U.S. Senate passes a historic $1T infrastructure bill
America’s old infrastructure to get a major facelift
In a rare show of collaboration, Senate Democrats and Republicans came together to pass a $1T infrastructure bill. Nineteen Republicans joined all fifty Senate Dems to approve the package, which advances a key piece of President Biden’s agenda: giving America’s old infrastructure a major facelift.
The spending package, which came after months of negotiations and despite deficit concerns, will see $550 billion going to public works programs, including $110 billion to roads and bridges, $66B to rail, and $40B to transit.
Internet access will get a shot in the arm with $65B to expand its reach. This includes $30 monthly vouchers for low-income families.
Green energy also had its moment with $7.5B allotted to build new EV charging stations, and $7.5B for greener school buses.
Excited? There’s more! This week, Democrats unveiled a $3.5 trillion budget plan for big spending on social programs and climate efforts. Watch this space!
Wall Street had a reasonably decent week with the S&P 500 and Dow Jones Industrial Average hitting fresh all-time highs on Friday as both indexes capped off modest gains for the week.
For the week, the Dow gained 0.87%, and the S&P 500 advanced 0.71%, while the tech-heavy Nasdaq falling marginally at 0.09%.
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