Biden, bipartisan senators reach deal on infrastructure compromise

Biden tax hike could impact 60 percent of Americans, report finds

Former Wisconsin Congressman Sean Duffy and Payne Capital Management President Ryan Payne discuss a new report from the Tax Policy Center on how many Americans could be impacted by tax hikes under President Biden. 

President Biden on Thursday announced the White House had struck an infrastructure deal with a bipartisan group of senators after weeks of painstaking, back-and-forth negotiations on a plan to improve the nation's crumbling roads and bridges.

"To answer the direct question, we have a deal," Biden said from the White House lawn. "We have made serious compromises on both ends."

His announcement followed an Oval Office meeting with a bipartisan group of senators, who were pitching a breakthrough pared-down agreement worth about $953 billion reached the night before. Their proposed framework includes about $559 billion in new spending that will be invested in roads, broadband internet, electric utilities and other traditional infrastructure projects.

One of the biggest points of contention was how to pay for the measure; it's still unclear how the initiative will be funded, but Sen. Mitt Romney said the group had agreed on pay-fors and would announce the plan later Thursday afternoon. 

Twenty-one senators – 11 Republicans and 10 Democrats – have endorsed the framework, although it will likely need to win the support of Senate Majority Leader Chuck Schumer in order to meet the 60-vote threshold needed to pass legislation in the Democratic-controlled Senate.  

Schumer and House Speaker Nancy Pelosi met with Biden on Wednesday night and have indicated they will support a bipartisan plan – but with the caveat that Democrats independently pursue a larger reconciliation package that includes trillions in funding for issues like elder and child care, education, health care and climate change. 

"We won’t get enough votes to pass either unless we have enough votes to pass both," Schumer said on the Senate floor Thursday. "When the Senate returns in July, it will be time to take the next step and hold the first votes on the bipartisan infrastructure bill on the floor of the Senate. Senators should also be prepared to consider a budget resolution that will clear the way for the budget reconciliation bill as soon as possible."

This is a developing story. Please check back for updates.

FOX Business' Blake Burman contributed to this report 

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