President Biden and a bipartisan group of senators announced last week that they reached a deal on an infrastructure bill. The $1.2 trillion plan, which includes $579 billion in new spending, will largely focus on America’s physical infrastructure like roads, bridges, airports and public transportation. The bill will have to overcome heavy political headwinds if it is going to pass through Congress, but it still marks a significant step forward in a lengthy negotiating process that left many in Washington questioning whether a bipartisan deal was even possible.

One of the...