Bipartisan Group of Senators Reaches Tentative Agreement on Infrastructure Deal to Present to Biden

A bipartisan group of ten senators reached a deal on an infrastructure plan on Thursday to present to the Biden administration for further negotiations.

The plan includes about $579 billion in new spending and, including expected future spending, would cost $974 billion over five years or $1.2 trillion over eight years, multiple outlets reported. The ten senators said there would be no tax increases. 

A bipartisan group of 10 U.S. senators says they agree on a "framework" for a deal on an infrastructure package, but the members did not release any details and top leaders from both parties have been mostly silent on the development.

According to two sources familiar with the negotiations, the agreement is focused on "core, physical infrastructure." The proposal would cost $1.2 trillion over eight years and include $579 billion in new spending.

The plan would not have any tax hikes, and aides did not provide any further details on how the costs would be offset.

A bipartisan group of senators announced on Thursday that they had reached an agreement on a framework to invest in the nation’s aging public works system, racing to prove that a compromise was feasible despite deep divisions over how to structure and finance an infrastructure package.