Bipartisan Stimulus Bill JUST Passed! [Breakdown!]

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[Music]

hey everyone meet kevin here it is

official congress has finally passed the

bipartisan infrastructure stimulus

package this is a package that

previously passed in the senate with a

vote of

69 votes in favor out of 100 this is for

the 1.2 trillion dollar infrastructure

package this sat around for months

waiting for nancy pelosi and house

democrats to finally pass the bill which

they have done so they have now with 228

to

206 voted to pass the bipartisan

infrastructure package this comes

without

the social stimulus infrastructure

package the expectation now is that the

1.2 trillion dollar hard infrastructure

package which we'll go through in just a

moment will be signed into law by joe

biden to finally give democrats a

victory again keep in mind democrats

were brutally embarrassed in virginia by

losing the governor's seat in virginia a

republican has not won a state office

seat since chris christie won the

governorship in 2009 and it is

embarrassing that after 12 years

republicans were able to win something

again

in the eyes of democrats obviously

republicans see this as a victory and a

fight against more social spending more

potential taxation and a fight against

inflation and this apparently may have

been one of the reasons democrats

decided okay maybe we don't want to go

so extreme and try to get everything

right now let's start passing things as

we've gotten them done now who knows

this part is just speculation i want to

hear from you what you think but for now

let's take a look at what was actually

passed so this 1.1 trillion dollar

infrastructure package by some estimates

will cost up to 1.2 trillion over the

next 10 years in total will include

billion dollars for roads bridges and

major projects 39 billion dollars to

modernize and make public transit more

accessible to the elderly elderly so

this is modernizing public transit and

making it more accessible to the elderly

66 billion dollar investment into rail

maintenance this is mostly going to

amtrak one i'm sorry 11 billion dollars

in highway and pedestrian safety

programs 7.5 billion dollars for an

electric

vehicle charging networks

42 billion dollars for ports and

airports 50 billion dollars to bolster

the country's infrastructure against

climate change and cyber attacks there

will be 65 billion dollars paid towards

broadband this is a form of stimulus as

well since it includes a grant program

to expand access to underserved areas

with non-profits and public private

partnerships but also subsidies to lower

the payments for qualifying households

to around thirty dollars per month with

a one hundred dollar equipment credit

this by the way is similar to slash an

extension of the pandemic emergency

access subsidy but it does lower that

subsidy from fifty dollars to thirty 30

but does provide that equipment credit

55 billion dollars will go towards clean

water mostly removing lead pipes from

our infrastructure 73 billion dollars

will go to update and expand the grid we

expect in mostly green ways 21 billion

dollars to remove pollution from soil

and the ground that's groundwater and uh

for paying for it we expect that 200

billion dollars of the money will come

from repurposed and unused covet funds

50 billion dollars will come from

delaying a trump era rule on medicare

details of that we could cover in a

different video 30 billion dollars from

applying information reporting

requirements to cryptocurrency so this

is uh the know your customer style

requirement uh for cryptocurrency

reporting and this is gonna have some

interesting

consequences because cryptocurrency

companies fought this and suggested hey

how are miners supposed to know their

customers how are certain uh defy

companies supposed to know their

customers when the point of being

decentralized is that they don't know

their customers so there were some

amendments to try to exempt minors but

those amendments never went through so

we'll kind of see how this goes

uh but uh yeah not so good for the

cryptocurrency space but it is something

that uh that that isn't part of this we

expect it to get amended in the future

60 billion dollars is expected to come

from economic growth 87 billion from

past and future sales of the wireless

spectrum opening up like 5g broadband in

certain areas and the bill is expected

to widen the federal budget deficit by

256 billion over the next 10 years which

does mean out of about 1.1 trillion

dollars that we went through here it

does seem that about

256 is really left in terms of debt and

this would mostly be covered if we

actually get these sorts of gains along

with other gains that are expected so

we'll see but this gives you an outline

of what the heck the bipartisan

infrastructure package is note this does

not include anything regarding the child

tax credit preschool paid leave those

are all part of the social

infrastructure package which is a 1.75

trillion dollar package that is expected

to be passed and potentially fully

written because it's not even fully

written yet around november 15th

although i personally expect this to get

delayed until the beginning of december

once we start negotiating the debt

ceiling and the budget deficit again and

we run into the risk of a government

shutdown versus government default again

and all that drama comes back at the

beginning of december for now bipartisan

infrastructure package which has already

been signed and passed by the senate

it's now sitting around is passed we

obviously expect joe biden to sign it

now all eyes are back on kirsten cinema

and joe manchin for this social

infrastructure package all right folks

thanks so much for watching if you found

this video helpful consider sharing and

we'll see in the next one goodbye

[Music]