The news: President Joe Biden signed the $1 trillion infrastructure bill into law Monday, putting $550 billion in new money into transportation, broadband, utilities, and EV infrastructure for the next five years, per CNBC.
How we got here: The US Senate passed the infrastructure bill in August, and the US House passed the bill last week despite it initially being contingent on a separate $1.8 trillion economic package.
“I truly believe that 50 years from now, historians are going to look back at this moment and say, that’s the moment America began to win the competition of the 21st century,” Biden said as he signed the bill into law.
What’s next: The hard work of submitting budget proposals on how to best distribute the funding begins with state officials tasked with finding the biggest impact for investments.
What’s the catch: Investments in rural broadband, EV charging stations, and 5G infrastructure will likely be low on the list of priorities—all network infrastructure expansion is at a standstill due to year-long supply chain delays.
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