A nice infographic from the Washington Post that lays out the Biden Administration's "once-in-a-generation investment in America."
It is hailed as an infrastructure bill to rebuild our aging roads and bridges, but actually, only about 5 percent of the spending is earmarked for that. Nearly 20 percent of the bill goes toward expanding caregiving for the elderly and disabled by building more care centers and expanding access to home-based care, and another 13 percent goes toward boosting the U.S. manufacturing sector with large investments in semiconductors and green energy. Those investments aren’t typically seen as traditional infrastructure but align with the administration’s focus on caregiving and reviving U.S. manufacturing.
There is also a mismatch in how it is to be funded. The $2.3 trillion in spending would take place over the next eight years. It would take until 2036 — 15 years — for President Biden’s proposed corporate tax hikes to generate that much revenue. It's a stretch to think that future administrations would be incentivized to keep tax rates higher to pay for a program that happened on someone else's watch.
Republicans think it goes too far, and some Democrats are saying it doesn't go far enough. According to Bloomberg, the competing pressures mean Biden’s proposal likely will have to be broken up into two or even three pieces of legislation that may ultimately differ significantly from the administration’s plan. Some parts will need Republican support to make it through the Senate, while other provisions may be put into fast-track budget bills that need only Democratic votes to pass. Either way, don't expect anything to happen in the near term.