Biden unveils his sweeping 'physical' infrastructure plan

Biden unveils his sweeping 'physical' infrastructure plan
Biden unveils his sweeping 'physical' infrastructure plan

President Joe Biden stepped out on the White House driveway Thursday afternoon and announced 'we have a deal' on an infrastructure package. 

The White House revealed the package will include $1.2 trillion in infrastructure spending over an eight-year period. Over a five-year period, there will be $973 billion in infrastructure spending.

It is mainly based on investment in traditional infrastructure including $109 billion in roads and bridges, $49billion in public transit, $7.5 billion for electric vehicles, $25 billion for airports and $65 billion for broadband.

But he warned that Congress also needs to sign a bill on human infrastructure with Democrats' social initiatives before both reach his desk.

'If this (bipartisan deal) is the only one that comes to me, I'm not signing it,' Biden said at the White House. 'It's in tandem'.

This means the President could end up signing two bills that account for up to $6trillion in spending, based on more negotiations between both parties.

'I'm not just signing the bipartisan bill and forgetting about the rest that I proposed,' 

He said the 'human infrastructure' aspect is equally important' to the physical infrastructure proposals.'

Biden spoke to reporters after he carved out a deal with 10 Senators - five Republicans and five Democrats - for the $1.2trillion package.

The huge proposal will need support from his own party - with the progressive wing saying it is too narrow - and the rest of the Republicans.  

President Joe Biden (right), flanked by Vice President Kamala Harris (left), expanded on his remarks during an East Room speech and Q&A with reporters later Thursday afternoon

President Joe Biden (right), flanked by Vice President Kamala Harris (left), expanded on his remarks during an East Room speech and Q&A with reporters later Thursday afternoon 

THE BREAKDOWN: HOW BIDEN PLANS TO PAY FOR HIS $1.2TRILLION INFRASTRUCTURE PLAN

• Reduce the IRS tax gap - Raising a net of $100billion when $40 billion is invested in enforcement 

• Unemployment insurance program integrity - $72 billion when $8 billion invested

• Redirect unused unemployment insurance relief funds- $80 billion

• Repurpose unused relief funds from 2020 emergency relief legislation - $80 billion

• State and local investment in broadband infrastructure - $20billion

• Allow states to sell or purchase unused toll credits for infrastructure - $30billion

• Extend expiring customs user fees - $6.1billion

• Reinstate Superfund fees for chemicals - $13 billion

• 5G spectrum auction proceeds - $65 billion 

• Extend mandatory sequester - $9.2 billion

• Strategic petroleum reserve sale - $6 billion

• Public-private partnerships, private activity bonds, direct pay bonds and asset recycling for infrastructure investment - $100 billion

• Macroeconomic impact of infrastructure investment

TOTAL: $584.3 BILLION 

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'We had a really good meeting and to answer your direct question, we have a deal,' the president told reporters. 'I think it's really important, we've all agreed that, none of us got all what we wanted, I clearly didn't get all I wanted, they gave more than I think maybe they were inclined to give in the first place.'   

The proposal would be paid for by reducing the IRS tax gap - essentially going after tax cheats - as well as redirecting  unemployment insurance relief funds and repurposing unused funds from the 2020 relief legislation. 

'We made serious compromises on both ends,' Biden said. 'This reminds me of the days we used to get an awful lot done in Congress,' the president also said. 

Biden was surrounded by a bipartisan group of senators led by Democratic Sen. Kyrsten Sinema and Republican Sen. Rob Portman. 

Sen. Susan Collins, a moderate Republican from Maine, said the two parties agreed on the 'price tag, the scope and how to pay for it.' 

Other senators who etched out the deal included Republican Sens. Bill Cassidy, Mitt Romney, Lisa Murkowski and Democratic Sens. Joe Manchin, Jeanne Shaheen, Mark Warner and Jon Tester.  

At 2 p.m., Biden, flanked by Vice President Kamala Harris, gave an address and took questions about the fresh deal from the East Room before departing on a planned trip to North Carolina.   

The president said he didn't have a 'guarantee' that the deal etched would pass, but explained why he was optimistic. 

'I don't have any guarantee, but what I do have is a pretty good read over the years of how the Congress or the Senate works,' Biden said. 'And the idea that ... because someone's not going to be able to get every single thing they want, they're going to vote against some of things I just named, with nothing in here that's quote-'bad' for the environment, bad for the economy, bad

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