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Reported Senate Deal on 1.1 Trillion Infrastructure Bill

Thomson Reuters Tax & Accounting  

Thomson Reuters Tax & Accounting  

With a reported deal in hand, the Senate is set to hold a procedural vote on whether to take up a $1.1 trillion infrastructure bill despite some bipartisan grumbling over not having a chance to see legislative text. Senate Majority Leader Charles E. Schumer, D-N.Y. told reporters that he hoped to hold a vote as soon as July 28 or the following days.

According to a White House Briefing Room Fact Sheet, the bill is fully funded through a combination of redirecting unspent emergency relief funds, targeted corporate user fees, and strengthening tax enforcement when it comes to crypto currencies. The bill addresses public transit, highways, water systems, clean energy, and high speed internet services.

Schumer has frequently stated that both this bipartisan infrastructure bill and the Senate Democrats’ $3.5 trillion budget resolution need to pass before the August recess, which is scheduled to begin in less than two weeks. The bipartisan bill needs 60 votes to advance in the Senate, while the $3.5 trillion budget reconciliation would allow that much larger “soft” infrastructure bill to pass with a simple majority of 51 votes.

 

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