Biden, senators reach infrastructure compromise

A coalition of Republican and Democratic senators walked into the Oval Office on Thursday and came out with a deal. President Joe Biden agreed to an eight-year, $1.2 trillion infrastructure proposal that includes spending on roads, broadband expansions, utilities, and public transportation. Biden said neither party got everything it wanted but said the bill strengthens the United State’s economic position in its competition with China.

What happens next? The infrastructure bill goes to the Senate for a vote in July and could pave the way for other parts of Biden’s $4 trillion economic plan. House Speaker Nancy Pelosi, D-Calif., said the chamber will only approve the bill if the Senate also passes another spending bill through the budget reconciliation process, which allows Democrats to circumvent Republican opposition.

Dig deeper: Listen to Nick Eicher’s interview with financial analyst David Bahnsen about the infrastructure bill on The World and Everything in It podcast.