President Joe Biden arrives at Pittsburgh International Airport ahead of a speech on infrastructure spending on March 31.
Photo: Evan Vucci / AP / Shutterstock
The Biden administration has officially unveiled its infrastructure plan On Wednesday, a $ 2 trillion proposal that would tackle the country’s aging roads and waterways, eliminate lead water pipes across the country and invest in green energy initiatives such as electric vehicles .
The American employment plan “Would invest about 1% of GDP per year over eight years” and would be fully paid within 15 years if passed in tandem with President Biden’s planned corporate tax code changes, according to the White House.
Below are some of the highlights of the plan.
Of that money, $ 115 billion would be used to modernize 20,000 miles of highways, roads and main streets nationwide and to repair “the most economically important major bridges” as well as 10,000 more bridges. small. This amount includes funding to reduce congestion and reduce carbon emissions and air pollution. In addition, $ 20 billion would be invested to improve road safety. The plan would invest $ 85 billion to modernize existing transit systems and expand these systems to meet user demand, and $ 80 billion would be spent on improving Amtrak corridors and resolving problems. its backlog of repairs.
The administration wants to invest $ 174 billion in the electric vehicle market to promote job growth while reducing emissions. It also includes a plan to replace 50,000 diesel transit vehicles, make at least 20% of the nation’s school buses electric, and move toward electrification of the federal government’s vehicle fleet.
Biden wants to eliminate 100% of lead pipelines across the country and intends to achieve that goal by allocating $ 45 billion in funds to the EPA’s state revolving drinking water fund. The plan also provides for $ 56 billion in loans and flexible grants to states, territories and tribes to modernize water supply systems.
The money would be used to build the infrastructure to eventually achieve the goal of 100% broadband coverage while promoting price transparency with broadband providers. The plan includes “support for broadband networks owned, operated by or affiliated with local governments, nonprofits and cooperatives” and would put more emphasis on expansion into tribal communities.
The plan would establish a grid deployment authority at the Department of Energy that “enables better leverage over existing rights-of-way – along roads and railroads – and supports creative funding tools to boost transmission lines. high priority additional high voltage. Biden also put forward the idea of an “extension and phase-out over ten years of an investment tax credit and an expanded production tax credit for production and clean energy storage. ”This aims to promote job creation in green energies.
The money would go to orphan wells and uranium, coal and hard rock mines, often located in rural areas, which pose environmental and safety risks.
Biden says this amount is needed to “produce, preserve and renovate over two million affordable and sustainable places to live.” Forty billion dollars would be used to improve the infrastructure of the country’s public housing system. Biden also calls for the elimination of local and state exclusionary zoning laws and for Congress to pass the Neighborhood Home Investment Act, which he says will result in 500,000 newly newly built homes. built or rehabilitated.
This investment would be used to modernize and build new public schools. Fifty billion dollars of that money would come from direct grants, and the other 50 billion would come from bonds.
The plan also provides $ 25 billion to increase the number of child care centers and modernize existing ones.
The president is arguing for an expanded tax credit that would encourage employers to build daycares in their workplaces. According to the plan, “Employers will receive 50% of the first million dollars in construction costs per facility. “
The funds would be used to expand access to affordable community care or home care for the elderly or disabled. They would also expand access to long-term care through Medicaid.
Over four years, this funding would be used for “investments to consolidate the strategic national stock of our country; accelerate the lead time for research, development and field tests and therapies for emerging and future epidemics; accelerate response time by developing vaccine prototypes through phase I and phase II trials, testing technologies for rapid scale-up of vaccine production and ensuring sufficient production capacity in the event of a emergency; improving the US infrastructure for biologic preparation and investments in biosecurity and biosecurity; train staff to respond to epidemics and pandemics; and onshore active pharmaceutical ingredients.