President Joe Biden Said that he had reached a preliminary agreement with a group of Democratic and Republican senators on a bipartisan, five-year infrastructure plan worth 577 billion US dollars, which will achieve one of his first tasks.
“We reached an agreement,” Biden told reporters after the senators submitted the agreement to him at the White House. He said that the bill will be advanced with separate legislation that will cost trillions of dollars on what he calls “human infrastructure” that the Republicans oppose.
“There will be a dual track system,” he said.
House Speaker Nancy Pelosi said earlier that her House would not consider a bipartisan agreement without a broader legislative package, and that Democrats will try to pass the agreement using the so-called budget settlement process to avoid Republicans in the Senate. To obstruct.
The 10-member group-five Republicans and five Democrats-finalized the framework after several days of negotiations with key government aides.
Of the plan The White House stated in a fact sheet that the framework does not include new funds for electric car rebates, but will spend $15 billion on adding electric car charging stations and purchasing electric schools and buses.
Biden proposes $174 billion electric car, Including the $100 billion electric car consumer rebateCongressional Democrats still plan to seek funding for electric vehicle tax rebates in other legislation this year. The White House stated that the funds will “achieve the president’s goal of building 500,000 electric car chargers” and “power thousands of school buses and buses across the country.”
Previously, Biden had sought 1.5 billion US dollars for electric vehicle charging stations. The plan also calls for an investment of US$20 billion for electric school buses and US$25 billion for electric buses.
The fact sheet stated that the measure could be funded in a variety of ways, including the sale of crude oil from the US Strategic Petroleum Reserve, but it did not provide accurate figures. Another funding method is to restore the super fund costs of chemicals.
The deal abandoned two financing ideas that had been considered: the cost per mile of electric vehicles and the indexed gasoline tax to adjust for inflation.
Since 1993, Congress has not raised the 18.4 cents per gallon federal gasoline tax.After adjusting for inflation, the tax is now only worth 10.2 cents
“We didn’t get everything we wanted. But we made a good compromise,” Republican Senator Rob Portman said after meeting with Biden.
Arizona Democratic Senator Kyrsten Sinema, who led the Senate panel with Portman, said: “We all gave some to get some.”
After the news of the deal, the stock prices of companies that would benefit from infrastructure spending rose. Construction equipment manufacturer Caterpillar led the gains in the Dow Jones Industrial Average. Vulcan Materials Co. and Martin Marietta Materials are among the top gainers in the S&P 500 index.
The agreement marks an important step forward in the effort to formulate a package of infrastructure spending. The plan can attract enough votes from both sides to pass Congress. But in addition to getting Biden’s support, senators must now involve both parties’ congressional leaders to ensure that they are supported in an evenly distributed Senate, which requires 60 votes to pass legislation under normal order.
Before heading to the White House, Portman met with Senate Republican Leader Mitch McConnell on Thursday, briefed him on the proposal and lobbied for his support. “He hasn’t made a decision yet,” Portman said later.
Success also depends on Biden’s ability to assure progressive Democrats in the House and Senate that their priorities will be met in a separate, broader package that will use an expedited process called settlement. Clear the Senate if a Republican vote is required. The White House argued that a bipartisan plan released in a later bill the Democratic Party’s moderate support for more social spending.
Pelosi and Senate Majority Leader Chuck Schumer said they have agreed on a strategy to quickly establish a bipartisan infrastructure package and a budget resolution with the rest of Biden’s $4 trillion economic plan. Combine channel legislation. Voting may take place in July.
But Pelosi suggested that the House of Representatives will postpone it until the Senate passes a broader settlement plan. This may push the last pass in the past July into a reduced August recess or longer.
Pelosi said at a press conference on Thursday: “Let me be really clear: We will not consider bills in the House of Representatives until the Senate passes the bipartisan bill and the reconciliation bill.”
Pelosi can afford no more than four Democratic votes. Progressives are cautious about advancing the infrastructure bill and cannot guarantee that a larger package will get a vote.
“We are not very convinced,’I promise I will do this,'” Pramila Jayapar, head of the Congressional Progress Caucus, said on Wednesday.
Democratic Senator Ron Wyden said that the infrastructure proposal was too narrow.
“We can’t forget about priorities such as climate, prescription drugs and tax equity,” he said, adding that the passage of infrastructure legislation must be “directly related” to a larger settlement bill that addresses these issues.
Senator Joe Manchin of West Virginia, a member of the bipartisan group involved in the infrastructure plan and one of the key moderate Democrats, urged progressives to support the deal.
“I would say please don’t let perfection be a good enemy,” he told reporters on Thursday.
However, he said that he will not support the settlement plan until he sees the details. Manchin called the $6 trillion plan proposed by Bernie Sanders, chairman of the Senate Budget Committee, too expensive.
The Senate will begin a two-week recess later in the day, and legislators involved in the development of the framework will use this time to build support for it. They represent 10 votes in the Senate and require at least five Republicans and all Democrats and two independents to pass the House of Representatives.
“I don’t know how far it will go,” Utah Republican Senator Mitt Romney said. “I think it’s always going on.”
Previous attempts to negotiate an agreement with the Republicans led by West Virginia Senator Shelley Moore Capito failed after Biden rejected their proposal inappropriately. A bipartisan group of five Democratic senators and five Republican senators then began to study its own methods.
The House of Representatives will vote on part of the infrastructure package next week. If the Senate passes a new bipartisan agreement, legislators have discussed entering the House-Senate meeting to negotiate to formulate the final bill.
It is unclear whether the Democrats will try to use the infrastructure bill or the subsequent settlement bill to raise the country’s debt ceiling. The debt ceiling will take effect again on August 1. 1, But the Ministry of Finance may postpone the payment default until the fall.