U.S. Senate Democrats agree to $3.5 trln for budget reconciliation bill

U.S. President Joe Biden's drive for big new infrastructure investment got a boost on Tuesday when leading Senate Democrats agreed on a $3.5 trillion investment plan they aim to include in a budget resolution to be debated soon, Senate Majority Leader Chuck Schumer said.

"We have come to an agreement," Schumer told reporters after more than two hours of closed-door talks that included Senate Budget Committee Democrats and White House officials. Republicans have not been part of these negotiations.

"You add that to the $600 billion in a bipartisan plan and you get to $4.1 trillion, which is very, very close to what President Biden has asked us for," Schumer said.

Schumer was referring to work being done on a separate, bipartisan infrastructure bill totaling $1.2 trillion, of which nearly $600 billion would be new spending. This bill would finance the rebuilding of roads, bridges and other traditional infrastructure, as well as expand broadband internet service to many rural parts of the United States.

Democratic and Republican negotiators on the bipartisan measure also reported progress late in the day.

Schumer said the $3.5 trillion agreement, which still must be endorsed by the 50-member Senate Democratic caucus, would include a significant expansion of the Medicare healthcare program for the elderly - a top goal of Budget Committee Chairman Bernie Sanders.

Included in the Medicare expansion, Schumer said, will be coverage for dental, hearing and vision healthcare.

Further details were expected on Wednesday.