President Joe Biden said Tuesday that it’s his intention that the “federal government will pay for the entire cost of reconstruction in that bridge.”
It’s possible that some of the funding could come from the bipartisan infrastructure law – one of Biden’s key legislative accomplishments that passed in 2021. It authorized $550 billion in new federal investments. As with any massive spending package with hundreds of funding streams, it's difficult to track exactly how much money remains. But the money is being disbursed over a five-year period, so there will be funds available through 2026.
Most of the money passes through the US Department of Transportation and is awarded to states and projects on an annual basis through one of two ways:
- Some funds are sent to the states based on a formula, which is typically used to fund highway and bridge projects. The state selects those projects. A lot of the formula programs have long been sending federal money to states annually but are now delivering much more funding during the five-year period covered by the infrastructure law. Overall, 47% of the formula funding made available by the infrastructure law had been awarded by November 2023, according to the Brookings Institution.
- But even more funds are available and awarded through competitive grant programs for which communities can apply to receive money for specific projects. For example, the Bridge Investment Program funds major projects that cost up to $100 million.
After a 447-foot-long, four-lane bridge collapsed in Pittsburgh in 2022 — hours before Biden was scheduled to visit the city — money from the infrastructure law helped rebuild the bridge quickly without affecting funding for other critical projects in the region. The bridge reopened within one year.