Fox News congressional correspondent Chad Pergram breaks down the infrastructure bill debate on ‘Cavuto: Coast to Coast’<\/p>\n
President Biden on Thursday declared that he and a bipartisan group of senators had reached a deal for a $1.2 trillion infrastructure package, a breakthrough agreement that comes after weeks of arduous negotiations. <\/p>\n
The agreement includes more than $500 billion in new spending that will be invested in "core" infrastructure projects such as roads, broadband internet and electric utilities over the next eight years.<\/p>\n
"We have a deal," Biden said outside the White House, standing next to a group of Republicans and Democrats who helped to craft the framework. "I think it’s really important we’ve all agreed that none of us got all that we wanted." <\/p>\n
BIDEN, BIPARTISAN SENATORS REACH DEAL ON $973B INFRASTRUCTURE COMPROMISE<\/strong><\/p>\n Still, the compromise is just the beginning of what's likely to become a long and difficult path to passage: Biden pledged to not sign any legislation unless it comes in tandem with a multitrillion-dollar reconciliation package that focuses on Democratic priorities such as child and elder care, climate change and health care. <\/p>\n It's unclear whether Democrats will be able to secure the support of all 50 members needed to pass the legislation in the Senate with their slimmest-possible majority.<\/p>\n Here's a breakdown on how the money in the bipartisan bill would be allocated: <\/p>\n "Democracy requires compromise," a White House fact sheet said. "The historic Bipartisan Infrastructure Framework will make life better for millions of Americans, create a generation of good-paying union jobs and economic growth, and position the United States to win the 21st century, including on many of the key technologies needed to combat the climate crisis."<\/p>\n BIDEN'S PROPOSED 39.6% TAX HIKE WOULD HIT THESE INDIVIDUALS, FAMILIES<\/u><\/strong><\/p>\n One of the biggest sticking points was how to pay for the measure. The White House said in a fact sheet that it would be funded with unused coronavirus relief funds, unused unemployment insurance and sales from the strategic petroleum reserve, among other measures.<\/p>\n Here are all of the revenue sources listed by the White House:<\/p>\nTransportation: $312 billion<\/strong><\/h3>\n
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Other infrastructure: $266 billion<\/strong><\/h3>\n
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How would they pay for it?<\/strong><\/h3>\n