Bipartisan group of senators announce 'realistic compromise' on infrastructure bill

A bipartisan group of senators issued a statement on Thursday saying that they have arrived at a "compromise framework to modernize our nation's infrastructure and energy technologies."

"Our group – comprised of 10 Senators, 5 from each party – has worked in good faith and reached a bipartisan agreement on a realistic, compromise framework to modernize our nation's infrastructure and energy technologies," the lawmakers said in a joint statement. "This investment would be fully paid for and not include tax increases. We are discussing our approach with our respective colleagues, and the White House, and remain optimistic that this can lay the groundwork to garner broad support from both parties and meet America's infrastructure needs."

The Associated Press reported that the lawmakers are eyeing an infrastructure agreement with $579 billion worth of new spending as negotiators seek to make an almost $1 trillion deal on the president's chief priority, according to those briefed about the plan. 

The outlet reported that an individual familiar with the negotiations said the price tag would be $974 billion across five years or $1.2 trillion if stretched across eight years, as the president proposes.

"The President appreciates the Senators' work to advance critical investments we need to create good jobs, prepare for our clean energy future, and compete in the global economy," deputy press secretary Andrew Bates said, according to the AP. "Questions need to be addressed, particularly around the details of both policy and pay-fors, among other matters."