Budget Brief 21-29
November 18, 2021

Two big pieces of legislation have been on Congress’s front burner in recent months. The Infrastructure Investment and Jobs Act (IIJA; P.L. 117-58), signed into law on November 15, funds a wide array of physical infrastructure. Its state impacts have been summarized in several FFIS Issue Briefs.

Its companion legislation, the Build Back Better Act (BBB; H.R. 5376), is a budget reconciliation bill that includes scores of spending and tax programs to address climate change, child care, health care, and equity. A House vote is anticipated this week. Although the bill was negotiated with Senate leaders, its passage there is not foreordained.

The BBB Act is estimated to provide about $1.75 trillion in new spending over 10 years, offset by about $1.5 trillion in new revenues (based on an estimate from the Joint Committee on Taxation [JCT]). This Budget Brief summarizes the top-line provisions of the BBB Act, emphasizing those relevant to states.