US President Joe Biden and a bipartisan group of senators announced they reached agreement on Wednesday on a $1 trillion package that would revitalize America's aging infrastructure.
Sen. Rob Portman, who led the Republican team during the drawn-out negotiations, announced the agreement on Capitol Hill.
"We now have an agreement on the major issues," Portman reportedly said. "We are prepared to move forward."
The agreement now paves the way for the spending package to be put up for a procedural vote that will require 60 votes in the chamber that is split 50-50 between Republicans and Democrats. The entire Democratic caucus is widely-expected to vote in favor, meaning at least 10 Republicans would need to join the effort.
Senate Majority Leader Chuck Schumer has signaled that what is known as a cloture vote on a shell bill will take place Wednesday evening.
Shortly after Portman's announcement, Biden said the deal is "the most significant long-term investment in our infrastructure and competitiveness in nearly a century."
"This deal signals to the world that our democracy can function, deliver, and do big things," the president said in a statement. "As we did with the transcontinental railroad and the interstate highway, we will once again transform America and propel us into the future."
The agreement includes $110 billion for roads, bridges, and other major projects; $39 billion to modernize mass transit, the largest federal investment in mass transit in history; and $7.5 billion to build out a network of electric vehicle charging stations, according to a White House statement.
It also holds $17 billion earmarked to repair port infrastructure, and $25 billion for airports repairs.
