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Kevin.Com public, 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 gon na - 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.