Here's exactly how Biden's $2 trillion of infrastructure spending breaks down
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President Joe Biden will officially announce his $2 trillion American Jobs Plan today.
The bill contains major investments in transportation, housing, and climate change policies.
Biden plans to offset the spending in the plan with a corporate tax increase.
President Joe Biden is set to announce the first part of his two-part infrastructure package this afternoon. It's called the American Jobs Plan, and it will cost about $2 trillion.
The package is focused on job creation, traditional infrastructure spending, and investment in many other things that stand to redefine infrastructure as a political issue, such as funding for care workers, as well as incentives for childcare to be provided at American workplaces. Biden plans to couple it with a tax increase for corporations, meant to offset the bill's spending over 15 years.
Here's how the spending will break down.
Transportation
$621 billion for transportation includes:
$115 billion for modernizing roads, highways, and bridges
$20 billion for road safety
$85 billion for public transit
$80 billion for Amtrak and freight rail service
$174 billion for electric vehicles
$25 billion for airports
$17 billion for ports
$20 billion for neighborhoods historically excluded from transportation investments
$25 billion to fund new projects
$50 billion for infrastructure resilience, with a special emphasis on more vulnerable areas
Water
$111 billion for water infrastructure includes:
$45 billion towards fully eliminating lead pipes through various programs
$56 billion in loans and grants to help modernize water systems around the country
$10 billion for monitoring and fixing substances in drinking water
Broadband and power
$100 billion for broadband
This would build out infrastructure for 100% coverage and would specifically allocate funds for tribal lands
It would also seek to reduce broadband pricing
$100 billion for power infrastructure includes:
$16 billion towards plugging old wells and cleaning up abandoned mines
$5 billion towards revamping former industrial and energy sites
$10 billion for the creation of a Civilian Climate Corps
Housing and education
$213 billion for creating and retrofitting over 2 million housing units, with a $40 billion investment in public housing infrastructure
$100 billion for upgrading and building public schools
$12 billion for community college infrastructure
$25 billion for upgrading childcare facilities and making it more widely accessible
This is accompanied by a tax credit to incentivize building childcare at Americans' places of work
$18 billion to modernize Veterans Affairs hospitals, as well as $10 billion for federal buildings
$400 billion towards home/community care for the elderly and disabled
This would expand access, and seek to improve wages, benefits, and unionization for workers in the industry.
Research and development
$180 billion towards R&D includes:
$50 billion for the National Science Foundation
$30 billion for innovation and job creation R&D
$40 billion in upgrading research infrastructure, with half allocated to Historically Black College and Universities (HBCUs) as well as "Minority Serving Institutions" (MSIs)
$10 billion for those HBCUs and MSIs, as well as $15 billion to create over 200 centers at them to serve as research incubators
$35 billion in climate research and development
Manufacturing and labor
$300 billion for American manufacturing and small business
$50 billion for a new office for a new office focused on domestic industry
$50 billion for research and manufacturing for semiconductors
$30 billion to create new jobs and fend off losses during future pandemics
$46 billion for federal buying, with an emphasis on various clean technologies
$20 billion for regional innovation hubs
$14 billion towards increasing competitiveness through technological advances
$52 billion to domestic manufacturers
$31 billion for programs providing credit, R&D funding, and venture capital to small businesses
$5 billion to create a new "Rural Partnership Program," aimed at supporting local rural efforts
$100 billion for workforce development includes:
$40 billion towards career services and training for workers who have lost jobs
$12 billion in targeted funding towards "workers facing some of the greatest challenges," prioritizing underserved and hard hit communities, with $5 billion towards "evidence-based community violence prevention programs"
$48 billion towards worker protection and development infrastructure, including an expansion of apprenticeships, with a particular emphasis on women and people of color
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