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President Biden announced Thursday that he had agreed to a roughly $1 trillion infrastructure plan with a bipartisan group of ten senators, declaring: "We have a deal."

Why it matters: The agreement on the size and scope of an infrastructure package is a major achievement for Biden, who has long been a proponent of bipartisanship, but the compromise still faces serious hurdles in the House and Senate.

  • Senate Minority Leader Mitch McConnell (R-Ky.) has not yet signed off the deal, and progressives like Sen. Bernie Sanders (I-Vt.) have threatened to revolt if the compromise doesn't go far enough on their key priorities.
  • Speaker Nancy Pelosi (D-Calif.) said Thursday that the House would not take up a bipartisan infrastructure bill if the Senate did not also pass a budget reconciliation package with Democrats' other priorities.

What we're hearing: The White House is planning to hold a ceremony at the White House this afternoon regarding the infrastructure deal, three sources familiar with the meeting tell Axios.

Details: The deal will cost $1.2 trillion over eight years, or $974 billion over five years and offers more than $550 billion in new spending.

  • Sens. Bill Cassidy (R-La.), Susan Collins (R-Maine), Joe Manchin (D-W.Va.), Lisa Murkowski (R-Alaska), Rob Portman (R-Ohio), Mitt Romney (R-Utah), Jeanne Shaheen (D-N.H.), Kyrsten Sinema (D-Ariz.), Jon Tester (D-Mt.) and Mark Warner (D-Va.) all attended Thursday's meeting with Biden.

What they're saying: "We made serious compromises on both ends. ... Republicans and this group did not want to go along with many of my family plan issues, the child care tax credits — the human infrastructure that I talk about," Biden said following the White House meeting.

  • "We'll see what happens in the reconciliation bill and the budget process, if we get some compromise there. And if we can't, see if I can attract all the Democrats to a position. But they're going to move on a dual track," he added.

Sen. Rob Portman said after Biden's remarks: "This is roads and bridges but also lots of other kind of infrastructure, including broad system and the water system and rail system. It's all good for the economy. More efficiency in the economy, more economic growth."

Sen. Susan Collins hailed the agreement as "the largest infrastructure package in history," calling it an important signal to the country and world that the Senate can still work together in a bipartisan fashion.

Go deeper: Progressives draw infrastructure red lines

Go deeper

Sep 30, 2021 - Politics

Pelosi defiant on infrastructure vote

Nancy Pelosi holds her weekly press briefing on Capitol Hill today. Photo: Mandel Ngan/AFP via Getty Images

House Speaker Nancy Pelosi (D-Calif.) said she's moving full steam ahead with her plans to hold a vote on the Senate-passed bipartisan infrastructure bill on Thursday, sounding optimistic about the bill's chances despite progressive Democrats threatening to sink it.

Why it matters: Today's vote — should it occur — will be a crucial indicator of how long it will take, and how difficult it will be, to pass President Biden's agenda.

Biden floats roughly $2 trillion price tag for reconciliation

President Joe Biden departs from a House Democratic caucus meeting at the U.S. Capitol. Photo: Al Drago/Bloomberg via Getty Images

President Biden, meeting with House Democrats on Capitol Hill on Friday, indicated they must further delay a final vote on a $1.2 trillion bipartisan infrastructure bill and scale back his $3.5 trillion social spending package to around $2 trillion range if either is to pass, lawmakers told Axios.

Why it matters: Biden made clear he wants to keep the two packages linked together and that he is optimistic there can be an agreement.

Pelosi's "fun part"

House Speaker Nancy Pelosi and House Majority Whip James Clyburn hold legislation passed Thursday that extends government funding to December. Photo: Win McNamee/Getty Images

House Speaker Nancy Pelosi (D-Calif.) is holding on 'til the end.

Driving the news: Pelosi spent Thursday — "hour by hour," she termed it — wheeling and dealing behind the scenes with the different factions of her party. The constant: forging ahead with her promised vote on President Biden's $1.2 trillion infrastructure package despite progressive threats to sink it.