President Biden announced on Thursday that the White House and a group of bipartisan senators had reached a deal on a $1 trillion infrastructure plan.
“We have a deal,” the President said. “We made serious compromises on both ends.”
“We have to move and we have to move fast, and this agreement signals to the world that we can function, deliver and do significant things,” President Biden said. “I’m not going to rest until both get to my desk.”
The $1 trillion infrastructure bill will distribute money to roads, bridges, railways, and broadband. 60 senators will need to vote in order for the bipartisan legislation to be passed to the Senate.
This plan will be paired together with a seperate bill that includes other White House priorities. That package will be done “in tandem” via the reconciliation process.
The President will not sign the legislation unless the reconciliation bill is passed.
“If this is the only one that comes to me, I’m not signing it,” he said.
Sen. Richard Blumenthal said the bipartisan agreement is “way too small — paltry, pathetic. I need a clear, ironclad assurance that there will be a really adequate robust package” that will follow.
“It has to be combined with a second much more robust, adequate package to be deserving a vote,” Blumenthal added.
The reconciliation bill is being written by Budget Committee Chair Bernie Sanders. According to CBS News, the bill would likely include tax increases on the wealthy, those earning more than $400,000 a year, and hike the corporate rate from 21% to 28%.
“What is in the bipartisan bill, as I understand that in terms of what they are trying to do, is important. There’s no disagreement that we need money to rebuild our roads, and our bridges and water systems, wastewater plants, broadband – all of that is good,” Sanders said. “Our job right now is to continue working on a major bill, which addresses the crises of working families.”
The reconciliation bill will need the support of all 50 Democrats.
Watch the President’s remarks o the legislation here.