The Senate's massive $1.2 trillion infrastructure package marked a big bipartisan achievement after months of negotiations.
The legislation, which still needs to be passed by the House, would provide $550 billion in new federal spending over five years.
Here are the key things to know about the bill:
Not just traditional infrastructure: The new investments would reach far beyond the traditional infrastructure projects for roads, bridges and railroads. There's also money to improve Americans' access to broadband, for electric school buses, new tax regulations on cryptocurrencies, delaying a drug rebate rule and to start addressing racial discrimination in infrastructure.
Compromise reached to pay for package: The bipartisan bill does not include corporate tax hikes, like President Biden first proposed to pay for the spending. Instead, lawmakers found other ways to help cover the cost, like imposing new Superfund fees and repurposing some Covid relief funds approved by Congress during the pandemic. Additional costs that are not covered through those methods would be covered by $519 billion in offsets, according to negotiators.
What's missing?: The deal leaves out Biden's proposal to spend $400 billion to bolster caregiving for aging Americans and those with disabilities — the second largest measure in the American Jobs Plan.
Also left on the sideline: $100 billion for workforce development, which would have helped dislocated workers, assisted underserved groups and put students on career paths before they graduate high school.
The deal also leaves out the $18 billion Biden proposed to modernize the Veterans Affairs hospitals, which are on average 47 years older than private-sector hospitals.
The legislation is now headed to the House of Representatives, where it faces an uncertain future before reaching Biden’s desk.