The infrastructure deal agreed to by President Joe Biden and a bipartisan group of senators would spend $973 billion over five years, or $1.2 trillion if extended to eight years, on a range of programs, from roads and bridges to water and broadband. It calls for $579 billion in new spending, according to a White House fact sheet, including:

* $312 billion for transportation: This includes $109 billion for roads, bridges and major projects; $49 billion for public transit; and $66 billion for passenger and freight rail. It also includes $25 billion for airports, $16 billion for ports and waterways and $7.5 billion for electric vehicle infrastructure.

* $73 billion for power infrastructure and the electric grid;

* $65 billion for broadband infrastructure;

* $55 billion for water infrastructure;

* $47 billion for resiliency.

How to pay for that new spending was a major obstacle to the agreement. Republicans rejected Biden’s calls for higher taxes on the wealthy and corporations, while the White House objected to proposals to index the gas tax to inflation. “We’re going to do it all without raising a cent from earners below $400,000. There’s no gas tax increase, no fee on electric vehicles,” Biden said Thursday.

The White House said proposed funding will include:

* Reducing the IRS tax gap;

* Unemployment insurance program integrity;

* Redirecting unused unemployment insurance relief funds;

* Repurposing unused relief funds from 2020 emergency relief legislation;

* State and local investment in broadband infrastructure;

* Allowing states to sell or purchase unused toll credits for infrastructure;

* Extending expiring customs user fees;

* Reinstating Superfund fees for chemicals;

* Using 5G spectrum auction proceeds;

* Extending mandatory sequester;

* Selling from the strategic petroleum reserve.

“It is unclear whether the final package will ultimately rely on deficit spending,” The Washington Post reports, “and some financial experts are suspicious about whether lawmakers and the White House are serious about ensuring that the infrastructure plan can pay for itself.”

Like what you're reading? Sign up for our free newsletter.