the House and the Democrats who run the Senate to prepare to hand over part of the package themselves under special budget rules that allow 51-vote approval in the Senate. I go.

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

Meanwhile, the home panel submitted a bill early Thursday. It is an important part of the Chamber of Commerce’s infrastructure efforts. The bill seeks to increase federal spending on roads, bridges, transportation and railways. The $ 547 billion package will be passed primarily in line with party policy by 38-26 votes and could be considered by Full House later this month.

senator expects $ 579 billion and $ 1 billion in spending for new infrastructure | Business

Source link Senator expects $ 579 billion and $ 1 billion in spending on new infrastructure | Business

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