A group of 10 senators has reportedly reached an agreement regarding the framework of a new infrastructure bill. Those with information on the legislation say the $1.2 trillion proposal focuses on “core, physical infrastructure” and would not increase taxes, though it includes an option to index the gas tax.
The Hill reports:
The bipartisan framework would spend only a fraction of the $4.1 trillion President Biden has called for and includes an option to index the gas tax to inflation, which could make it a tough sell within the broader Senate Democratic caucus.
“We have a tentative agreement on the pay-fors, yes, but that’s among the five Democrats and the five Republicans. It has not been taken to our respective caucuses or the White House so we’re in the middle of the process. We’re not at the end of the process, not at the beginning but we’re in the middle,” Romney told reporters Thursday afternoon.
Portman emphasized the agreement would not raise taxes, reflecting the broader GOP review that pegging the gas tax to inflation would not amount to a true tax increase.
“Pleased to report our group of 5 Republicans and 5 Democrats have worked in good faith and reached a bipartisan agreement on a compromise framework to modernize our nation’s infrastructure without any tax hikes,” he said on Twitter.
Over the next five years, the deal would provide $974 billion. The bill still needs to be presented to the President.