US President Joe Biden has announced that he has reached a bipartisan agreement between Republicans and Democrats on the proposed infrastructure spending.

Exact details remain unknown, but the deal will come at a total cost of 1.2 trillion over the span of eight years.

Although this falls short of the Biden administration’s initial proposed expenditure of $2.25 trillion, the President says it’s all about compromise.

Key elements included in the spending deal

• Over $100 billion for roads, bridges and infrastructure projects
• $59 billion for public transport
• $66 billion for rail
• $25 billion for airports.

The plan will also provide enough funds for a national broadband upgrade, with lawmakers agreeing to spend $65 billion, down from Biden’s initial requested amount of $100 billion.

In a nod to the future of the automotive industry, $7.5 billion will also be spent to build a substantial network of electric vehicle charges.

It’s expected the package will be partially funded by taking advantage of unspent relief package funds and also selling off strategic oil reserves.

Meanwhile, Republican Senator says infrastructure has been on the agenda for decades and now the two parties have finally come together to get the job done.