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U.S. Senate in rare Saturday session on $1 trln infrastructure bill

EconomyAug 01, 2021 03:25
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2/2 © Reuters. U.S. President Joe Biden meets with Cuban American leaders in the State Dining Room at the White House in Washington, U.S., July 30, 2021. REUTERS/Evelyn Hockstein 2/2

By Susan Cornwell

WASHINGTON (Reuters) -The U.S. Senate in a rare Saturday session worked on a bill that would spend $1 trillion on roads, rail lines and other infrastructure, as lawmakers from both parties sought to advance President Joe Biden's top legislative priority.

The ambitious plan has the backing of Democrats and Republicans alike and has already cleared two hurdles by broad margins in the closely divided Senate.

But so far lawmakers have not seen the final text of the bill, which includes about $550 billion in new spending and was still being written on Saturday. Earlier votes were for a shell bill that will incorporate the actual legislation once it is complete.

U.S. Democratic Senate leader Chuck Schumer said on the Senate floor that the bipartisan group working on the legislation needed additional time.

"The staffs are still working and say they will have the final legislative text ready tomorrow," Schumer said on Saturday night.

"When the legislative text is ready, I will offer it as the substitute amendment and after that, we can begin voting on amendments," the top Senate Democrat said.

After passing the $1 trillion bill, Schumer aims to push forward on a sweeping $3.5 trillion package that focuses on climate change and home care for the elderly and children. That faces staunch Republican opposition and some dissent among moderate Democrats.

"The Senate is going to move forward on both tracks of infrastructure before the beginning of the August recess. The longer it takes to finish, the longer we'll be here. But we're going to get the job done," Schumer said earlier on Saturday.

The Senate voted 66-28 on Friday to take up the bill, with 16 Republicans joining all 48 Democrats and two independents in support.

The package would dramatically increase the nation's spending on roads, bridges, transit and airports. Supporters predicted it will ultimately pass the Senate and House of Representatives, eventually reaching Biden's desk for him to sign it into law.

It includes about $550 billion in new spending, on top of $450 billion that was previously approved. It also includes money for eliminating lead water pipes and building electric vehicle charging stations.

The bill does not include funding for most climate change and social initiatives that Democrats aim to pass in the separate $3.5 trillion measure without Republican support.

Democrats hold razor-thin margins in both the Senate and the House of Representatives, meaning the party must stick together to achieve its legislative goals.

Progressive (NYSE:PGR) members of the House Democratic caucus have already suggested the $1 trillion package is inadequate, and the Senate could likewise impose changes that could complicate its chances of becoming law.

But supporters, including Schumer and Republican Senate Minority Leader Mitch McConnell, have been optimistic about its prospects.

U.S. Senate in rare Saturday session on $1 trln infrastructure bill
 

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Comments (4)
Sami Zaman
Sami Zaman Aug 01, 2021 4:57
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Can I expect further momentum in the August series?
Fareed Rasidi
Fareed Rasidi Aug 01, 2021 4:57
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yes…spending on economy recovery..stock market will continue grow
moin uddin
moin uddin Aug 01, 2021 4:19
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nice
Levente Bara
Levente Bara Aug 01, 2021 4:19
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What nice ? 30 trillion $ debt ?? How you will pay it back moin ??
Fareed Rasidi
Fareed Rasidi Aug 01, 2021 4:19
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even its a debt, they are spending for economy recovery. stock market expecting to continue grow and recover
Alex Malmström
Alex Malmström Jul 31, 2021 22:55
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Tumbling mumbling Joe at it again!
Madhukar matsagar
Madhukar matsagar Jul 31, 2021 19:14
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what will be effect of this on us market
Ed Douglas
Ed Douglas Jul 31, 2021 19:14
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It will shift it up.
Sami Zaman
Sami Zaman Jul 31, 2021 19:14
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Can I expect further momentum in the August series?
Fareed Rasidi
Fareed Rasidi Jul 31, 2021 19:14
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stock market will continue grow
 
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