In July, the White House introduced new infrastructure goals via a fact sheet, with a $1 trillion bipartisan plan—the Infrastructure Investment and Jobs Act—then passing through the Senate in August.
“This bill is going to help make a historic recovery a long-term boom,” said President Biden at the time, adding that Democrats’ “work is far from done.”
Now, however, efforts to pass the legislation alongside a larger bill have stalled. Sen. Krysten Sinema (D-Arizona) is refusing to back passage of the infrastructure laws through the Democrats’ $3.5 trillion spending plan using budget reconciliation.
Sinema believes the proposal should be considered on its own, according to Politico, who reported the following statement:
” is a historic win for our nation’s everyday families and employers and, like every proposal, should be considered on its own merits,” said Sinema spokesperson John LaBombard. “Proceedings in the U.S. House will have no impact on Kyrsten’s views about what is best for our country—including the fact that she will not support a budget reconciliation bill that costs $3.5 trillion.”
Sinema was part of the initial group of senators from both parties who created the bill and helped it pass through the Senate.
The infrastructure bill could have significant impacts on the real estate industry, with goals such as upgrading the power infrastructure by building thousands of miles of new transmission lines, focusing on renewable energy, and protecting infrastructure against climate change, cyber-attacks and extreme weather.
Among several other influences, these changes could result in cleaner drinking water for homeowners; changes in traffic patterns and, therefore, property values; improvements to affordable housing and community-based amenities; and increased interest in investment properties in both the residential and commercial spaces.
Concerns surrounding timing are echoing through Congress, and Rep. Peter DeFazio (D., Ore.) has called on Democrats to pass the budget resolution this week in order to meet upcoming deadlines.
“For those who are worried about delay, my goal is to pass the bipartisan infrastructure package before Oct. 1, when current surface transportation programs expire, and the bipartisan infrastructure package would go into effect. But it will take all Democrats working together to do that,” DeFazio said in a letter to House Democrats.
This is a developing story. Stay tuned to RISMedia for updates.
Liz Dominguez is RISMedia’s senior online editor. Email her your real estate news ideas to lizd@rismedia.com.
