Bipartisan group of senators reaches agreement on infrastructure proposal
A bipartisan group of 10 senators said Thursday they had reached an agreement on a framework for infrastructure spending, which they will hopefully sell to Congress leaders and the White House.
Why it matters: The announcement comes just days after the official breakdown in negotiations between President Biden and a group of Republicans led by Senator Shelley Moore Capito (R-W.Va.).
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What they say: The latest agreement is a "realistic compromise framework for modernizing the infrastructure and energy technologies of our country," says the statement published by Senator Kyrsten Sinema (D-Ariz.).
"This investment would be paid for in full and would not include tax increases," added the senators.
"We are discussing our approach with our respective colleagues and the White House, and we remain optimistic that this can lay the groundwork for gaining broad support from both parties and meeting America's infrastructure needs."
The group consists 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-Ariz.), Jon Tester (D-Mont.) And Mark Warner (D-Va.).
Details: The group did not reveal specific details about the plan, but several reports said the framework will focus on traditional infrastructure and include $ 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: The Senators have yet to win over the Congress leaders and the Biden administration.
Senate minority leader Mitch McConnell, who was briefed on the plan on Wednesday, said he was "open" to it, Romney told reporters CNBC on Thursday.
"It is now unclear whether the package will be large enough to appease Senate Majority Leader Chuck Schumer, D-N.Y., House Speaker, Nancy Pelosi, D-California, and Biden," notes CNBC.
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Shelley Moore Capito
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