The bipartisan legislation the Senate is considering is a historic investment in our nation’s core infrastructure needs – including roads and bridges, rail, transit, ports, airports, the electric grid, broadband, and much more.
This investment is being made without new tax hikes on working families and employers large and small, despite the Democrats’ announced plans for more tax hikes.
The Congressional Budget Office (CBO) score says that the cost of the infrastructure bill is $228B over five years and $415B over 10 years, and the offsets we have identified total $519 billion. portman.senate.gov/newsroom/press…
Our bill is paid for through a combination of new savings & revenue, some of which is reflected in the formal CBO score and some of which are is reflected in other CBO estimates. We’ve always understood there are limitations on what CBO can and will include in its official score
One example of CBO’s limitations is that the fact that the formal score does not include states returning $53 billion in unused funds from the enhanced UI supplement to the federal treasury as part of its formal score.
Recouping these unused funds is a win for American taxpayers, and everyone should support returning these funds to the federal treasury. A significant chunk of our savings come from repurposing unused COVID funds. This too is a win for taxpayers.
We also know that this bill’s investment in long-term capital assets will improve economic efficiency and productivity, increase economic growth and generate additional revenue for the federal government.
The American people strongly support this bipartisan legislation and we look forward to working with our colleagues on both sides of the aisle and President Biden to get it passed through Congress and signed into law.
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