The Senate passed a historic $1T infrastructure bill — but it could be just an appetizer

Rare collab... between political influencers. Senate Democrats and Republicans came together yesterday to pass a $1T infrastructure bill. Nineteen Republicans joined all 50 Senate Dems to approve the package, which advances a key piece of President Biden's agenda: giving America’s old infrastructure a major facelift. $550B will go to public works programs, including:

• $110B to roads and bridges, $66B to rail, and $40B to transit.
• $65B to expand internet access, including $30 monthly vouchers for low-income families.
• $7.5B to build new EV charging stations, and $7.5B for greener school buses.

When the bill arrives... Instead of raising taxes to pay for the package, Congress would get crafty. Think: repurposing existing Covid funds, and applying new IRS reporting requirements for crypto. But the bill still needs a green light from the House, which could be rocky. House Speaker Nancy Pelosi said the chamber wouldn’t take it up until the Senate also passes a massive antipoverty and climate plan. About that...

• This week, Dems unveiled a $3.5T budget plan for big spending on social programs and climate efforts. Like: universal pre-K, two free years of community college, public housing, and clean energy development.
• The plan would largely be paid for by raising taxes on corporations and the wealthy. Dems plan to approve it through reconciliation, which wouldn't require GOP support.