On Tuesday, August 10th, the Senate passed the Infrastructure Investment and Jobs Act of 2021 by a 69 to 30 vote.  The bill will make provision for expenditure of $1.2 trillion including $550 billion in new spending over the coming five years.  Major expenditure categories include; -

• Roads and bridges - $110 for transport including rail and public transit- $124 billion
• Improvements to the electrical grid- $73 billion
• Broadband expansion especially to rural areas- $65 billion
• Water infrastructure and protection from droughts and floods - $110 million

The bill now moves to the House after the return from recess on August 23rd, three weeks before the scheduled date for the session.

Congress must address the extension of the debt ceiling, which expired on July 31st following the  existing suspension enacted in 2019 at a level of $22 trillion.  Currently the U.S. has assumed $28.6 trillion in debt and will post a $3.1 trillion deficit for Fiscal 2021.