Editor's Note: This story was updated June 5 to note that President Joe Biden signed the bill into law.
With just days to go before the U.S. Treasury was expected to run out of money to pay the nation’s bills, the Senate cast the final vote to seal a deal to extend the debt limit to 2025.
To reach the agreement, the Biden administration and House Republicans hashed out an agreement that cuts spending in some areas while reducing some regulations, which construction groups are applauding.
The legislation was signed June 3 by President Joe Biden to avoid a potentially catastrophic default by the U.S. government on its financial obligations.
Construction industry groups are hailing the passage as not only preventing economic disaster but also easing some rules that they say have hindered the construction industry. Some state departments of transportation, however, could see a reduction in transportation funding.
Here’s a look at some of the ways contractors may benefit from the deal:
