A bipartisan group of 10 U.S. senators said on Thursday it had reached agreement on a framework for a proposed infrastructure spending bill that would not include any tax increases.
The group of five Republicans and five Democrats gave no details, but a source familiar with the deal said it would cost $974 billion over five years and $1.2 trillion over eight years, and includes $579 billion in new spending.
The senators said they were discussing their approach with their colleagues and the White House, and they were optimistic about getting broad support.
The agreement proposes using unspent COVID-19 funds and raising revenue to fund infrastructure investments by indexing the federal tax on gasoline to account for inflation, a congressional source familiar with the negotiations said.
Biden, a Democrat, has been pushing for a sweeping $1.7 trillion package in Congress to revamp roads and bridges and tackle such other issues as education and home healthcare.
His plan has faced Republican opposition and Biden earlier this week rejected a far smaller counter-proposal put forward by Republican Senator Shelley Moore Capito.
A House of Representatives panel on Thursday ended more than 17 hours of debate with a 38-26 vote authorizing $547 billion in additional spending for surface transportation.
The Senate Commerce Committee was also set to unveil a $78 billion surface transportation bill, sources said.
The Senate is split 50-50 between the two parties, although Vice President Kamala Harris can cast a tie-breaking vote.
Reference: Reuters
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