*This story is breaking and will be updated as more information becomes available.
On Tuesday the Senate passed the roughly $1 trillion bipartisan infrastructure deal, giving President Biden a major win.
The Hill reports:
The bipartisan deal includes roughly $550 bill in new funding, making it substantially smaller than the $2.6 trillion proposed by Biden earlier this year.
It includes money for new investments for infrastructure projects like roads, bridges, broadband, water and rail. According to a Congressional Budget Office (CBO) analysis, the bill would add $256 billion to the deficit, though negotiators argue that “hard” infrastructure projects pay for themselves over time and that CBO didn’t give them full credit for their work.
“The new spending under the bill is offset through a combination of new revenue and savings, some of which is reflected in the formal CBO score and some of which is reflected in other savings and additional revenue identified in estimates, as CBO is limited in what it can include in its formal score,” Sinema and Portman said in a joint statement on the analysis.
The Senate’s passage of the bill tees up Senate Democrats to turn to their $3.5 trillion plan, which they will try to pass through the Senate without GOP support.
The bill faces an uncertain future in the House as Speaker Nancy Pelosi says the House wants to vote on Biden’s spending plan first.