What happened: House Republicans April 19 proposed a package of spending cuts and regulatory changes to allow the federal government to continue borrowing money into 2024. The bill would bring discretionary spending down to Fiscal Year (FY) 2022 levels for FY 2024 and repeals unspent American Rescue Plan (ARP)/COVID-19 pandemic money. It also rolls back many of the climate-focused incentives included in 2022’s the Inflation Reduction Act (IRA) and includes new ARTBA-supported regulatory changes that could improve the project delivery process.
Why it’s important: The proposal would cut resources from two of the Biden administration’s signature achievements – the ARP and the IRA. Notably, it would not touch the Infrastructure Investment and Jobs Act’s (IIJA) authorized investments in core highway and public transit programs via the Highway Trust Fund. The legislation also does not repeal any of the hundreds of billions of IIJA dollars already appropriated for highway, bridge, public transportation, and other infrastructure sectors.
What’s next: The debt ceiling is expected to be reached in the next few months. Compromise with the Democrat-controlled Senate and President Joe Biden is essential for enactment. As both the debt ceiling and macro government spending discussions continue, ARTBA will work to ensure all of the investment promises made in the IIJA continue unimpeded.
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