Biden Supports That $1.2 Million Support Measure However Funds A Plenty Concerning Money.

The US Senate has reached an agreement on a $1.2 billion (£860 billion) infrastructure bill that could mark a legislative victory for President Joe Biden." We have a deal," the president said after meeting a bipartisan group of senators at the White House.

The eight-year plan provides funding for roads, bridges, electricity, public transport, and the Internet. But the deal is far from over as Biden said he was waiting for another, more expensive bill to pass. At the White House on Thursday, Biden praised the group of five Republican and five Democratic senators he met earlier and promised the package would create "millions" of jobs.

Investments are long overdue, said Biden, who continues to support inter-party talks despite the impatience and skepticism of some of his Democrats. "We are competing with China and the rest of the world for the 21st century," he continued, adding, "This agreement signals the world that we can work, deliver and do important things."

What's on the bill?

Less than half of the money in the eight-year proposal is new spending. That includes $109 billion for roads and bridges, $66 billion for rail, $49 billion for public transportation, and $25 billion for airports, the White House said in a statement.

Another $73 billion will be pumped into the network and another $65 billion to expand broadband access for Americans. The package will be paid for with unused funds for corona services and reimbursed state unemployment benefits. Democrats also argue that the proposed $40 billion investment in the Enhanced Enforcement Office would result in a net gain of $100 billion in additional tax revenue.

According to reports, the plan will not raise taxes for middle-income Americans, nor will it reverse corporate tax cuts made during Trump's presidency. Republicans vehemently opposed Biden's call for an increase in corporate tax from 21 percent to 28 percent, while the president opposed plans to raise the gasoline tax.