In total, the deal includes $550 billion in new federal investments in America's infrastructure over five years.
However, the package would add $256 billion to the deficit over the next 10 years, the Congressional Budget Office said in a report.
The bill now must be approved by the House before it can head to President Joe Biden's desk.
The package is far short of the $2.25 trillion proposal that Biden unveiled in March. That measure, known as the American Jobs Plan, included money for roads, bridges and public transportation, but it drew criticism from many Republicans for also making investments in areas not traditionally considered infrastructure, such as caregiving for aging Americans and workforce training.
Here's what we know so far about the latest version of the agreement, according to the CBO report, an updated fact sheet provided by the White House, as well as the bill text and 57-page summary.
The deal calls for investing $110 billion for roads, bridges and major infrastructure projects, according to the summary. That's about the same amount agreed to in a bipartisan bill in June but significantly less than the $159 billion that Biden initially requested in the American Jobs Plan.
Included is $40 billion for bridge repair, replacement and rehabilitation, according to the bill text. The White House says it would be the single, largest dedicated bridge investment since the construction of the interstate highway system, which started in the 1950s.
The deal also...
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