Capitol Report: Biden to meet with senators in bid to finalize agreement on bipartisan infrastructure plan

Members of the group said late Wednesday that they had agreed to a framework for a package, after recent talks had focused on how to fund the package, which has been expected to feature $579 billion in new spending and an overall price tag of nearly $1 trillion over five years.

Momentum has been growing for a two-step approach to infrastructure spending. With that approach, the bipartisan plan first would draw the 60 votes in the Senate that are needed to bypass the filibuster. Then, Democrats would go it alone to pass a bigger spending package by a simple majority vote through a process known as budget reconciliation.

“Today members of the bipartisan group will meet with President Biden at the White House to iron out a few wrinkles and presumably seal the deal with a photo op,” said Benjamin Salisbury, director of research at Height Capital Markets, in a note Thursday.

“Resistance from Congressional progressives is the next major obstacle to overcome,” he added. “The White House will woo progressives to support the bipartisan bill by pointing to a subsequent/parallel budget reconciliation bill including the omitted green incentives from the President’s American Jobs Plan and potentially key elements of the American Families Plan.”

Related: A guide to budget reconciliation, which Democrats could use to push Biden’s agenda

Also: Bernie Sanders floats $6 trillion Democratic spending plan for infrastructure, Medicare, drug prices, immigration

Earlier this week, the White House said Biden was “encouraged” by the ongoing talks on the bipartisan infrastructure plan.

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