Obama to announce $50 billion infrastructure plan
Published:Monday | September 6, 2010 | 4:46 PM
US President Barack Obama has called for a new comprehensive infrastructure plan in a bid to find ways to jump-start the spluttering economy.
The plan will reportedly invest about US$50 billion in roads, railways and airports as well as high-speed rail and the creation of an infrastructure bank.
US infrastructure has long been considered underfunded and receives poor grades from government agencies.
On Friday, the US Labor Department announced that the country’s economy had lost a further 54,000 jobs, while the unemployment rate rose to 9.6 percent from 9.5 per cent in July.
White House officials say Obama will also call for the creation of a permanent infrastructure bank that will focus on funding national and regional infrastructure projects.
The proposals will require congressional approval, which analysts say, is uncertain amid concerns about the size of the federal deficit.
The infrastructure announcement marks the start of a week in which Obama will focus on the economy, seen as the most important issue for voters in November’s congressional elections.