Senate negotiators reach an agreement on infrastructure bill

CNBC Television published this video item, entitled “Senate negotiators reach an agreement on infrastructure bill” – below is their description.

Sen. Rob Portman (R-Ohio) tells reporters Democrats accepted a Republican proposal for a long-awaited infrastructure bill. Senators will begin a long voting process tonight, but it’s unclear whether there are enough committed Republican votes in favor of the final bill. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

Key senators on Wednesday announced they reached a bipartisan infrastructure deal, setting up a potential vote to advance the plan within hours as Majority Leader Chuck Schumer rushes to get it through the chamber.

“We now have an agreement on the major issues,” said Sen. Rob Portman of Ohio, the lead GOP negotiator. “We are prepared to move forward.”

The Democrat leading her party’s infrastructure effort, Sen. Kyrsten Sinema of Arizona, also said “we’ve got a deal” with “most” of the bill’s text completed, according to NBC News. She said she spoke to President Joe Biden, who is “excited to move this forward.”

Biden later told reporters he feels “confident” about the agreement.

Schumer, D-N.Y., said he hopes to hold a procedural vote to advance the plan Wednesday night. The measure will need 60 votes to advance, or 10 Republicans if all 50 members of the Democratic caucus back it.

“I believe we have the votes for that,” Schumer said.

Four other Republicans — Sens. Bill Cassidy of Louisiana, Susan Collins of Maine, Lisa Murkowski of Alaska and Mitt Romney of Utah — joined Portman in announcing the deal after they met with Senate Minority Leader Mitch McConnell, R-Ky. It was unclear how many more GOP senators were prepared to advance the plan.

Six other Republican senators, Richard Burr of North Carolina, Lindsey Graham of South Carolina, Jerry Moran of Kansas, Mike Rounds of South Dakota, Thom Tillis of North Carolina and Todd Young of Indiana, backed the framework last month. They and a handful of other GOP lawmakers will shape whether the bill advances in the Senate.

The agreement on infrastructure legislation follows disputes over issues including transit funding that prevented a deal for days. The wrangling threatened to derail a core piece of Biden’s agenda.

Senators “continue to make good progress” on both the bipartisan bill and Democrats’ separate plan to invest $3.5 trillion in social programs, Schumer said earlier Wednesday. Democrats say both packages will boost the economy and provide a stronger safety net for households.

The infrastructure plan was set to invest $550 billion in new money for transportation, broadband and utilities — down from $579 billion in the initial framework announced last month. It includes, according to a White House fact sheet:

$110 billion for roads, bridges and major transportation projects

$73 billion for power infrastructure

$66 billion for passenger and freight rail

$65 billion for broadband

$55 billion for clean drinking water

$39 billion for public transit

$25 billion for airports

$21 billion for environmental remediation

$17 billion for ports

$11 billion for transportation safety

$7.5 billion for electric vehicle infrastructure

$5 billion for zero or low emissions buses

$1 billion to redesign or demolish infrastructure that divided communities

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