US Senate passes major infrastructure bill

As a result of today's vote, the US Senate passed a $1.2 trillion infrastructure development bill. The bill was supported by 69 senators (from Democrats and Republicans), while 30 were against. Joe Biden's administration believes that such large investments in the economy will help the United States stay ahead in competition with other countries, primarily China.

The White House also supports the bill, but its current version of the House of Representatives is yet to be guaranteed. The fact is that the Democrats in the House agree to consider the law only together with additional expenses of $3.5 trillion.

The infrastructure plan calls for hundreds of billions of dollars in funding for roads and bridges, clean energy infrastructure, broadband internet, plumbing, seaports and airports. The authors of the bill argue that its funding can be carried out at the expense of unspent funds from emergency funds, a tougher tax regime on cryptocurrencies, as well as due to more significant economic growth.

At the same time, the nonpartisan Congressional Budget Office does not agree with this, assuring that the bill, if passed, would add more than $250 billion to the budget deficit in 10 years.