We may be getting closer to an infrastructure bill, we mentioned on May 19.
After all, we desperately need massive improvements, with roads, bridges, and water systems crumbling. The situation has become so dire, the American Society of Civil Engineers gave the country a D+ in 2017. More than likely, things are far worse now.
To get our infrastructure to where it must be, we’ll need nearly $4.2 trillion.
“We’re looking at aviation, bridges, roads, transit, dams, levees, schools, parks, solid waste, drinking water, waste water,” ASCE told CNBC. “Unfortunately, 12 out of 16 categories are in the ‘D’ range, which is ‘poor’ or ‘at-risk,’ which is really reflecting a lot of our infrastructure being at the end of its useful life.”
Today, the Senate GOP unveiled a $928 billion counter-offer bill to President Biden.
According to CNBC, “The Republican plan includes $506 billion for roads, bridges and major infrastructure projects, including $4 billion for electric vehicles. It also includes $98 billion for public transit and $72 billion for water infrastructure.”
It also includes:
· $98 billion for public transit
· $72 billion for water systems
· $65 billion for broadband
· $56 billion for airports
· $46 billion for passenger and freight rail systems
· $22 billion for ports and waterways
· $22 billion for water storage
· $21 billion for safety efforts
· $20 billion for infrastructure financing
That counters the $1.7 trillion plan Biden offered the other day.
CNBC also noted, “To reach a deal, the sides would have to resolve not only a gap in the price tag but also differing visions of how to offset the spending. In their counteroffer, Republicans again rejected Biden’s call to raise corporate taxes, contending they could cover infrastructure costs with funds already allocated by Congress or with transportation user fees.”
With both sides talking, investors should keep an eye on the SPDR S&P Global Infrastructure ETF (GII), the iShares Global Infrastructure Index ETF (IGF), Vulcan Materials (VMC), Fluor Corp. (FLR), United States Steel (X), Caterpillar (CAT), Nucor (NUE), and Freeport McMoRan (FCX).
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