While a bipartisan infrastructure plan is advancing in the Senate, analysts are warning that it remains on a bumpy road, with plenty of political maneuvering still ahead.
The Senate voted 67-32 late Wednesday to begin formal consideration of the plan, which calls for $550 billion in new infrastructure PAVE, +1.75% spending, down from a prior level of $579 billion, and has an overall price tag of about $1 trillion.
Democratic-run Washington is aiming to take a two-step approach to big spending. With that approach, the bipartisan infrastructure plan first would draw the 60 votes in the 50-50 Senate that are needed to bypass the filibuster. Then, Democrats would go it alone to pass a $3.5 trillion package by a simple majority vote through a process known as budget reconciliation.
To fund the bipartisan infrastructure plan, its backers propose repurposing $205 billion in existing COVID-19 relief funds. That’s the largest single source of funding, but the many others include tapping unused unemployment benefits and delaying a Medicare rebate rule. One new funding source would be applying information-reporting requirements to cryptocurrencies BTCUSD, -1.05% — which would provide an estimated $28 billion.
Former President Donald Trump — who may run again against President Joe Biden in 2024 and remains a big influence on Republicans — blasted the bipartisan infrastructure deal in a statement on Wednesday.
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