The announcement came after weeks of failed talks between the Biden administration and GOP lawmakers
A bipartisan group of 10 senators said on Thursday it had reached a tentative agreement on a “realistic, compromise framework” for an infrastructure spending package.
The announcement came after weeks of talks between the Biden administration and top GOP lawmakers. President Biden engaged with key members of the group in recent days after talks broke down with a separate group led by Sen. Shelley Capito, RW.Va.
“Our group – consisting of 10 senators, 5 from each party – has acted in good faith and reached a bipartisan agreement on a realistic, compromise framework for modernizing our nation’s infrastructure and energy technologies,” the senators said. said. “This investment will be paid for in full and will not include tax increases.”
“We are discussing our approach with our respective allies and the White House, and remain optimistic that it will lay the groundwork for gaining broad support from both sides and meeting America’s infrastructure needs,” he said. could.”
The agreement focuses largely on physical infrastructure projects and includes new spending of $579 billion, a source familiar with the terms of the deal told Granthshala News. The plan will cost $974 billion over a five-year period and $1.2 trillion over eight years.
The bipartisan group included Bill Cassidy, R-La., Susan Collins, R-Maine, Joe Manchin, DW.Va., Lisa Murkowski, R-Alaska, Rob Portman, R-Ohio, Mitt Romney, R-Utah, Gene Shaheen Huh. , D.N.H., Kirsten Cinemas, D-Ariz., John Tester, D-Mont., and Mark Warner, D-Va.
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Earlier talks between Biden and Capito broke down after disagreements about the structure, size and financing of their proposed infrastructure plan. Republicans have widely opposed Biden’s plan to fund the spending package through tax increases on corporations and the wealthiest Americans.
GOP lawmakers previously offered a $928 billion infrastructure proposal that included about $330 billion in new spending, well below Biden’s preferred level of investment. An administration source said Biden wanted more spending commitments and felt Republicans had failed to provide a clear plan of payment for the package.
Granthshala News’ Jackie Heinrich contributed to this report.