Biden Announces Tentative Infrastructure Deal

President Joe Biden announced Thursday he has achieved a tentative deal with a bipartisan group of senators for a roughly $1 trillion infrastructure plan.

What Happened: "We have a deal" the president told reporters, adding, "We have made serious compromises on both ends."

The deal was created by a 10-member coalition of Democratic and Republican senators. Biden added the new plan would be presented in a "two-track system" that keeps this newly crafted proposal separate from the rest of his $4 trillion economic plan.

The details of the agreement have not yet been made public, nor is it certain when Congress will address the issue. The Senate adjourns on Friday for a two-week break.

See Also: 4 Infrastructure Stocks To Watch

What's Next: Despite the bipartisan authorship of the plan, there's no guarantee it will appeal to either the progressive wing of the Democratic Party, which feels more money should be spent on infrastructure, or the far-right elements of the Republican Party, which is not eager to allocate funds to projects they believe don't meet the traditional definition of infrastructure spending.

Bloomberg reported that Sen. Joe Manchin (D-WV) urged his party members to be open to compromise.

"I would say please don't let the perfect be the enemy of the good," he said.

However, CNBC quoted Sen. Elizabeth Warren (D-MA) as rejecting the idea of compromise, stating that "we have to have the whole thing, not just not just cleave off a little piece of it."

An equally tough sell might take place with Senate Republicans; 60 senators are needed to pass a vote and the chamber is evenly split 50-50 between the parties.

Photo: Gage Skidmore / Flickr Creative Commons.