(CNN)The senators negotiating an infrastructure deal announced they have an agreement on their major issues and hope to move forward with a procedural vote as soon as Wednesday evening, an optimistic sign for the group that has been seeking a deal for weeks though final bill text has yet to be released.

The new bipartisan infrastructure bill will include $550 billion in new spending over the next five years, according to two sources familiar with the matter, rather than the $579 billion agreed to last month.The Republican senators made the announcement after a meeting in Senate Minority Leader Mitch McConnell’s office on Wednesday morning. Ohio Sen. Rob Portman, the chief Republican negotiator, said the bipartisan group now needs to finalize the language of the bill, a major step that has stood between senators and advancing the bill. Arizona Sen. Kyrsten Sinema, the lead Democratic negotiator, said she spoke with President Joe Biden and said he is “committed” and “very excited” about the agreement.”We’re very excited to have a deal,” added Sinema. “We’ve got most of the text done.”Read MoreSinema also suggested they “feel good” about getting enough votes to advance the legislation.In June, the White House and a bipartisan Senate group agreed to spend $579 billion to build roads, bridges, railroads and airports, along with water, power and broadband infrastructure projects.But lawmakers have since struggled over how to pay for the massive investment. They made their task even harder by agreeing to scrap a provision that would have strengthened the Internal Revenue Service’s ability to collect unpaid taxes, which would’ve raised up to $100 billion in government revenue. They also struggled to resolve other issues, including how much transit funding to provide.The bipartisan deal is separate from the $3.5 trillion plan Democrats are also trying to push through Congress though some progressives have said they won’t support the bipartisan plan without also advancing the Democrats’ bill.Senators are racing to make progress on the plans ahead of a pre-scheduled August recess, though Democratic leaders have said they could cancel or delay the start of recess depending on the negotiations.This story and headline have been updated with additional developments Wednesday.

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