Business groups support bipartisan infrastructure plan

The U.S. Chamber of Commerce and the National Association of Manufacturers are expressing support for a bipartisan infrastructure plan.

President Biden on Thursday announced that he and a group of bipartisan senators had reached a deal on a compromise infrastructure plan. The cost would be $973 billion across five years or $1.2 trillion over eight years, according to the Associated Press, which reported that it involves more than $500 billion in new spending.

"We applaud the White House and ... group of senators for agreeing on a framework to invest in critical, physical infrastructure. We will continue to work with all members of Congress to get this bill passed and signed into law,” U.S. Chamber of Commerce President and CEO Suzanne Clark said in a statement.

National Association of Manufacturers President and CEO Jay Timmons declared in a statement: "Bold infrastructure investment will secure a better future for our nation and industry and help more Americans reach their full potential. And building it on a foundation of bipartisanship and consensus will help restore faith in our institutions—and prove that America can still bridge party divides to do great things.

"We look forward to reviewing this proposal with our members as more details are shared so we can provide meaningful feedback to policymakers. And manufacturers commend this group of lawmakers for their commitment to forging this potentially historic agreement," Timmons said.

Prior to Biden's announcement on Thursday, House Speaker Nancy Pelosi said that "there ain't gonna be no bipartisan bill unless we are going to have the reconciliation bill."

"So let me be really clear on this: We will not take up a bill in the House until the Senate passes the bipartisan bill ... and a reconciliation bill. If there is no bipartisan bill, then we'll just go when the Senate passes a reconciliation bill," she said, noting that she is "hopeful that we would have the bipartisan bill."