California, Texas and New York will likely cash in big on the trillion-dollar infrastructure package if the bill makes its way to President Joe Biden's desk.The Senate overwhelmingly approved the $1 trillion infrastructure bill earlier this month. The House aims to pass the bill by October.
The White House, hoping to make good on Biden's campaign promises ahead of the 2022 midterm elections, has billed the plan as a generational investment. The Senate overwhelmingly approved the $1 trillion infrastructure bill earlier this month in an effort to rebuild the nation's crumbling roads and bridges, and fund new climate resilience and broadband initiatives. The House aims to pass the bill by October.
Current White House estimates also leave out competitive grant programs for specific, economically significant one-time projects. Localities can often use those grants to help finance a isolated project if the federal government determines that a particular bridge or tunnel has outsized economic impact on a region.
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Infrastructure investment tends to yield positive returns. A dollar of infrastructure spending can increase near-term economic output by $1.50, and the multiplier effect can be even larger in times of recession