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President Biden on Thursday announced the White House had struck an infrastructure deal with a bipartisan group of senators after weeks of painstaking, back-and-forth negotiations on a plan to improve the nation's crumbling roads and bridges.
"To answer the direct question, we have a deal," Biden said from the White House lawn. "We have made serious compromises on both ends."
His announcement followed an Oval Office meeting with a bipartisan group of senators, who were pitching a breakthrough pared-down agreement worth about $953 billion reached the night before. Their proposed framework includes about $559 billion in new spending that will be invested in roads, broadband internet, electric utilities and other traditional infrastructure projects over the next five years.
Here's a breakdown of the proposed spending:
One of the biggest points of contention was how to pay for the measure; according to a White House fact sheet, the financing sources include an assortment of options, such as reducing the IRS tax gap, redirecting unused federal unemployment money from the 26 states that are prematurely ending the relief program and repurposing other Covid relief measures.
Twenty-one senators – 11 Republicans and 10 Democrats – have endorsed the framework, although it will likely need to win the support of Senate Majority Leader Chuck Schumer in order to meet the 60-vote threshold needed to pass legislation in the Democratic-controlled Senate under regular order.
Schumer and House Speaker Nancy Pelosi met with Biden on Wednesday night and have indicated they will support a bipartisan plan – but with the caveat that Democrats independently pursue a larger reconciliation package that includes trillions in funding for issues like elder and child care, education, health care and climate change.
https://www.foxbusiness.com/politics/bipartisan-senators-pitch-biden-infrastructure-compromise
"To answer the direct question, we have a deal," Biden said from the White House lawn. "We have made serious compromises on both ends."
His announcement followed an Oval Office meeting with a bipartisan group of senators, who were pitching a breakthrough pared-down agreement worth about $953 billion reached the night before. Their proposed framework includes about $559 billion in new spending that will be invested in roads, broadband internet, electric utilities and other traditional infrastructure projects over the next five years.
Here's a breakdown of the proposed spending:
- Roads, bridges, major projects: $109 billion
- Safety: $11 billion
- Public transit: $49 billion
- Passenger and Freight Rail: $66 billion
- Electric vehicle infrastructure: $7.5 billion
- Electric buses / transit: $7.5 billion
- Reconnecting communities: $1 billion
- Airports: $25 billion
- Ports & Waterways: $16 billion
- Infrastructure Financing: $20 billion
- Water infrastructure: $55 billion
- Broadband infrastructure: $65 billion
- Environmental remediation: $21 billion
- Power infrastructure including grid authority: $73 billion
- Western Water Storage: $5 billion
- Resilience: $47 billion
One of the biggest points of contention was how to pay for the measure; according to a White House fact sheet, the financing sources include an assortment of options, such as reducing the IRS tax gap, redirecting unused federal unemployment money from the 26 states that are prematurely ending the relief program and repurposing other Covid relief measures.
Twenty-one senators – 11 Republicans and 10 Democrats – have endorsed the framework, although it will likely need to win the support of Senate Majority Leader Chuck Schumer in order to meet the 60-vote threshold needed to pass legislation in the Democratic-controlled Senate under regular order.
Schumer and House Speaker Nancy Pelosi met with Biden on Wednesday night and have indicated they will support a bipartisan plan – but with the caveat that Democrats independently pursue a larger reconciliation package that includes trillions in funding for issues like elder and child care, education, health care and climate change.
https://www.foxbusiness.com/politics/bipartisan-senators-pitch-biden-infrastructure-compromise
