President Biden and a bipartisan group of Senators on July 28 announced an infrastructure agreement that calls for $550 billion in new spending together with revenue offsets that include new cryptocurrency information reporting requirements and reinstating a Superfund tax on chemicals. Other offsets include redirecting unspent pandemic emergency relief funds, various user fees, Medicare savings, an extension of interest rate smoothing options for defined benefit plans, and projected revenue gains generated from the expected economic growth effects of infrastructure improvements.
Following the announcement, the Senate voted 67 to 32 to begin debate on the legislation while bill text and official revenue scores are still being finalized. While debate has begun, Senate passage of the infrastructure legislation will require securing at least 60 votes for ending debate on amendments and clearing the legislation for House action.
Senate debate on the bipartisan infrastructure package is expected to continue into next week while Senate Democrats also seek to pass a $3.5 trillion budget resolution that would be used to advance later this year other spending and tax relief proposals to be offset in part by corporate and individual tax increases. Senate Majority Leader Chuck Schumer (D-NY) has stated that the Senate could delay the start of a scheduled recess beyond August 6 if necessary to complete action on both the bipartisan infrastructure legislation and a budget resolution providing instructions for the later reconciliation bill.