Obama seeks to open $50 billion Infrastructure Bank
Sep 07, 2010
We’ve heard the talk before.
The Infrastructure Bank. It’s been on the back burner for a little while as President Obama and Congress have tried to navigate us out of the financial malaise we’ve been in.
Now, it’s time has come. Obama, speaking before organized labor and supporters at LaborFest in Milwaukee yesterday in honor of Labor Day, is proposing to fund the Infrastructure Bank with $50 billion to build new highways, high-speed rail, and runways to improve our flying experience.
“So, that’s why, Milwaukee, today, I am announcing a new plan for rebuilding and modernizing America’s roads and rails and runways for the long term,” Obama said. “I want America to have the best infrastructure in the world. We used to have the best infrastructure in the world. We can have it again. We are going to make it happen.”
Obama plans to push ahead with the plan, regardless of Republican opposition. We need jobs to get this economy moving. We need businesses to start investing to create those jobs. Frankly, we probably need this kind of boost to our nation’s infrastructure.
“We are highly supportive of President Obama's proposal to immediately invest $50 billion to rebuild roads, expand high-speed rail, and rehabilitate airport runways,” said John Horsley, executive director of the American Association of State Highway and Transportation Officials (AASHTO). “We have demonstrated that investing in transportation infrastructure is one of the fastest ways to create and sustain jobs. An AASHTO January 2010 survey of states showed 9,800 ready-to-go projects valued at nearly $80 billion. If Congress wants to pass legislation investing in our transportation infrastructure, the states stand ready to put those dollars to work.”