BDO USA has published an article, “U.S. Senate Approves Bipartisan Infrastructure Bill and Advances Budget Reconciliation Process”, published on BDO USA. The abstract is as follows:
In less than 24 hours, the U.S. Senate voted to advance two legislative packages that would result in combined spending of approximately $4.5 trillion in both traditional infrastructure projects and an expansive array of initiatives encompassing healthcare, education and climate change.
On Tuesday, August 10, the Senate voted 69 to 30 in favor of a roughly $1 trillion infrastructure package. The 2,700-page “Infrastructure One” bill would fund investment in improvements to the country’s roads, bridges, highways and Internet connections. Then early Wednesday morning, the Senate approved, on a party line 50-49 vote, a $3.5 trillion budget resolution—“Infrastructure Two”—that could enable sweeping changes to a broad range of laws to secure enactment of the Biden administration’s “Build Back Better” agenda. The Senate’s adoption of the budget resolution sets the stage for the budget reconciliation process; legislation passed under these procedures generally cannot be filibustered, so that only a simple majority is required for Senate passage.
The budget resolution now heads to the House, which is expected to return from recess the week of August 23 to consider the measure.
Posted by Marin Larkin, Associate Editor, Wealth Strategies Journal.