Yahoo Finance's Jessica Smith talks with Julie Hyman on the House passing President Biden's historic $1.2 trillion infrastructure bill last week and the challenges expected to come for the reconciliation bill.

Video Transcript

JULIE HYMAN: But first, we are going to talk more about that infrastructure bill and what is in it. For that, we are joined by our Jessica Smith.

So, Jess, what are some of the points here? And I think it's also important to point out maybe what didn't make it into this bill when all was said and done.

JESSICA SMITH: Yeah, Julie, this is focused on the physical infrastructure. We know we've talked a lot about the Build Back Better plan and the bipartisan infrastructure bill. The Build Back Better plan is still in the works. We'll touch on that in a moment. But this has billions of dollars. It's roughly $1 trillion but billions of dollars for airports, for roads, for bridges, broadband, electric-vehicle charging station, all of those things that, really, lawmakers on both sides of the aisle have said the nation needs to repair and update.

The president says he will sign the bill soon. He wants to have a formal signing ceremony with both Republicans and Democrats who were central to getting this bill across the finish line. The final vote happened late Friday night. It was 228 to 206 with 13 Republicans voting for it and six Democrats voting against it.

President Biden is going to go and kind of sell this package, take a victory lap, and advertise what's in it over the coming weeks. He's starting with the Port of Baltimore later this week. But speaking to the nation on Saturday, he said this is a monumental step forward that will create jobs that cannot be outsourced. Let's watch.

JOE BIDEN: For all of you at home who feel left behind and forgotten in an economy that's changing so rapidly, this bill is for you. The vast majority of the thousands of jobs that will be created don't require a college degree. There will be jobs in every part of the country-- red states, blue states, cities, small towns, rural communities, tribal communities. This is a blue-collar blueprint to rebuild America, and it's long overdue.

JESSICA SMITH: Now, it took a lot for lawmakers to finish this. This was nearly, what, three months since the Senate passed the bill? And it was a long day on Friday as negotiators tried to work with moderates and progressives. Progressives wanted to vote on both of these bills at the same time, the broader social-spending bill and the physical-infrastructure bill, but moderates refused to vote for the Build Back Better plan until they had a CBO score.

So they came to an agreement on Friday night saying that moderates will support the Build Back Better plan later once they see a CBO score and if it matches up to what the White House says they expect it to cost. They're planning on voting on this the week of November 15, but there is some concern that the CBO score won't be there in time. So we'll have to watch to see if that score comes in and if it matches what the White House says this plan's going to cost. Guys.

JULIE HYMAN: A lot of ifs in there still, Jess. So if, though, the reconciliation bill ends up passing the House, what would a chance-- what would its chances be in the Senate?

JESSICA SMITH: Well, right now we know that the Senate is planning to make some changes to the bill. We know that the House added back paid leave into the bill. They added back four weeks into their version of this. We've already heard from Senator Manchin, who has opposed paid leave. So they're going to have to figure out something there. They're going to have to make a change. There's also some changes on the state and local tax deduction. That's probably going to face some hurdles in the Senate. And, as you know, they can't lose any votes in the Senate.

The president says that he's confident it will pass, but it's not going-- it's going to be a little rocky as it-- if it gets past the House and over to the Senate.

JULIE HYMAN: Jessica Smith in Washington. Thanks so much, Jess.