White House Outlines Plan for $50 Billion in Infrastructure Spending
George Frey/Bloomberg News
The White House on Wednesday outlined a set of infrastructure proposals, including $40 billion for a “fix-it-first” policy to prioritize repairing existing roads, bridges and other facilities before building new ones, as part of a $50 billion total plan.
The announcement follows President Obama’s State of the Union address last week in which he said infrastructure spending would be a priority in his second term that also would create jobs.
In total, the president’s plan calls for $50 billion in infrastructure spending, plus actions to attract private investment, cut permit timelines for projects and create a national infrastructure bank to help fund projects.
“Repair and maintenance of our existing roads, bridges and public transportation systems should take priority before we consider investing in new facilities,” the White House said in a fact sheet published Wednesday. “This will ensure that our cities are safer and more modern.”
The statement said President Obama also continues to back the creation of a bipartisan infrastructure bank, which would have the ability to leverage public and private capital to support infrastructure projects of national and regional significance.
Obama has called for increased infrastructure funding in past State of the Union speeches, but the most recent proposal focuses more on repairs than have previous plans.
|By Timothy Cama|
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