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60 billion being the upper estimate is kind of wild to as while it's an unfathomably large amount of money in terms of US government spending it ain't even all that much. Baffling that this hasn't been done before and just fixed the problem.
It's basically been in process for decades. Pipes in the ground can last 50 years, so replacement of ones put in the ground in the early 80s are due to be replaced now. Each state has a Drinking Water State Revolving Fund program that gets funding from the EPA to replace waterlines. Until recently, the money has been focused on the oldest or most needed projects (some of which are lead), but this recent push has aimed to target specifically all lead lines in the ground.