US President Joe Biden stated that he has reached an agreement with senators from both parties on an infrastructure spending plan worth about $1 trillion, which is an important step in realizing one of his top economic priorities.
After meeting with moderate senators who reached a compromise, Biden announced the agreement to reporters outside the White House on Thursday, which included Kirsten Cinema, Arizona Democrat and Republican Senator Susan Collins from Maine.
“We reached an agreement,” the president said. “We made serious compromises on both ends.”
The agreement will inject billions of dollars in new federal spending over the next eight years to upgrade roads, bridges, and broadband networks in the United States. It did not meet Biden’s $2.3 trillion infrastructure spending plan announced in March, nor did it address the $1.8 trillion social safety net spending issue proposed by the US President in April.
The Democrats and the White House hope to use their small majority in Congress to approve the rest of the economic agenda on different tracks of the bipartisan infrastructure bill negotiated with the Republicans.