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Biparty group of senators reach agreement on infrastructure proposal

A bipartisan group of 10 senators said Thursday they’ve come to an agreement on a framework of infrastructure spending they hope to sell to leaders in Congress and the White House.

Why is this important: The announcement comes just days after negotiations officially broke off between President Biden and a group of Republicans led by Senator Shelley Moore Capito (RW.Va.).

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What they say : The latest agreement is a “realistic compromise framework to modernize our country’s energy infrastructure and technologies,” said the statement released by Sen. Kyrsten Sinema (D-Arizona).

  • “This investment would be fully paid for and would not include tax increases,” added the senators.

  • “We are discussing our approach with our respective colleagues and the White House, and remain optimistic that this can lay the groundwork for broad support from both sides and meet America’s infrastructure needs.”

  • The group is made up of Sens. Bill Cassidy (R-La.), Susan Collins (R-Maine), Joe Manchin (DW.Va.), Lisa Murkowski (R-Alaska), Rob Portman (R-Ohio), Mitt Romney (R-Utah), Jeanne Shaheen (DN.H.), Kyrsten Sinema (D-Arizona), Jon Tester (D-Mont.) And Mark Warner (D-Va.).

Details: The group has not released any specific details of the plan, but several reports say the framework focuses on traditional infrastructure and includes $ 579 billion in new spending over five years. The plan would cost $ 974 billion over five years and $ 1.2 trillion over eight years, according to the Washington post.

The big picture: Senators have yet to convince congressional leaders and the Biden administration.

  • Senate Minority Leader Mitch McConnell, who was briefed on the plan Wednesday, said he was “open to it,” Romney told reporters Thursday, according to CNBC.

  • “It’s unclear now whether the package will be comprehensive enough to appease Senate Majority Leader Chuck Schumer, DN.Y., House Speaker Nancy Pelosi, D-Calif., And Biden,” CNBC notes.

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