Create a $60 billion bank to fund roads and bridges
"Will address the infrastructure challenge by creating a National Infrastructure Reinvestment Bank to expand and enhance, not supplant, existing federal transportation investments. This independent entity will be directed to invest in our nation's most challenging transportation infrastructure needs. The Bank will receive an infusion of federal money, $60 billion over 10 years, to provide financing to transportation infrastructure projects across the nation. These projects will create up to two million new direct and indirect jobs and stimulate approximately $35 billion per year in new economic activity."
Sources: "Barack Obama and Joe Biden: Strengthening America's Transportation Infrastructure"
Subjects: Economy, Infrastructure, Transportation
Infrastructure bank in 2010 budget
Updated: Wednesday, March 4th, 2009 | By Angie Drobnic Holan
Even before the full dimensions of the economic crisis were apparent in 2008, candidate Barack Obama said the United States needed to make great investments in its infrastructure, including railways, highways, bridges, airports and neighborhood streets.
As part of that, Obama proposed what he called a "National Infrastructure Reinvestment Bank," proposing to fund it with $60 billion over 10 years.
After winning election, President Obama signed off on an economic stimulus bill that sent $27.5 billion to highway construction and about $20.5 billion for air, rail, public transportation and other state projects. That money is intended to be spent quickly to stimulate the economy.
In addition to the stimulus, Obama's budget outline includes money for a National Infrastructure Bank.
The outline, which was released Feb. 26, 2009, shows new funding of $25 billion over 10 years. The budget says the money will "expand and enhance existing federal infrastructure investments," so it could exceed his stated goal of $60 billion.
There's stilll a lot of ground to cover here. We'll be watching to see if Congress approves Obama's budget, and whether other funds get Obama to his goal of $60 billion. Meanwhile, we rate this promise In the Works.
Sources:
U.S. House of Representatives, Joint Explanatory Statement: Section A , Feb. 12, 2009 (pdf document)
Office of Budget and Management, Budget Documents for Fiscal Year 2010 , accessed Feb. 26, 2009
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