On Sunday, a group of two-party senators released a more than $ 1 trillion infrastructure package after weeks of negotiations. As written, the bill allows for more than $ 500 billion in new spending to strengthen roads, bridges, and other physical infrastructure, such as high-speed broadband and the introduction of electric vehicles. The result is the largest domestic spending decline in more than a decade, and it touches on almost every aspect of the U.S. economy.
Last week, negotiators reached an agreement to support the country’s broadband networks $ 65 billion more, but left unclear how this funding will be used or how much of it will be used to increase affordability and acceptance. But the text released yesterday included language to make the FCC’s Emergency Broadband Benefit program permanent, renaming it the Affordably Connectivity Fund. A permanent version of the program would offer lower monthly subsidies – $ 30 instead of the previous $ 50 – but would also provide $ 100 for equipment.
According to the FCC, more than 4 million households have signed up for the Emergency Broadband Benefit program since its inception during the pandemic.
The two-party package also includes billions to build half a million electric vehicle (EV) chargers across the country in an effort to increase sales of electric cars in the United States. The law would also increase government participation in the cryptocurrency, to raise $ 28 billion new tax on cryptocurrency brokers.
It is unclear when the bill is expected to vote on the Senate floor, but majority leader Chuck Schumer (D-NY) said it could be passed later this week. “Given how bilateral the bill is and how much work has already been done to get the details right, I believe the Senate can quickly consider the relevant changes and pass this bill in a few days,” Schumer said Sunday. The bill may still change as a result of the amendments adopted in the speech.
Still, House Speaker Nancy Pelosi (D-CA) has vowed not to bring the two-party package to the floor before the Senate votes on another $ 3.5 trillion spending package through a reconciliation process that is likely to move forward in the parties.