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Politics The GOP just slashed $30 billion from the new bipartisan infrastructure deal they struck with Biden

12:21  25 november  2021
12:21  25 november  2021 Source:   businessinsider.com

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Lisa Murkowski, Bill Cassidy, Rob Portman, Susan Collins, Mitt Romney standing next to a person in a suit and tie: GOP Sens. Rob Portman, Mitt Romney, Susan Collins, Bill Cassidy and Susan Collins announce they struck an infrastructure deal with the White House. Drew Angerer/Getty Images © Drew Angerer/Getty Images GOP Sens. Rob Portman, Mitt Romney, Susan Collins, Bill Cassidy and Susan Collins announce they struck an infrastructure deal with the White House. Drew Angerer/Getty Images
  • Republicans and the White House struck a deal on a slimmer infrastructure deal compared to last month.
  • The new agreement cut almost $30 billion, largely the result of reductions of transit funding and an infrastructure bank, two people familiar said.
  • The deal could face a major test vote later on Wednesday evening.
  • See more stories on Insider's business page.

Republicans struck a fresh bipartisan infrastructure agreement with the White House, but it appears to be a little slimmer than the one brokered last month.

What’s in the new infrastructure bill — and why it’s a big deal

  What’s in the new infrastructure bill — and why it’s a big deal The Senate-approved bill would genuinely impact many people’s lives.The bill, passed in a bipartisan 69-30 vote on Tuesday, includes a lot of measures that will help current and future generations: a major expansion of high-speed internet; spending for roads, bridges, and public transit; and funding for clean drinking water. It includes new measures to combat climate change, like money for electric vehicles and modernizing the power grid.

Three people familiar with the negotiations confirmed to Insider that the amount of new spending in the agreement was slashed $30 billion. It now amounts to $550 billion instead of $579 billion.

Two of the people said the deal will drop a proposed infrastructure bank aimed at leveraging public-private partnerships to fund new projects. They said it also reduced the amount of public transit funding. Sen. Mitt Romney told reporters on Wednesday this was the case.


Video: What Is In Biden’s Bipartisan Infrastructure Deal, Democrat-Backed Funding Bill? (Newsweek)

One of the sources familiar said the infrastructure bank was dropped because Republican and Democratic negotiators were unable to resolve disputes about how much to pay workers on new construction projects. Democrats wanted to levy a higher wage floor than Republicans, who balked at imposing wage laws on private companies.

The agreement could face a major test vote in the evening, but its unclear enough Republicans will back it given their past demands to review the bill.

Sen. Jon Tester, one of the Democrats negotiating the deal, told reporters he was "confident" that a bill would be made public by the evening.

This story will be updated.

Read the original article on Business Insider

Biden to sign landmark infrastructure package in major win for domestic agenda .
President Joe Biden on Monday will sign into law the Infrastructure Investment and Jobs Act, which brings $550 billion in new spending to the country.The bill, priced at $1.2 trillion, will tackle nearly every facet of American infrastructure, including public transportation, roads, bridges, ports, railways, power grids, broadband internet, as well as water and sewage systems.

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