The U.S. Senate passes the trillion-dollar infrastructure investment bill

The U.
S.
Senate passed a cross-party infrastructure investment bill totaling about $1 trillion on the 10th.
The bill will then be sent to the House of Representatives for deliberation, but the prospects for its approval are still unclear
.

The Senate passed the "Infrastructure Investment and Employment Act" with 69 votes in favor and 30 votes against
.
The bill includes funding for existing federal public works projects, and an additional investment of approximately US$550 billion within five years for the construction of roads, bridges and other transportation infrastructure, as well as the upgrading and improvement of water supply systems, power grids, and broadband networks

After several months of negotiations, the White House and representatives of both parties in Congress reached a preliminary agreement on an infrastructure investment plan of approximately $1 trillion at the end of June, and final details were finalized in early August
.
Its investment scale is much lower than the US$2.
25 trillion infrastructure investment plan proposed by US President Biden earlier this year

The Infrastructure Investment and Employment Bill will then be sent to the House of Representatives for consideration
.
The Speaker of the House of Representatives Pelosi has said that she hopes that after the Senate passes the Infrastructure Investment Bill and another $3.
5 trillion spending bill, the House of Representatives will review the two bills together

On August 9, the U.
S.
Senate Majority (Democratic) Leader Schumer and the Senate Budget Committee Chairman Sanders announced the 2022 fiscal year (October 1, 2021 to September 30, 2022).
) The draft budget framework plans to increase investment in education, medical insurance, climate change, etc.
, reduce taxes for the middle class, and increase taxes for the rich and large companies
.
The committees of the Senate will draft relevant legislative texts in accordance with the budget framework and submit them to the Senate for deliberation on September 15

According to estimates by the U.
S.
Congressional Budget Office, the Infrastructure Investment Act will increase the federal budget deficit by approximately $256 billion in the next 10 years
.
The report issued by the budget office in July this year showed that the economic losses caused by the new crown epidemic and the response measures taken by the United States to further expand the fiscal deficit, the fiscal year 2021 is expected (from October 1, 2020 to September 30, 2021).