Biden agrees to USD 1.2 trillion bipartisan infrastructure deal

US President Joe Biden on Thursday announced that he and Vice President Kamala Harris have agreed to a bipartisan infrastructure deal after a group of senators had a massive breakthrough in negotiations on Wednesday.

In a statement, the White House said that the USD 1.2 trillion Bipartisan Infrastructure Framework is a critical step in implementing Biden's Build Back Better vision.

"The Plan makes transformational and historic investments in clean transportation infrastructure, clean water infrastructure, universal broadband infrastructure, clean power infrastructure, remediation of legacy pollution, and resilience to the changing climate," it said.

The Bipartisan Infrastructure Framework will focus on improving healthy, sustainable transportation options for millions of Americans by modernizing and expanding transit and rail networks across the country, while reducing greenhouse gas emissions.

It will also aim to repair and rebuild or roads and bridges with a focus on climate change mitigation, resilience, equity, and safety for all users. It will build a national network of electric vehicle (EV) chargers along highways and in rural and disadvantaged communities and electrify thousands of school and transit buses across the country to reduce harmful emissions

The Bipartisan Infrastructure Framework will upgrade the US power infrastructure, including by building thousands of miles of new, resilient transmission lines to facilitate the expansion of renewable energy, including through a new Grid Authority.

"The Framework, which will generate significant economic benefits and returns, is financed through a combination of closing the tax gap, redirecting unspent emergency relief funds, targeted corporate user fees, and the macroeconomic impact of infrastructure investment," said the White House.

Meanwhile, stocks surged on Thursday after President Joe Biden announced a bipartisan agreement on an infrastructure deal, CNN reported.

"We have a deal," Biden told reporters Thursday. Even though it is a proposal with support from both parties, it's still unclear if the deal will get enough support in the Senate.

( With inputs from ANI )