Federal News:
President Biden’s $2T infrastructure & climate plan update: The Biden Administration’s American Jobs Plan targets at least $1T worth of backlogged infrastructure improvements, according to the Biden Administration, including addressing a nearly 40-year backlog of bridge repairs. The measure would represent the largest increase in federal spending for research and development and public infrastructure since the 1960s.
State News:
More COVID Relief proposed in Ohio General Assembly: Lawmakers are proposing another $2.15B in funding for statewide distribution as President Biden’s federal package (totaling $1.9T) winds through the U.S. Congress.
Bills were proposed March 2 in the Ohio House and Senate to push funding out to schools, businesses and a variety of other Ohio entities. This state-level aid is sourced from the federal COVID relief package signed by the former president on December 27, 2020, with the state’s General Revenue Fund as another funding source.
Federal News:
Congress gives final approval to President Biden’s $1.856T American Rescue Plan Act of 2021 (ARPA): On Wednesday, March 10, nearly on a party-line vote, the U.S. House passed the Senate’s version of the American Rescue Plan Act of 2021. This is the second-largest pandemic aid bill, following the $2.2T stimulus package passed in 2020. President Biden then signed the measure the next day, Thursday, March 11.
Formally, Section 9901 of HR 1319 (117th Congress) provides $350B to state and local governments, to be available through December 31, 2024. The first tranche of these funds are to arrive to political subdivisions within 30 days of the State receiving ARPA funds (which themselves are to arrive to the State within 60 days of ARPA’s passage).
State News:
State Budget introduced by Governor DeWine: On February 1, the DeWine Administration introduced its executive budget plan for State Fiscal Years 2022 – 2023, to be considered by the Ohio General Assembly. With planned expenditures of $85.76B in SFY 2022 and $85.81B in SFY 2023, the budget neither proposes an increase in taxes (other than a $10 fee increase to register motor vehicles), deploying the state’s $2.69B rainy day fund, nor a significant reduction in spending. The biennial budget is somewhat “normal” in most respects, despite the current circumstances, because one-time resources – such as the federal government’s assumption of a greater share of the state’s Medicaid spending (approximately $300MM in federal assistance each calendar quarter) – are being utilized.
Federal News:
New Round of COVID Relief: House Democrats are drafting a new COVID-19 relief bill modeled after President Biden’s proposed $1.9T in federal response announced in January. A floor vote in the U.S. House is expected next week (the week of Feb. 22.); Congressional leaders are intending for the final bill to be signed by President Biden in early March.