Buy America 2.0 Act This bill prohibits federal funding of a transportation or infrastructure project unless the steel, iron, and manufactured goods used for the project are produced in the United States, except where (1) inconsistent with the public interest; (2) iron, steel, and the relevant manufactured goods are not produced in the United States in sufficient and reasonably available quantities and of a satisfactory quality; or (3) inclusion of iron, steel, and manufactured goods produced in the United States will increase the cost of the overall project by more than 25%. The bill revises and expands Buy America provisions pertaining to public transportation, rail loan and loan guarantees, and aviation. The bill permanently extends the prohibition on the use of funds for a public water system project that does not use iron and steel products produced in the United States.