President Biden, Senators Reach Infrastructure Deal
President Biden has reached an infrastructure deal with Senators that will boost spending by about $72 billion per year on water infrastructure, bridges, roads, broadband expansion, and strengthening production of clean energy.
Biden originally proposed a $2.2 trillion infrastructure deal to be carried out over the span of eight years. But the final plan lists about $973 billion in spending over five years, and $1.2 trillion in total infrastructure spending over eight years, including new infrastructure funding of $579 billion.
This new spending would include:
$109 billion for roads, bridges, and major projects
$66 billion in freight and passenger rail projects
$49 billion in public transit
$25 billion for airports
More importantly for agriculture, the agreement sets $16 billion in additional funding for various waterway projects, including port upgrades. An additional $5 billion funding will be allocated for Western water storage expansion, as the region is again in the midst of serious drought.