Bipartisan group of senators unveils $1.2 trillion infrastructure bill

A bipartisan group of senators on Sunday evening introduced a $1.2 trillion, eight-year infrastructure bill after a rare weekend of negotiations inside the Capitol. 

The legislation crafted by Sens. Rob Portman (R-Ohio), Kyrsten Sinema (D-Ariz.) and two dozen others includes a much smaller set of projects and funding than President Biden initially sought but still delivers a historic investment in roads, bridges, clean water, broadband and energy.

Senate Democratic Leader Charles Schumer (D-N.Y.) said Democrats expect to pass the infrastructure agreement and a budget resolution authorizing $3.5 trillion more in spending before departing for summer break.

"Despite some bumps in the road, always expected on two bills as large and comprehensive as these, we remain firmly on track to achieve our two-track goal," Schumer said.

Portman hailed the bipartisan infrastructure effort as "getting it right tonight for the American people, for our economy and for the future of our great country."

Added Sinema: "We are proud this evening to announce this legislation, and we look forward very much to working with our colleagues in a collaborative and open way over the coming days to work through this historic investment in infrastructure."

The Bipartisan Infrastructure Investment and Jobs Act is estimated to cost $1.2 trillion over eight years, with $550 billion of it in new spending and the remainder in previously allocated projects.