Bipartisan group of senators reaches agreement on infrastructure proposal

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A bipartisan group of 10 senators said Thursday they reached an agreement on an infrastructure spending framework they hope to sell to congressional leaders and the White House.

Why it matters: The announcement comes just days after negotiations officially broke down between President Biden and a group of Republicans led by Sen. Shelley Moore Capito (R-W.Va.).

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What they're saying: The latest agreement is a “realistic, compromise framework to modernize our nation’s infrastructure and energy technologies,” the statement released by Sen. Kyrsten Sinema (D-Ariz.) said.

  • "This investment would be fully paid for and not include tax increases,” the senators added.

  • “We are discussing our approach with our respective colleagues, and the White House, and remain optimistic that this can lay the groundwork to garner broad support from both parties and meet America’s infrastructure needs."

  • The group consists of Sens. Bill Cassidy (R-La.), Susan Collins (R-Maine), Joe Manchin (D-W.Va.), Lisa Murkowski (R-Alaska), Rob Portman (R-Ohio), Mitt Romney (R-Utah), Jeanne Shaheen (D-N.H.), Kyrsten Sinema (D-Ariz.), Jon Tester (D-Mont.), and Mark Warner (D-Va.).

Details: The group did not release any specific details about the plan, but multiple reports said the framework is focused on traditional infrastructure and includes $579 billion in new spending over five years. The plan would cost $974 billion over five years and $1.2 trillion over eight years, per the Washington Post.

The big picture: The senators still must win over congressional 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 Thursday, per CNBC.

  • "It is unclear now if the package will be comprehensive enough to appease Senate Majority Leader Chuck Schumer, D-N.Y., House Speaker Nancy Pelosi, D-Calif., and Biden," CNBC notes.

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