White House Releases Infrastructure Plan
President Donald Trump last week unveiled a program to transform how the nation’s infrastructure is funded and developed.
Trump proposed spending $200 billion over 10 years, mostly in the form of new, competitive grants designed to encourage states and cities to raise their own money for improving rails, airports, highways and water systems. The proposal also would expand federal loan programs for such projects.
The White House expects the spending to spark hundreds of billions more from local governments and private investors to pay for the upgrades, resulting in $1.5 trillion in new investment.
Where the federal dollars for infrastructure will come from is unclear. The White House says it will raise the $200 billion through spending cuts to be outlined in the White House budget.
The administration is also hoping that its related effort to streamline federal permitting will get states to embrace new projects. The administration wants to shorten the permitting process to two years or less by tapping a lead agency to engage earlier in large-scale construction projects. Trump signed an executive order to that effect in August.
The $200 billion under the White House proposal would include $50 billion for direct grants to rural areas.
The proposal comes on the heels of a $1.5 trillion tax cut and a $300 billion spending measure signed by the president last week.
Congressional leaders may opt to divide the package into several pieces to get some of it passed in a tough legislative year, according to lawmakers. The Trump administration hoped this would be a single, comprehensive piece of legislation. Source: Wall Street Journal