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

EconomyJul 31, 2021 10:25PM ET
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2/2 © Reuters. FILE PHOTO: U.S. President Joe Biden delivers remarks on the economy from the White House in Washington, U.S. July 19, 2021. REUTERS/Jonathan Ernst/File Photo 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 (36)
Dave Jones
Dave Jones Aug 01, 2021 8:19AM ET
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Could they have possibly found a more beatific photo of St. Joseph of Biden? The patron Saint of senile incompetent bumbling old preverts
Eudon Hickey
Eudon Hickey Aug 01, 2021 2:30AM ET
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How much money is actually spend on infrastructure? Maybe 30%?
Jon Bal
Jon Bal Aug 01, 2021 12:45AM ET
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btw..a trillion is a 1 with 15 zeros
Jon Bal
Jon Bal Aug 01, 2021 12:17AM ET
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i suddenly found my new calling: govt. contractor
Dan Hodel
Dan Hodel Aug 01, 2021 12:17AM ET
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You’re 20 years behind. Signed, 18 year federal contractor operator.
my name
my name Jul 31, 2021 10:38PM ET
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stupid government want to keep money printing while banksters are already out of collateral (stuff to buy) and are forced to reverse repo, which reached $1 TRILLION yesterday!!!
Me comment
Me comment Jul 31, 2021 10:38PM ET
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another uneducated trump supporter showing his non-understanding of what reverse repos are actually being used for.
my name
my name Jul 31, 2021 10:38PM ET
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Me comment  another rad1cal left dem0ncrat thinks that $1 TRILLION in reverse repo is OK & does not know at all how economy works.
Investing Man
Investing Man Jul 31, 2021 9:34PM ET
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Lets hope this money makes it to the people, because we don't need any more tax-subsidized welfare for the rich.
Raymond Huggard
Raymond Huggard Jul 31, 2021 8:28PM ET
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Spending my cash.
CHADWICK RICHINGTON
CHADWICK RICHINGTON Jul 31, 2021 7:50PM ET
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Buy gold
Alexender Sarah
Alexender Sarah Jul 31, 2021 7:50PM ET
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Itz Holyboy Frank
Itz Holyboy Frank Jul 31, 2021 7:09PM ET
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nice
vy mend
vy mend Jul 31, 2021 6:46PM ET
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waooo
Ezege Ezege
Ezege Ezege Jul 31, 2021 6:35PM ET
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can anyone help me?
Mayank Jain
Mayank Jain Jul 31, 2021 5:28PM ET
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can any one help me???I want too us events are positive ya negative Dow n NASDAQ (future) will be in green ya red???plz comment
Ronald Warren
Ronald Warren Jul 31, 2021 5:28PM ET
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With the serious Covid outbreak, markets should selloff on Monday.
Ronald Warren
Ronald Warren Jul 31, 2021 5:28PM ET
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Unless things change, millions of Americans will be facing eviction Monday. They'll have to start paying rent instead of wasting money on Amazon.. Market dum
Ronald Warren
Ronald Warren Jul 31, 2021 5:28PM ET
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market dump.
Christian Lewis
Christian Lewis Jul 31, 2021 5:28PM ET
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Ronald Warren not only what you mentione but they didnt raise the debt ceiling which mean the us will default on its obligation and possibly suffer a credit rating decrease. Monday will be bad! Very bad!
Rakesh Sk
Rakesh Sk Jul 31, 2021 5:28PM ET
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Dow n NASDAQ fly on monday Dow Minimum 500 point's gap up Nasdaq minimum 150 point's gapup
Investing Man
Investing Man Jul 31, 2021 5:26PM ET
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Reagonomics tricklup policies have crushed the middle class. Sadly, I doubt this will help. Until they eliminate tax-subsidized welfare of the rich nothing will help.
Kaveh Sun
Kaveh Sun Jul 31, 2021 4:58PM ET
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It is Full of porks
Christian Lewis
Christian Lewis Jul 31, 2021 4:58PM ET
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Yes republican and democrat pork so lovely and tasty :)
Kaveh Sun
Kaveh Sun Jul 31, 2021 4:57PM ET
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Japan national debt is 2.4x gdp. Usa is nowhere near that level. So sit back n relax ur weekend.
NYSE NASDAQ
NYSE NASDAQ Jul 31, 2021 4:57PM ET
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maturity date of debts are coming in August we will see if they will be able to pay.
Felipe Daniel
Felipe Daniel Jul 31, 2021 4:45PM ET
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Democrats want to bankrupt America $3.5 trillion package and they dont care about all of America when they are willing to use reconciliation they are criminals
Christian Lewis
Christian Lewis Jul 31, 2021 4:45PM ET
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America has been bankrupt since 1913
Ronald Warren
Ronald Warren Jul 31, 2021 3:54PM ET
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Did anyone else read near the end of the piece where Democrats are going to pass the 3.5 trillion package without republicans. Welcome to the Socialist States of America!!
Christian Lewis
Christian Lewis Jul 31, 2021 3:54PM ET
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Wow needs the QOP?
Tony Huynh
Tony Huynh Jul 31, 2021 3:39PM ET
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you guys would be praising this bill if all the money went into military spending, because God forbid we use taxes money on infrastructure
Yoyogi Shark
Yoyogi Shark Jul 31, 2021 3:39PM ET
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There is no tax money, only credit. That is the main issue. Moreover, central planning of public spending is a failed idea by itself. It will be more expensive, lower quality or in case of "human infrastructure", simply a waste. What can be will be in control of the government. Current generation will pay for it with inflation, next generations will be with their freedoms. Sorry for being so dramatic. Not in favor of spending it on military btw.
Catherine Varns
Catherine Varns Jul 31, 2021 3:31PM ET
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It went down from $3.5 trillion to $1 trillion in a week and they are doing a Saturday session....Democrats must be panicking about mid terms and Biden's plummeting approval. It was reported that the two institutions that have lost the most approval over the past year are teachers and health care, and the greatest gain in approval was police. Mainstream media has seen its lowest historic approval in the US below 30%, almost as low now as US approval of Congress. Everything the left touches is seeing massive drops in approval. This week even democrat support of Biden's COVID response dropped to historic lows. NBA, Entertainment Award Shows, Olympics, Super Bowl...all having massive drops in viewership, several at historic low viewership. The democrats even lost 6 house seats last election. They are in trouble keeping this narrative going even with the entire mainstream media apparatus acting like North Korea news promoting the Mother Party's agenda.
Christian Lewis
Christian Lewis Jul 31, 2021 3:31PM ET
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Total 4.5T the 1T bill is just the first bill the second bill will be 2.5-3.5T
Christian Lewis
Christian Lewis Jul 31, 2021 3:31PM ET
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Dems wont lose because trumps base which is 1/3 of the GOP base wont vote because they have no faith in elections. GOP needs to convice them its safe which theyre failing at mesirably
Investing Man
Investing Man Jul 31, 2021 3:29PM ET
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Reagonomics and republicans have collapsed the middle class by 15% pushing them into poverty territory. Its time to give back to the people.
Investing Man
Investing Man Jul 31, 2021 3:29PM ET
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jason wilson 40 years of decline, and they thnk they can make it up by finally increasing wages temporarily for a year? LOL
Investing Man
Investing Man Jul 31, 2021 3:15PM ET
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Lets hope it includes laws it has to go to employment and employees
Green Mango
Green Mango Jul 31, 2021 3:04PM ET
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The are literally lining up to give your money away to billionaires and political donor class
Green Mango
Green Mango Jul 31, 2021 2:57PM ET
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Why would agreement on $1T move the market?  Low range of what has been pitched all year.  AND pursued in the last administration as well.   Non-story.    The real real story would be if they are allowed to push $3-5T more in climate and other make believe pork to solidify their power over you.  Then the market follows the pork.  Hope that does not happen
Ferdinando Riboni
Ferdinando Riboni Jul 31, 2021 2:51PM ET
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free Money
Green Mango
Green Mango Jul 31, 2021 2:51PM ET
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...for the power elite
phumlani Bophela
phumlani Bophela Jul 31, 2021 2:21PM ET
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If legislation is the way to recovery from pandemic and and also meet the needs of those who survived it
Green Mango
Green Mango Jul 31, 2021 2:21PM ET
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Very little of this spending is about "needs" PB.  It is about Government power.
 
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