White House releases 55-page, $1.5 trillion infrastructure plan
The White House today officially released a 55-page proposal for President Trump’s long-awaited infrastructure overhaul.
The plan puts forth a framework for lawmakers to craft legislation for a $1.5 trillion infrastructure package that would focus on public-private partnerships and funding from state and local governments.
The plan is structured around four main goals: generating $1.5 trillion for an infrastructure proposal, streamlining the permitting process down to two years, investing in rural infrastructure projects and advancing workforce training.
“My Administration’s plan addresses more than traditional infrastructure — like roads, bridges, and airports — but addresses other needs like drinking and wastewater systems, waterways, water resources, energy, rural infrastructure, public lands, veterans’ hospitals, and Brownfield and Superfund sites,” Trump said in the White House document.
“The reforms set forth in my plan will strengthen the economy, make our country more competitive, reduce the costs of goods and services for American families, and enable Americans to build their lives on top of the best infrastructure in the world.”
The $200 billion will be included in the Trump administration’s 2019 fiscal spending blueprint, which is also scheduled for release on Monday.
Half of the federal seed money would go toward an incentive program to match financing from state and local governments investing in rebuilding projects, while a quarter of the appropriations would be used for rural projects in the form of block grants to states so governors may decide where to invest.
Twenty billion would be for “transformative programs” meant for new projects rather than rehabilitation of old infrastructure. Another $20 billion is allocated to expand the use of loans and private activity bonds, a common tool used to fund infrastructure projects. The last $10 billion would go into a “capital financing fund.”
In an interview with the New York Times, NAM President and CEO Jay Timmons said on the proposal, “In calling for a substantial, $1.5 trillion investment, President Trump is providing the leadership we have desperately needed to reclaim our rightful place as global leader on true 21st-century infrastructure.” Timmons concluded, “There is no excuse for inaction, and manufacturers are committed to ensuring that America seizes this opportunity.”
“We are pleased President Trump’s infrastructure package includes streamlining of permits and workforce training, recognizing the value and need for a properly trained workforce and getting government out of the way so the infrastructure can be built without government delays,” said Ray McCarty, president and CEO of Associated Industries of Missouri. “AIM applauds the President’s plan that includes roads and bridges, broadband and electricity infrastructure improvements,” he said.
“President Trump’s infrastructure plan will focus one-quarter of its Federal funds on rural projects to rebuild roads, deliver clean water, expand broadband, and supply affordable and reliable power to neglected corners of our Nation,” said Gary Cohn, Director of the National Economic Council. Click here for his full statement on the White House website.