Obama Delivers $3.7 Trillion Budget to Congress
President Obama unveiled a $3.7 trillion budget Monday that includes funding for a $50 billion “infrastructure bank” aimed at triggering private investment for some projects, Bloomberg reported.
The administration’s plan would reduce deficits by $1.1 trillion over a decade, but may run into conflict with Congressional Republicans who want more cuts to the budget, Bloomberg said.
In a speech last week at the U.S. Chamber of Commerce, Obama touted infrastructure spending, a stance praised by the business group and by organized labor following his State of the Union speech in late January.
The plan calls for spending $53 billion over the next six years on high-speed rail, while calling for the elimination of a dozen tax breaks for oil, gas and coal companies to raise $46 billion over 10 years.
Those funds would be diverted to help pay for putting 1 million electric vehicles on the road by 2025, doubling the share of electricity from clean energy by 2035 and increasing the efficiency of energy use in buildings by 20%, Bloomberg reported.
The budget will be delivered at 10:30 a.m. Monday morning in Washington.
