HOUSTON (ICIS)--US President Joe Biden announced a bipartisan infrastructure deal to provide about $579bn in new investments in roads, clean transportation, water infrastructure, the electric grid, broadband internet, and other projects to pass part of his economic agenda through Congress.
The bipartisan framework aims to modernise transit and rail networks, repair and rebuild roads and bridges, build a national network of electric vehicle (EV) chargers along highways and rural areas and electrify school and transit buses.
The proposal emphasises preparing the country’s infrastructure for the impacts of climate change, cyberattacks and extreme weather events.
“The Framework is the largest investment in the resilience of physical and natural systems in American history,” the White House said.
The proposal is only a fraction of Biden’s earlier $2tr infrastructure plan which was released in late March. The president and lawmakers of both parties said it was a compromise package and will be paid for through a combination of closing the tax gap and redirecting unspent emergency relief funds.
The framework would be subject to a vote from the US Senate.
The graph below breaks down the infrastructure framework.
|Roads, bridges, major projects||$109|
|Passenger and Freight Rail||$66|
|Electric buses / transit||$7.50|
|Ports & Waterways||$16|
|Power infrastructure incl. grid authority||$73|
|Western Water Storage||$5|
Thumbnail image shows a high-rise construction site. (Image by Shutterstock)