President Joe Biden, flanked by lawmakers from both sides of the aisle, signed a bipartisan infrastructure bill into law Monday at the White House.
The $1.2 trillion Infrastructure Investment and Jobs Act includes $550 billion in new spending for improvements to the nation's roads, bridges, public transit and rail systems, electric-vehicle infrastructure and broadband internet access, among other upgrades.
The bill, which passed in the Senate in a 69-30 vote in August and in the House on Nov. 5 in a 228-206 vote, also includes a "pension smoothing" provision that extends the rules for interest rates used to calculate pension liabilities to 2034 from 2029. Smoothing allows pension plan sponsors to avoid interest rate volatility, but lawmakers have used it as a way to partially pay for legislation since it also lowers the required employer pension contributions, which are deductible.
The provision's amendments would apply to plan years after Dec. 31, 2021.
"The bill I'm about to sign is proof that despite the cynics, Democrats and Republicans can come together and deliver results," Mr. Biden said prior to signing the bill.
Added Mr. Biden: "America is moving again, and your life is going to change for the better."
Also at the ceremony, Vice President Kamala Harris said that "as historic as it is," the bill "is part one of two," and urged Congress to pass the $1.75 trillion Build Back Better Act, which would, among other things, make investments in clean energy, expand Medicare and establish universal prekindergarten.
Mr. Biden said at the ceremony that he is "confident" that Congress would pass the accompanying Build Back Better bill.
James Comtois contributed to this story.
