President Biden today characterized the bipartisan deal on an infrastructure package as a "true bipartisan effort," noting that it is a compromise in that neither Republicans or Democrats got everything they wanted.
"Let me be clear — neither side got everything they want in this deal," he said, speaking at the White House this afternoon. "That's what it means to compromise. And it reflects something important, it reflects consensus. The heart of democracy. It requires consensus."
He also suggested the agreement could be a harbinger of a more bipartisan era of dealmaking in the Beltway in the months to come.
“This group of senators, and all the American people can be proud today, because we reaffirmed once again, we are the United States of America,” Biden said.
“There's not a single thing beyond our capacity that we aren't able to do, when we do it together,” The President added.
The agreement, hashed out among 5 Republican senators and 5 Democratic senators Wednesday evening, would have a total cost of $1.2 trillion over eight years, with $559 billion in new spending, multiple sources familiar with the matter tell CNN.
This proposal is significantly less than what Biden had initially proposed. The President initially put forward a $2.25 trillion plan to rebuild the nation's infrastructure and shift to greener energy over the next eight years.
"It reflects something important," said Biden. "It reflects consensus. The heart of democracy requires consensus."
This deal "signals to ourselves and to the world that American democracy can deliver, he said. "Because of that, it represents an important step forward for our country."
CNN's Kate Sullivan and Phil Mattingly contributed reporting to this post.