NEW YORK (CBSNewYork) — Billions of dollars are headed to the Tri-State Area to fix bridges and roads and improve transit systems after President Joe Biden signed his landmark $1.2 trillion, bipartisan infrastructure package into law Monday.

Labor leaders and elected officials, including New York Gov. Kathy Hochul, New York City Mayor Bill de Blasio and Connecticut Gov. Ned Lamont, attended the signing on the White House lawn.

READ MORE: Police: Young Firefighter Dies In Fire In His Own Westchester County Home

It’s a bipartisan victory for the president, CBS2’s Dick Brennan reported.

It required compromises to win over Senate Republicans, but many agree it’s a giant step forward to modernize infrastructure that has been declining over decades.

“We can deliver real results for real people,” Biden said.

Biden said the bill will rebuild America.

“My message to the American people is this: America is moving again and your life is going to change for the better,” Biden said.

The bill includes $110 billion for roads and bridges, $105 billion for railways and public transit, $65 billion for modernizing broadband infrastructure and $55 billion in clean water investments.

“Today we’re telling the American people that an infrastructure bill is finally here,” said Sen. Chuck Schumer.

As CBS2’s John Dias reported, the bill will directly impact the Tri-State Area.

Watch John Dias’ Report:

The Metropolitan Transportation Authority is getting billions to enhance New York City’s subway system, including extending the 2nd Avenue subway in Manhattan.

“We have been waiting literately for decades for this kind of investment in infrastructure in this city,” de Blasio said.

Gov. Hochul said the deal means no MTA fare hikes in 2023-2024.

READ MORE: NYPD: Landlord-Tenant Dispute Suspected In Canarsie Fire That Seriously Injured 2

“The Infrastructure Investment and Jobs Act will help New York create thousands of jobs,” said Hochul, who added New Yorkers will see changes quickly.

“More than $14 billion for New York roads and bridges, $10.5 billion for our transit systems across the state, $3 billion for clean water, $100 million for continued broadband deployment, something we hear about every, single day,” Hochul said.

Amtrak is also expected to make out big.

“If we want the 21st century to be another American century, then we have to build the infrastructure our business and our workers need to win,” said Sen. Bob Menendez.

The bill provides record investments in New Jersey’s aging infrastructure, giving funds toward the Gateway Program, which should double the number of passenger trains under the Hudson River into Penn Station.

Commuters told CBS2 they are cautiously optimistic.

“They definitely need more trains,” Penny Perillo, of Eatontown, New Jersey, said.

“You’re looking at train tracks that are over 100 years old,” said Miles Edwards, of Essex Fells, New Jersey. “Something needs to be done and it needs to be done now.”

Biden also recognized the damage done by Hurricane Ida and the importance of rebuilding.

“I headed on up to New York… More people died there than in the hurricane. More people died in the flooding,” said Biden.

Critics of the bill and another social spending bill the president is hoping to pass said they will trigger higher inflation, which has spiked recently.

The Biden administration claims inflation will lessen when supply chain problems are eased.

MORE NEWS: NYPD Officer Robert Holmes, Wounded In Shooting On Thanksgiving Eve, Leaves Hospital

CBS2’s John Dias contributed to this report.

Dick Brennan