Infrastructure Bill Becomes Law
The law includes $550 billion worth of new spending; it is reportedly funded by unspent COVID-19 relief funds, increased tax enforcement on cryptocurrency, spectrum auctions for 5G and petroleum reserve sales.
Edited by Chris Pasion
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The bipartisan infrastructure bill was officially signed into law on November 15, after nearly eight months of negotiations and amendments. The bill focuses on modernizing old infrastructures such as highways and power grids.
The law, which includes $550 billion worth of new spending, will reportedly be funded by unspent COVID-19 relief funds, increased tax enforcement on cryptocurrency, spectrum auctions for 5G and petroleum reserve sales. The bulk of the new spending will go toward roads, bridges and highways ($110 billion); rail infrastructure ($66 billion); the electrical grid ($65 billion); increased broadband internet in rural, low-income, and tribal areas ($65 billion); drinking water infrastructure ($55 billion); and resilience against floods, drought, fire, cyberattacks and other disasters ($50 billion).
According to an article by Thomas, because the law is based on a five-year plan, some aspects will be effective immediately while others will start later.
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