• U.S. Senate to try to finish $1 trillion infrastructure bill on Saturday

Market news

6 August 2021

U.S. Senate to try to finish $1 trillion infrastructure bill on Saturday

Reuters reports that the U.S. Senate, unable to finalize a $1 trillion infrastructure bill on Thursday, will try again on Saturday when it is scheduled to hold a vote on limiting debate and moving toward passage of the hard-fought legislation.

Action on the legislation, which Democratic President Joe Biden supports, was held up by a flurry of demands from various senators, including a controversial move by some Republicans demanding billions of dollars in new Defense Department improvements, according to lawmakers.

A separate disagreement over a cryptocurrency provision in the infrastructure bill also was simmering.

Once the infrastructure bill is voted upon, the Senate was expected to begin work on a budget framework that Democrats hope would pave the way for a $3.5 trillion “human infrastructure” bill later this year.

The measures must also pass the House of Representatives, where Democrats have a thin majority.

Some senior House Democrats, including Representative Peter DeFazio, chairman of the Transportation and Infrastructure Committee, have expressed concern that the $1 trillion bill lacks sufficient climate measures.

Earlier on Thursday, the non-partisan Congressional Budget Office said the legislation would increase federal budget deficits by $256 billion over 10 years.

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