Biden Infrastructure Bill Proposes $10 Billion Revolving Capital Fund for the Public Buildings Service

By Ron Kendall, Vice Chair of NFDA and Executive Vice President - Easterly Government Properties

President Biden’s S2 Trillion legislative proposal for U.S. Infrastructure, entitled the “American Jobs Plan” calls, among many other things, for the creation of a $10 Billion Capital Revolving Fund for the Public Buildings Service.  This was a feature of the Trump Administration’s budget request to Congress for both fiscal years 2019 and 2020, and neither time was that Fund enacted into law, doubtless because of Congressional Pay-As-You-Go rules (whereby legislative elements that will increase the Federal deficit must have offsetting Treasury receipts via taxes or other means.)  However, this latest proposal feels different, since with a spate of trillion dollar spending bills since the onset of the Covid-19 pandemic, there seems no longer to be Congressional resistance to increasing the Federal deficit if the measure will help reinvigorate the US economy.  In other words, this Infrastructure proposal looks likely to be enacted into law, albeit with Congressional changes, especially now that the Senate Parliamentarian has ruled that it can be passed under Budget Reconciliation procedures, meaning it needs only a simple majority to pass in the Senate and is not subject to filibuster. Read More