Obama asks House to OK US$50b infrastructure plan
Source: Agencies |
September 7, 2010, Tuesday
|
Print Edition
Print Edition
US President Barack Obama is asking Congress to approve at least US$50 billion in long-term investments in the country's roads, railways and runways in a pre-poll effort to show he's trying to stimulate the sputtering economy.
The infrastructure investments are one part of a package of targeted proposals the White House is expected to announce in hopes of jump-starting the economy ahead of the November congressional elections. Obama will outline the infrastructure proposal at an event in Milwaukee marking the Labor Day holiday in the US.
The proposals would require congressional approval, which is highly uncertain at a time when many legislators and voters are worried about adding to federal deficits that are already sky-high. While the proposal calls for investments over six years, the White House said spending would be front-loaded with an initial US$50 billion to help create jobs in the near future.
The goals of the infrastructure plan include: rebuilding 241,000 kilometers of roads; constructing and maintaining 6,400km of railways, enough to go coast-to-coast; and rehabilitating or reconstructing 240km of airport runways, while also installing a new air navigation system designed to reduce travel times and delays.
Obama will also call for the creation of a permanent infrastructure bank that would focus on funding national and regional infrastructure projects.
Officials wouldn't say what the total cost of the infrastructure investments would be, but did say the initial US$50 billion represents a significant percentage. Officials said the White House would consider closing a number of special tax breaks for oil and gas firms to pay for the proposal.
Obama made infrastructure investments a central part of the US$814 billion stimulus Congress passed last year, but with that spending winding down, the economy's growth has slowed. Officials said this infrastructure package differs from the stimulus because it's aimed at long-term growth, while still focusing on creating jobs in the short-term.
With the unemployment rate ticking up to 9.6 percent, and polls showing that November elections could be dismal for Obama's Democrats, the president has promised to unveil a series of new measures on the economy.
The infrastructure investments are one part of a package of targeted proposals the White House is expected to announce in hopes of jump-starting the economy ahead of the November congressional elections. Obama will outline the infrastructure proposal at an event in Milwaukee marking the Labor Day holiday in the US.
The proposals would require congressional approval, which is highly uncertain at a time when many legislators and voters are worried about adding to federal deficits that are already sky-high. While the proposal calls for investments over six years, the White House said spending would be front-loaded with an initial US$50 billion to help create jobs in the near future.
The goals of the infrastructure plan include: rebuilding 241,000 kilometers of roads; constructing and maintaining 6,400km of railways, enough to go coast-to-coast; and rehabilitating or reconstructing 240km of airport runways, while also installing a new air navigation system designed to reduce travel times and delays.
Obama will also call for the creation of a permanent infrastructure bank that would focus on funding national and regional infrastructure projects.
Officials wouldn't say what the total cost of the infrastructure investments would be, but did say the initial US$50 billion represents a significant percentage. Officials said the White House would consider closing a number of special tax breaks for oil and gas firms to pay for the proposal.
Obama made infrastructure investments a central part of the US$814 billion stimulus Congress passed last year, but with that spending winding down, the economy's growth has slowed. Officials said this infrastructure package differs from the stimulus because it's aimed at long-term growth, while still focusing on creating jobs in the short-term.
With the unemployment rate ticking up to 9.6 percent, and polls showing that November elections could be dismal for Obama's Democrats, the president has promised to unveil a series of new measures on the economy.
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