Here's exactly how Biden's $2 trillion of infrastructure spending breaks down

  • President Joe Biden will officially announce his $2 trillion American Jobs Plan today.
  • The bill contains major investments in transportation, housing, and climate change policies.
  • Biden plans to offset the spending in the plan with a corporate tax increase.
  • See more stories on Insider’s business page.

President Joe Biden is set to announce the first part of his two-part infrastructure package this afternoon. It’s called the American Jobs Plan, and it will cost about $2 trillion.

The package is focused on job creation, traditional infrastructure spending, and investment in many other things that stand to redefine infrastructure as a political issue, such as funding for care workers, as well as incentives for childcare to be provided at American workplaces. Biden plans to couple it with a tax increase for corporations, meant to offset the bill’s spending over 15 years.

Here’s how the spending will break down.

Transportation

  • $621 billion for transportation includes:
    • $115 billion for modernizing roads, highways, and bridges
    • $20 billion for road safety
    • $85 billion for public transit
    • $80 billion for Amtrak and freight rail service
    • $174 billion for electric vehicles
    • $25 billion for airports
    • $17 billion for ports
    • $20 billion for neighborhoods historically excluded from transportation investments
    • $25 billion to fund new projects
    • $50 billion for infrastructure resilience, with a special emphasis on more vulnerable areas

    Water

    • $111 billion for water infrastructure includes:
      • $45 billion towards fully eliminating lead pipes through various programs
      • $56 billion in loans and grants to help modernize water systems around the country
      • $10 billion for monitoring and fixing substances in drinking water

      Broadband and power

      • $100 billion for broadband
        • This would build out infrastructure for 100% coverage and would specifically allocate funds for tribal lands
        • It would also seek to reduce broadband pricing
      • $100 billion for power infrastructure includes:
        • $16 billion towards plugging old wells and cleaning up abandoned mines
        • $5 billion towards revamping former industrial and energy sites
        • $10 billion for the creation of a Civilian Climate Corps
        • Housing and education

          • $213 billion for creating and retrofitting over 2 million housing units, with a $40 billion investment in public housing infrastructure
          • $100 billion for upgrading and building public schools
          • $12 billion for community college infrastructure
          • $25 billion for upgrading childcare facilities and making it more widely accessible
            • This is accompanied by a tax credit to incentivize building childcare at Americans’ places of work
          • $18 billion to modernize Veterans Affairs hospitals, as well as $10 billion for federal buildings
          • $400 billion towards home/community care for the elderly and disabled
            • This would expand access, and seek to improve wages, benefits, and unionization for workers in the industry.
            • Research and development

              • $180 billion towards R&D includes:
                • $50 billion for the National Science Foundation
                • $30 billion for innovation and job creation R&D
                • $40 billion in upgrading research infrastructure, with half allocated to Historically Black College and Universities (HBCUs) as well as “Minority Serving Institutions” (MSIs)
                • $10 billion for those HBCUs and MSIs, as well as $15 billion to create over 200 centers at them to serve as research incubators
                • $35 billion in climate research and development

                Manufacturing and labor

                • $300 billion for American manufacturing and small business
                  • $50 billion for a new office for a new office focused on domestic industry
                  • $50 billion for research and manufacturing for semiconductors
                  • $30 billion to create new jobs and fend off losses during future pandemics
                  • $46 billion for federal buying, with an emphasis on various clean technologies
                  • $20 billion for regional innovation hubs
                  • $14 billion towards increasing competitiveness through technological advances
                  • $52 billion to domestic manufacturers
                  • $31 billion for programs providing credit, R&D funding, and venture capital to small businesses
                  • $5 billion to create a new “Rural Partnership Program,” aimed at supporting local rural efforts
                • $100 billion for workforce development includes:
                  • $40 billion towards career services and training for workers who have lost jobs 
                  • $12 billion in targeted funding towards “workers facing some of the greatest challenges,” prioritizing underserved and hard hit communities, with $5 billion towards “evidence-based community violence prevention programs”
                  • $48 billion towards worker protection and development infrastructure, including an expansion of apprenticeships, with a particular emphasis on women and people of color
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