A bipartisan group of Senators, equally divided among Democrats and Republicans, have come to a framework agreement on a $953 billion infrastructure package with $579 billion in new spending and focuses on traditional infrastructure of roads, bridges, sewer, and broadband. The group met with President Joe Biden on Thursday and the President declared that he and Vice President Kamala Harris has agreed to the deal.
This agreement is paid for in a variety of ways, including reducing the IRS tax gap, unemployment insurance program integrity, redirecting unused unemployment insurance relief funds, and an extension of expiring fees. The agreement does not alter the 2017 tax changes or raise taxes on those earning less than $400,000 annually. Also, the League is concerned about the repurposing of unused 2020 COVID local aid
House and Senate leadership have a strong desire to have this package run on a parallel track with a budget reconciliation process that focuses on human infrastructure including child care, tax credits for working families, college costs, and equity.
While this is a largely positive development, this situation is fluid and there are many more decisions that need to be made.
Contact: Paul Penna, Legislative Analyst, ppenna@njlm.org, 609 695-3481, x110.