Bipartisan group of U.S. senators says it has a deal on infrastructure framework
WASHINGTON, (Reuters) - A bipartisan group of 10 U.S. senators said yesterday 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.
"Our group ... has worked in good faith and reached a bipartisan agreement on a realistic, compromise framework to modernize our nation's infrastructure and energy technologies," the lawmakers said in a statement. "This investment would be fully paid for and not include tax increases." 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.
The White House said it would work with the senators to address questions about policy and funding. A person familiar with President Joe Biden's thinking said the White House opposed any effort to index gasoline taxes to inflation.
Democratic U.S. Senate Majority Leader Chuck Schumer said earlier yesterday he was open to a bipartisan infrastructure bill but wanted to see it in writing. He added he might also push for a follow-up package that had only his party's support.