President Joe Biden on Thursday announced he has agreed to a new infrastructure deal with a bipartisan group of senators.

“To answer your question, we have a deal," Biden told reporters.

Biden said he would not raise the gas tax or electric vehicle user fees.

He briefed his team on the framework saying they have a “positive” view of the deal, according to one White House official. Biden getting behind the agreement is an important step for his administration.

Biden may soon be able to lay out the full scope for advancing his economic agenda.

The plan is set to cost $1.2 trillion where $559 billion of that will be allocated to new spending. The proposal is significantly less than what Biden initially hoped for in his $2.25 trillion plan. The new plan also falls short of the $4.6 trillion minimum recommended by the American Society of Civil Engineers.

After an eight-hour meeting Wednesday night, Democratic officials say they plan to move forward with a larger approach to expand the social saftey net in addition to the new infrastructure plan.

Sens. Mitt Romney, R-Utah, and Joe Manchin, D-W.V., were part of the bipartisan group. They said the proposal is fully paid for and will offset new spending.

The proposal is expected to need 60 votes to pass through the Senate.

“They have my word. I’ll stick with what we’ve proposed, and they’ve given me their word, as well,” Biden said. “None of us got all that we wanted. I didn’t get all that I wanted. But this reminds me of the days we used to get an awful lot done up in the United States Congress.”