President Biden Unveils Sweeping $2 Trillion Infrastructure Plan - ACT
President Biden has just unveiled his sweeping $2 trillion "American Jobs Plan" at a public address today in Pittsburgh. The ambitious plan contains two legislative pieces: one dedicated to investing in our nation’s infrastructure and another broader spending package with investments in education and work force development, with the aim to boost a more productive economy.
Below is a short summary of the infrastructure portion of the plan:
$174 billion in spending to boost the electric vehicle market
$115 billion to repair and rebuild roads, highways, and bridges
$100 billion to expand high-speed broadband access
$85 billion to modernize and expand public transit
$80 billion to repair and modernize Amtrak
Biden’s proposal represents the most significant investment in America’s infrastructure in generations. The proposed $85 billion for public transit represents a doubling of federal support. “We are excited to see the President’s proposal, which represents a once-in-a-generation opportunity to reshape America’s transportation priorities”, said David Straus, Executive Director of ACT. "We look forward to working with the Administration and Congress to incorporate the core TDM principle of creating an efficient multimodal transportation system that moves people as we build back better."
To pay for the plan, Biden is expected to propose a mix of revenue proposals that would include raising the corporate tax rate (reduced by the 2017 Tax Cuts & Jobs Act) from 21% to 28%.
ACT’s MORE Through TDM Act, drafted and to be introduced by Rep. Garcia (D-IL), would further support the goals of the American Jobs Plan by codifying the definition of TDM at the federal level and dedicating funding for the implementation of TDM programs. Projects that use TDM help to efficiently utilize our current transportation infrastructure and expand transportation options for commuters, delivering important environmental and equity benefits to communities.
