US bipartisan infrastructure bill of roughly $1 trillion has enough votes to advance in Senate,

Reuters reports that ''a bipartisan infrastructure package of roughly $1 trillion received the 60 votes necessary to advance in the 100-seat US Senate on Wednesday, passing a key milestone that moves the emerging legislation toward formal debate and possible passage.

Voting continued in the Democratic-held chamber.''

"This deal makes key investments to put people to work all across the country — in cities, small towns, rural communities, and across our coastlines and plains," President Joe Biden said in a statement.

"The Bipartisan Infrastructure Deal is a blue-collar blueprint to rebuild America that will help make our historic economic recovery a historic long-term boom."

Update

US Senate votes 67-32 to move forward on bipartisan infrastructure package of roughly $1 trillion.

Market implications

This is positive for stocks and risk appetite in general, albeit priced in. 

According to the White House, the bill's investments over the next five years are expected to add an average of around 2 million jobs per year.

Funding of the bill is to be derived from a combination of redirecting unspent emergency relief funds, targeted corporate user fees, strengthening tax enforcement on cryptocurrencies, and other bipartisan measures.

The expected revenue generated as a result of the bill's investments will be self-financing in itself.