mentioned during the State of the Union address. The administration released a fact sheet that offers some specifics, however many of the details will still have to wait until the President releases his budget proposal in a few weeks.
The announcement this week focused on three items: A “fix-it-first” proposal to repair existing infrastructure before building new projects, a “Rebuild America Partnership” to bring private money off the sidelines through a new bond program, and a continued “modernization effort” to speed up permitting and construction.
The President’s plan would immediately invest $50 billion in our nation’s transportation infrastructure, with $40 billion targeted to the most urgent upgrades and focused on fixing our highways, bridges, transit systems, and airports most in need of repair. However, the President’s proposal does not outline a funding source for this infusion. In the past, Obama has said his infrastructure proposals could be paid for by using savings from winding down wars overseas, but that has not been specifically mentioned this time around.
We applaud the President for focusing on infrastructure investments and looks forward to working with the administration and Congress on how we can make these much needed investments. We are also hopeful that a long-term funding plan for surface transportation can be implemented that averts insolvency of the Highway Trust Fund.