Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

U.S. Infrastructure Bill Could Pass Committee in May, Chair Says

Published 2021-03-10, 02:33 p/m
Updated 2021-03-10, 02:54 p/m
© Reuters.

(Bloomberg) -- The centerpiece of President Joe Biden’s next big priority after pandemic relief, a massive transportation infrastructure package, could move through a key Senate committee by the end of May, according to its chair.

Democratic Senator Tom Carper of Delaware, who heads the Environment and Public Works panel, said the infrastructure initiative could be signed into law as a component of Biden’s broader economic recovery plan before the end of September.

“That’s our timetable -- we’re already working on it,” Carper told reporters Wednesday. “And we’re working across the aisle.”

The committee’s work is the first step for Biden’s soon-to-be-unveiled, longer-term economic stimulus package. The “Build Back Better” program will be the next big focus for Democrats who control the Senate and House, and will be far more expansive than the $1.9 trillion pandemic relief bill Biden plans to sign into law by the end of the week.

Related: House Sends Stimulus Bill to Biden, Checks to U.S. Pocketbooks

Carper said there is no agreement yet on the total amount for the transportation infrastructure part of the package. He noted that his panel in 2019 approved a five-year plan worth nearly $290 billion to fund roads, highways and bridges, and the House passed a bill worth $320 billion over five years, not counting transit projects. Neither of those proposals became law. Carper said this year’s proposal could be worth roughly 30% more “as a starting point, and we’ll go from there.”

The Democratic chairman said he is confident that at least 10 Republicans will support the infrastructure bill, which would allow the Senate to pass it without using the budget-reconciliation process or changing the chamber’s rules.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Carper said he and West Virginia Senator Shelley Moore Capito, the top Republican on his panel, have asked all senators to consult with governors and their state transportation departments to prepare input on their requests by March 19. The committee will then convene a series of hearings before crafting the package.

©2021 Bloomberg L.P.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.